Pharma BD Deal Intelligence
Galderma agreed to acquire ZO Skin Health in an all-cash transaction valued at $1.5B enterprise value, buying out funds managed by Blackstone and the Obagi family. ZO Skin Health, founded by dermatologist Dr. Zein Obagi, is a leading US physician-dispensed skincare brand with more than 40 products sold through a network of over 16,500 physicians, medical spas and online accounts in more than 40 countries, and recorded net sales of approximately $330M in the twelve months to June 2026. The deal materially expands the Galderma US physician-dispensed skincare footprint and is complementary to its existing Alastin brand. Galderma expects the transaction to be EPS-neutral in the first year and consistent with maintaining an investment-grade credit rating. Closing is expected in the fourth quarter of 2026 or early 2027, subject to regulatory approvals.
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