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

Aircraft, Flight, Transportation

Qatar Airways expands Boeing 777 order book

State-owned Qatar Airways ordered 20 new Boeing 777-9 passenger jets at the Farnborough International Airshow 2024 after announcing record profits in its 27-year history. Additionally, the carrier has committed to 40 new GE9X engines and spare engines, in addition to a long-term services agreement. The total cost of the deal and delivery schedule of the […]

Despite optimism from hedge funds and traders, oil prices remain relatively stable

Analysts optimistic on oil but the price stays steady

Global hedge funds and money managers have become increasingly optimistic about the short term outlook for oil prices in recent months, despite the oil price remaining flat at around $80 a barrel. The net length held by hedge funds and other money managers in WTI (West Texas Intermediate) futures and options has risen to its […]

Nadhim Zahawi, formerly chancellor of the UK, is thought to be leading a consortium of investors for a £600m bid

UAE’s RedBird IMI hopes for speedy sale of The Telegraph

Nadhim Zahawi, the former chancellor of the UK, is fronting one of seven bids to buy the Daily Telegraph newspaper and The Spectator magazine, which is owned by RedBird IMI, a US investment group backed by Abu Dhabi’s International Media Investments. The deadline for the first round of bidding was completed on Friday, although more offers […]

Egypt external debt

Egypt external debt makes record drop

Egypt’s external debt decreased by over $14 billion between December 2023 and May 2024, the steepest drop on record according to its Central Bank (CBE). External debt fell from a record high of $168 billion at the end of December to $154 billion at the end of May, a decrease of 8.4 percent. The drop […]