Galderma in the spotlight on the Zurich Stock Exchange following the acquisition of Zo Skin Health

(Il Sole 24 Ore Radiocor) - Galderma Group is in the spotlight in Zurich, after the Swiss group announced it will acquire the Californian company Zo Skin Health, valued at $1.5 billion (€1.3 billion), thereby strengthening its position in the medical-grade dermatological treatments sector.

Specifically, Galderma has signed an agreement to acquire the entire share capital of the dermatological products manufacturer from its current shareholders, including funds managed by the investment firm Blackstone and the Obagi family. The transaction is expected to be finalised between the end of 2026 and the beginning of 2027. Founded in 2007 by Zein Obagi, the Californian company, based in Irvine (south of Los Angeles), manufactures skincare products sold in around forty countries, mainly through doctors and medical beauty centres. The annual turnover of the company, which is not publicly listed, stood at $330 million in June 2026.

The Swiss group, which owns the Cetaphil and Alastin brands, amongst others, highlights the high degree of complementarity between the products, explaining that the acquisition will enable it to strengthen its position in the ‘attractive and rapidly growing segment of doctor-prescribed skincare treatments’.

Stefan Schneider, an analyst at Vontobel, considers the deal to be ‘sensible’ not only from a strategic perspective, but also from a financial one. In this sector, transactions typically take place at multiples of 3.6 times enterprise value to sales, but the expert believes these figures could rise even further for high-margin beauty and skincare brands. In its press release, Galderma stated that this acquisition is expected to result in a slight dilution of the EBITDA margin in 2027, followed by a recovery from 2028 onwards.

Based in Zug, in central Switzerland, Galderma manufactures anti-wrinkle injections, skin cleansers and dermatological medicines. In 2025, its turnover stood at 5.2 billion dollars. The group originated from a joint venture established in 1981 by L’Oréal and Nestlé. In 2014, Nestlé acquired L’Oréal’s shares to create a subsidiary dedicated to skincare, only to sell it in 2019 to a group of investors. In March 2024, Galderma was listed on the Swiss Stock Exchange; a few months later, L’Oréal acquired a 10 per cent stake, doubling it the following year to reach 20 per cent.