• Acquisition brings together two highly complementary, science-backed skincare brands
• ZO Skin Health’s premium daily multi-step regimens complement Alastin’s regenerative skincare portfolio primarily focused on peri-procedure support
• Transaction expands Galderma’s Dermatological Skincare portfolio and offering in the attractive, fast-growing physician-dispensed skincare segment¹
• Galderma’s unique Integrated Dermatology Strategy, global scale and omni-channel execution capabilities expected to support ZO Skin Health’s next phase of growth
• Acquisition of 100% of ZO Skin Health for an enterprise value of 1.5 billion USD, expected to be Core EPS neutral in the first full year following closing

ZUG, Switzerland & IRVINE, Calif.--(BUSINESS WIRE)--Galderma (SIX: GALD) announced that it has signed an agreement to acquire ZO^® Skin Health, a leading physician-dispensed skincare brand built on clinical science and protocol-based daily care, from its shareholders, including funds managed by Blackstone Tactical Opportunities (“Blackstone”) and the Obagi family.

Founded by dermatologist Dr. Zein Obagi and headquartered in Irvine, California, ZO Skin Health has been a reference name in clinically-backed professional skincare for more than two decades. Its broad product portfolio, spanning over 40 products, is manufactured in the U.S. and sold through a network of more than 16,500 physician, medical spa and online accounts across more than 40 countries, supported by a dedicated salesforce and skincare education team. ZO Skin Health recorded net sales of approximately 330 million USD in the last twelve months as of June 2026.

Complementary portfolios with significant opportunities for growth

The acquisition enhances Galderma’s Dermatological Skincare portfolio, which includes the flagship Cetaphil^® and Alastin^® brands, and supports its position as a partner of choice for dermatologists, plastic surgeons and aesthetic professionals.

ZO Skin Health’s daily, regimen-based portfolio, centered on retinol- and acid-based protocols, is complementary to Alastin’s highly differentiated peptide-based regenerative pre- and post-procedure offering. Together, the brands will enable Galderma to better serve healthcare professionals and their patients.

Through its Integrated Dermatology Strategy and global presence, Galderma has a proven track record of supporting innovative, science-led brands with research and development, skincare education, commercial capabilities and geographic expansion. The transaction underscores Galderma’s continued commitment to investing in both internal and external opportunities that strengthen its portfolio and support the company’s long-term growth.

Galderma will acquire 100% of ZO Skin Health for an enterprise value of 1.5 billion USD in an all-cash transaction, subject to customary adjustments, and will be funded through a combination of existing cash reserves and bank financing. The transaction is expected to close in the fourth quarter of 2026 or early 2027, subject to regulatory approvals and other customary closing conditions. Consistent with its proven value creation focus, Galderma plans to increase commercial investment during the first year of ownership to strengthen the foundation for renewed growth beginning in the second year following closing. The transaction is expected to be slightly dilutive to the Group’s Core EBITDA margin in 2027 and to achieve a margin broadly comparable with the Group’s average from 2028 onwards. The acquisition is expected to be Core EPS neutral in the first full year following closing and to be in-line with Galderma’s commitment to a solid investment grade credit rating. Lazard is acting as lead financial advisor, JP Morgan is acting as a financial advisor, and Ropes & Gray LLP is acting as legal advisor to Galderma. Raymond James is acting as lead financial advisor, Citi is acting as a financial advisor, and Weil, Gotshal & Manges