EQT has fully exited its investment in Galderma Group AG through the sale of approximately 34 million shares in a transaction worth around CHF4.9bn ($5.5bn), marking what the firm described as the largest sponsor-backed block trade on record.
The shares were placed via an accelerated book-building process on 13 March. As part of the transaction, the EQT VIII vehicle generated about CHF1.3bn in gross proceeds. The deal was coordinated by a syndicate of banks including Goldman Sachs, Morgan Stanley, UBS, Citigroup, Jefferies and JPMorgan.
EQT originally acquired Galderma in 2019 from Nestlé through a carve-out alongside co-investors. Since then, the Switzerland-headquartered dermatology specialist has expanded significantly, increasing revenues from $2.8bn in 2018 to $5.2bn in 2025, while more than doubling EBITDA to $1.2bn.
The company listed on the public markets in 2024 in one of Europe’s largest IPOs that year and its share price has almost tripled since the IPO. Following the listing, EQT gradually reduced its stake through a series of secondary share sales, including a two-stage transaction with L’Oréal Groupe involving a 20% holding.
Across the investment lifecycle, EQT and its co-investors have realised roughly CHF21bn ($26bn) in proceeds from the disposal of Galderma shares, representing the largest value creation outcome in the firm’s history.
Headquartered in Switzerland and active in more than 90 countries, Galderma focuses on dermatology products across injectable aesthetics, dermatological skincare and therapeutic treatments. During EQT’s ownership, the company expanded its global platform, increased investment in research and development, and broadened its portfolio with new product launches.
