Banking & Finance Abu Dhabi-backed Swiss skincare group raises $1bn By Shane McGinley June 27, 2023 Unsplash/Sam Moghadam Khamseh A woman receives a lip filler injection. Galderma's brands include Restylane fillers Galderma plans to use funds to boost balance sheet ahead of IPO Group bought in 2019 by Abu Dhabi Investment Authority and EQT A Swiss skincare group backed by the Abu Dhabi Investment Authority has raised $1 billion from newly issued shares. Galderma aims to use the funds to boost its balance sheet ahead of a planned stock market listing. The company, founded in 1981, was bought in 2019 by a consortium led by the Abu Dhabi sovereign wealth fund and Swedish investment firm EQT Partners. Abu Dhabi to invest $6bn in French buyout fund Healthcare tourism gives Dubai a shot in the arm It was reported at the time that the consortium wanted to pursue an initial public offering for Galderma, but this has yet to take place. The company said in a statement on Monday that an IPO “remains the likely next step”, but did not mention a timeline. The investors in the $1 billion share issuance have not been named. “We are delighted to see current and new investors sharing our strong confidence and trust in Galderma’s growth trajectory,” said Michael Bauer, co-head of global healthcare sector team at EQT Partners. Galderma generated $3.8 billion in net sales last year, a year-on-year increase of 13.9 percent. Its products include Restylane dermal fillers and treatments for acne and rosacea. Net profit rose 14.5 percent to $791 million last year. In March the company predicted that its net sales would grow by 6 to 9 percent in 2023. The company has around $3.5 billion debt maturing in 2026, according to Fitch Ratings. Reuters reported on Monday that sources previously said Galderma intends to use the IPO to pay down its debts.