EQT and other holders complete placement of 34M Galderma shares
TL;DR
EQT and co-investors sold 34 million Galderma shares, raising $5.5 billion in Switzerland's largest secondary offering, marking their full exit after the IPO. The sale caused a minor stock dip, with Galderma repurchasing $300 million of shares.
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EQT, alongside co-investors Abu Dhabi Investment Authority and Auba Investment, has completed the sale of 34 million shares in Galderma Group AG, representing 14.3% of the Swiss skincare company's share capital. The transaction, executed via an accelerated bookbuilding process, raised 4.89 billion Swiss francs (approximately $5.5 billion) at a price of CHF 143.75 per share. This marks the full exit of the investor group's stake following Galderma's March 2024 initial public offering and a gradual reduction of holdings amid a near-tripling of the stock price.
The sale, the largest secondary share offering in Switzerland's history and the biggest in a listed European company in over a decade, expanded overnight to include the investors' entire remaining position. Galderma's shares fell as much as 2.9% post-placement but remained above the sale price. The company also repurchased approximately $300 million of shares as part of the transaction.
The offering was led by a syndicate of banks, including Citigroup, Goldman Sachs, JPMorgan, and UBS. The transaction follows Galderma's recent upgrade of financial guidance, driven by stronger-than-expected demand for its injectable dermatitis treatment. This sale concludes the private equity investors' exit strategy initiated after the company's public listing.
