Galderma’s CHF 2.3 Billion IPO
March 28, 2024
March 28, 2024
Cleary Gottlieb is representing a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), as a selling shareholder, in the initial public offering of Galderma Group AG (Galderma) on the SIX Swiss Exchange.
The IPO consists of the offer of certain new and existing shares by Galderma and its selling shareholders (a wholly owned subsidiary of ADIA and relevant affiliates/subsidiaries of EQT and GIC Private Limited). At an IPO price of CHF 53 per share, the maximum offering size (including exercise of the overallotment option) is CHF 2.3 billion ($2.6 billion).
As of closing on the first trading day, Galderma’s share price implied a market capitalization of CHF 15 billion ($17 billion), representing the largest IPO placement in Switzerland since 2017 and one of the largest in Europe so far in 2024.
Galderma is a pure-play dermatology category leader, present in approximately 90 countries. Galderma delivers a portfolio of premium brands and services that span the full spectrum of the fast-growing dermatology market. Its flagship brands include (among other products) Restylane and Dysport in injectable aesthetics, Cetaphil and Alastin in dermatological skincare, and Soolantra and Epiduo in therapeutic dermatology.
In 2019, Cleary represented a wholly owned subsidiary of ADIA in its participation in a consortium alongside EQT and certain institutional investors in the acquisition of Galderma (previously known as Nestlé Skin Health) from Nestlé S.A. for an enterprise value of CHF 10.2 billion ($11.3 billion).