Swiss skincare group Galderma introduced on Wednesday, October 14, that it has agreed to amass California-based ZO Pores and skin Well being for an enterprise worth of USD 1.5 billion (EUR 1.3 billion), strengthening its place in medical skincare.
Galderma has signed an settlement to amass 100% of the dermatological skincare firm in an all-cash transaction from its shareholders, together with funds managed by funding agency Blackstone and members of the Obagi household, the Swiss group mentioned in a press launch.
The transaction is anticipated to shut by the top of 2026 or in early 2027.
Based in 2007 by Dr. Zein Obagi, ZO Pores and skin Well being is headquartered in Irvine, south of Los Angeles. It manufactures skincare merchandise bought in round 40 international locations, primarily by physicians and medical spas. The privately held firm generated annual income of USD 330 million as of June 2026, in keeping with Galderma.
The Swiss group, proprietor of manufacturers together with Cetaphil and Alastin, highlighted the “excessive complementarity” of the 2 firms’ product portfolios. The acquisition will strengthen its place within the “engaging and quickly rising section of physician-administered skincare,” it mentioned.
In a market be aware, Stefan Schneider, an analyst at Vontobel, described the deal as making sense from each a strategic and a monetary perspective. Transactions within the sector sometimes command enterprise value-to-sales multiples of round 3.6 occasions, though valuations might be increased for high-margin magnificence and skincare manufacturers, he famous.
Galderma mentioned the acquisition is anticipated to have a slight dilutive impact on its EBITDA margin in 2027, earlier than contributing to a restoration from 2028 onwards.
Based mostly in Zug, central Switzerland, Galderma develops and manufactures injectable wrinkle remedies, skin-cleansing merchandise and dermatological medicines. The group reported income of USD 5.2 billion in 2025.
Galderma originated as a three way partnership established by L’Oréal and Nestlé in 1981. In 2014, Nestlé acquired L’Oréal’s stake, making Galderma a completely owned subsidiary centered on skincare. Nestlé bought the enterprise to a consortium of traders in 2019. Galderma was listed on the SIX Swiss Trade in March 2024. L’Oréal acquired a ten% stake a number of months later and doubled its holding to twenty% in 2025.
