THE WHAT? An investor group led by EQT has exited its remaining stake in Swiss skincare company Galderma through a major share sale.
THE DETAILS EQT AB, the Abu Dhabi Investment Authority (ADIA) and Auba Investment Pte — backed by Singapore’s sovereign wealth fund GIC — sold their remaining shares in Galderma in a 4.89 billion Swiss francs (US$6.3 billion) transaction. The deal marked the final stage of their exit strategy, internally referred to as “Project Indigo,” and was expanded twice due to strong investor demand.
The investors originally acquired Galderma from Nestlé in 2019 for around 10.2 billion francs, including debt. Since then, they have gradually reduced their holdings through Galderma’s 2024 IPO and subsequent share placements. In total, the investors have generated more than 20 billion francs in proceeds from their investment. Galderma’s shares have risen more than 180% since the IPO, supported by strong financial performance and demand for products such as Cetaphil and the injectable dermatitis treatment Nemluvio
THE WHY? The exit reflects a successful private equity investment cycle following Galderma’s public listing and strong share price performance.
Source: Bloomberg
