Skip to content Skip to Search
Skip navigation

Abu Dhabi-backed Swiss skincare group raises $1bn

Galderma brands include Restylane filler injections 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.

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.

Latest articles

Over 400 global food brands are taking part in the SaudiFood Manufacturing show in Riyadh this month

Saudi Arabia’s food factory count rises to 1,300

The total number of food factories operated by the Saudi Authority for Industrial Cities and Technology Zones (Modon) has reached 1,300, across 36 cities. The increase signifies the growing capacity of the domestic food industry and its localisation efforts, the state-run Saudi Press Agency reported. Food industry companies have recorded a growth rate of more […]

Garden, Nature, Outdoors

UAE commits $50m to development fund

The UAE has committed $50 million to the second phase of the Lives and Livelihoods Fund 2.0 (LLF 2.0), a multi-donor initiative targeting sustainable economic development in the Islamic Development Bank’s (ISDB) 57 member countries. The funding will be deployed by LLF 2.0 to support critical projects in health and infectious diseases, agriculture, and social infrastructure in low […]

A square in Cairo

‘Worst is behind us’ in Egypt’s black market dollar war says BMI

The Egyptian government’s priority for 2024 should be to keep the gap between the official and parallel exchange rates for Egypt’s pound and the US dollar as narrow as possible, says BMI Research. In a webinar on Tuesday BMI, a Fitch Group firm specialised in country risk, said that “the worst is behind us” in […]

Oman UAE deals Sultan of Oman president of UAE

Oman and UAE sign deals worth $35bn

The UAE and Oman have announced a host of new commercial and business deals worth a total of AED129 billion ($35 billion). The partnerships were agreed during Monday’s state visit to the Emirates by the ruler of Oman, Sultan Haitham bin Tariq al Said.  Investment and collaboration agreements covered areas including renewable energy, green metals, […]