SIX-listed Galderma, the pure-play dermatology category leader, has agreed to repurchase 1.6 million shares at a price of CHF143.75 per share for a total consideration of CHF232m (US$298m) in an accelerated bookbuild offering (ABO) of Galderma shares by Sunshine SwissCo (EQT), Abu Dhabi Investment Authority (ADIA) and Auba Investment launched 10 March. The repurchase was made at the same price per share determined by the bookbuilding offering.
As a result of yesterday evening’s ABO, the selling shareholders have fully divested their remaining stake in Galderma. It bring an end to a series of share sales by the selling shareholder group following its initial investment in Galderma’s March 2024 IPO at which it raised CHF2.3bn, after the over-allotment, at a share price of CHF53 per share. In this latest sale, the shareholders have locked in a gain of over 170% on its initial outlay.
Following the closing of the ABO, the free float in Galderma’s shares is expected to increase from 65% to 80%.
The repurchase is being financed by Galderma’s existing liquidity on hand and will not affect the company’s ability to deliver on its strategic and financing priorities.
The shares will be held in treasury for future use in connection with Galderma’s employee participation plans, business development opportunities and/or treasury management.
Press release: Galderma Buys Back Shares Worth CHF 232 Million in the Context of Accelerated Bookbuild Offering | Galderma