Singapore sovereign wealth fund GIC, Abu Dhabi Investment Authority, and private equity firm EQT have fully exited Swiss skincare company Galderma after selling a 14.3% stake in a block trade valued at approximately $6.28 billion.
The accelerated bookbuild, priced on March 10, marks the final exit by the EQT-led consortium from Galderma, less than two years after the dermatology specialist’s stock market debut. Auba Investment Pte represents GIC’s holding in the company.
EQT said the transaction is considered the largest ever private equity-backed block trade globally. The exit comes amid a period of volatile equity markets that has slowed exits for many private capital firms, making the scale and speed of the Galderma sell-down notable.
Galderma, which was listed at CHF53 per share in its initial public offering, has seen its share price nearly triple since the flotation, providing a highly profitable exit for its financial backers.
The latest selldown follows EQT’s first accelerated bookbuild in Galderma just 19 months earlier, per the announcement.
Since then, the consortium has sold about 77% of the company’s share capital, monetising more than $25 billion in total. Of this, about $18.6 billion was generated through seven accelerated bookbuild transactions, with the remainder coming from two private share sales to L’Oreal.
The consortium acquired Galderma from Nestle SA in 2019 in a CHF10.2 billion ($13.4 billion) deal, including debt. After preparing for a listing for several years, Galderma raised $1 billion in fresh equity in 2023 to reduce debt ahead of its market debut.
The company eventually listed in Switzerland in March 2024 through a CHF2.3 billion ($2.94 billion) IPO.
Headquartered in Switzerland, Galderma is a pure-play dermatology company operating in about 90 countries. It offers a science-based portfolio of products and services spanning injectable aesthetics, dermatological skincare, and therapeutic dermatology.
Founded in 1981, the company focuses exclusively on skin health and works with healthcare professionals to address patient and consumer needs.
