Galderma Acquires ZO Skin Health for $1.5 Billion Enterprise Value

Galderma has signed an agreement to acquire ZO Skin Health from shareholders including Blackstone Tactical Opportunities Fund and the Obagi family, at an enterprise value of USD 1.5 billion. The acquisition will be funded through a combination of existing cash reserves and bank financing. ZO Skin Health is a "leading physician-dispensed skincare brand built on clinical science and standardized daily care regimens." For the trailing twelve months ended June 2026, ZO Skin Health generated net sales of approximately USD 330 million. Galderma plans to increase commercialization investment in the first year after the acquisition closes, laying the foundation for a return to growth starting in the second year following completion. The transaction is expected to be slightly dilutive to the Group's core EBITDA margin in 2027, with the margin expected to return broadly to the Group average from 2028 onward. In the first full year after closing, the acquisition is expected to have no impact on the Group's core earnings per share and is consistent with Galderma's objective of maintaining a solid investment-grade credit rating. The transaction is expected to close in the fourth quarter of 2026 or early 2027, subject to regulatory approvals and other customary closing conditions.