Swiss skincare company Galderma (GALD) has agreed to acquire US group ZO Skin Health for an enterprise value of $1.5bn, confirming an earlier Reuters report. The purchase of the Irvine, California-based company is Galderma's largest since its stock market flotation in early 2024 and will complement its science-backed skincare brand Alastin.
"We like the science, we like the location," said Flemming Ornskov, Galderma's chief executive. "They're stronger in med spas than we are. We're more dermatologists and plastic surgeons."
Galderma said the deal would expand its dermatological skincare offering in physician-dispensed skincare, a sector that Ornskov said was growing by about 5 per cent to 8 per cent a year.
The transaction is expected to close in the fourth quarter of 2026 or early 2027. Galderma said it expected the acquisition to be neutral to core earnings per share in the first full year after completion. ZO Skin Health recorded net sales of about $330mn in the 12 months to June.
Asked whether Galderma might pursue further US acquisitions, Ornskov pointed to the group's internal growth while noting it was keeping an eye out for assets that could complement its portfolio. "We see that more as a nice to have, not a must-have, because we have very strong organic growth, but we like tuck-ins mostly," he said.