#EQT #Stockholm #Switzerland #IPO #Galderma

EQT Finalizes Historic Exit from Galderma Group AG

EQT, the prominent private equity firm, has successfully completed its exit from Galderma Group AG, marking a significant milestone in the field of private investment. The exit was achieved via a record-breaking block trade, totaling approximately CHF 4.9 billion, making it the largest sponsor-backed transaction in history. This monumental deal involved the placement of around 34 million shares in Galderma, demonstrating the firm’s astute handling of its investment portfolio and its strategic foresight in the dermatology market.

Accelerated Growth Under EQT's Ownership

Since EQT acquired Galderma in 2019, the company has witnessed remarkable growth, largely attributed to increased investment in research and development. Under EQT's guidance, Galderma has expanded its offerings, cementing its place as a leader in dermatological solutions that span across Injectable Aesthetics, Dermatological Skincare, and Therapeutic Dermatology. Notably, the company's revenue soared from USD 2.8 billion in 2018 to USD 5.2 billion in 2025, showcasing a substantial double-digit growth.

Dr. Flemming Ørnskov, the CEO of Galderma, has been instrumental in this transformation, spearheading strategies that have significantly boosted the company’s performance. This includes the successful launch of innovative products like Nemluvio, a biologic treatment for atopic dermatitis, and Relfydess, a long-acting neuromodulator.

A Historic IPO and Value Creation

Galderma’s initial public offering in 2024 was another defining moment in its history, marking one of Europe's largest IPOs that year. Since its IPO, Galderma's stock price has nearly tripled, a testament to the confidence investors have in its growth trajectory and product offerings. EQT's decision to gradually reduce its stake has been strategic, allowing for optimal returns—totaling CHF 21 billion (around USD 26 billion) from the sale of shares post-IPO.

The placement executed by EQT was managed by a consortium of leading financial institutions including Goldman Sachs, Morgan Stanley, and UBS, ensuring that the transaction went smoothly and efficiently.

Comments from EQT Leadership

In reflecting on the successful exit, Michael Bauer, a partner at EQT Private Equity, highlighted the unique opportunity they recognized in 2019 when acquiring Galderma. He stated, “We saw a rare opportunity—a company with world-class scientific heritage, iconic brands, and the clear potential to become the global leader in dermatology.” The culmination of this vision has been realized through strategic direction, capital investment, and innovation.

Bauer emphasized that the talent and dedication of Galderma's management team and board have played crucial roles in driving the company's transformation. The ongoing collaboration with EQT and co-investors has allowed Galderma to leverage its international platform effectively.

Looking Forward: Galderma's Future

As Galderma continues on its growth journey, it is well-poised to address the evolving needs of consumers and healthcare professionals in the dermatology sector. The company's ongoing investments in science-based innovation and its commitment to new product launches indicate that it will maintain its competitive edge in the market. With its robust portfolio and positive outlook, Galderma is set to thrive in the years to come.

In conclusion, EQT’s exit from Galderma not only reflects its effective investment strategy but also underscores Galderma’s emergence as a powerhouse in global dermatology. As it moves forward, the industry will undoubtedly be watching Galderma's next moves closely, eager to witness its continued ascent in the healthcare sector.