History
The origins of Galderma date back to 1961 and the founding of the Owen dermatology company in Dallas, Texas, USA by M. Owen.[6]
In 1979, Hans Schaefer founded the International Center for Dermatological Research (CIRD) in Sophia Antipolis, with the support of the CEO of L'Oréal, François Dalle, who wanted to diversify his cosmetic research into the drug sector. At the same time, Nestlé, which also had ambitions in dermatology bought the Owen laboratory.
L'Oréal and Nestlé formed a joint venture in 1981 and created Galderma (CIRD became Galderma R&D).[7][8]
Galderma expanded by specializing in the research, development, and commercialization of products for dermatology (skincare) patients. It reached a significant size, with 38 subsidiaries present in 100 countries in the 2010s.[5] It diversified into aesthetic medicine products with the botulinum toxin Azzalure, a field in which it strengthened in 2010 with the acquisition of the Swedish medical device company Q-Med.[9]
Nestlé bought back all the shares from L'Oréal in 2014, creating a new unit of Nestlé group called Nestlé Skin Health. The transaction had a value of €3.1 billion (US$4.23 billion) and was paid for by Nestlé with 21.2 million L'Oréal shares.[10]
In 2019, Nestlé sold Galderma for $10.2 billion[11][12] to a consortium comprising the EQT VIII fund, Luxinva (a wholly owned subsidiary of Abu Dhabi Investment Authority), PSP Investments and other institutional investors. Since then, it has been the largest independent dermatology company in the world.[13]
Galderma bought California-based Alastin, a firm specializing in specialist skincare products, for an undisclosed price in November 2021.[6][14]
In June 2022, Galderma announced positive results in two Phase III trials for liquid botulinum toxin A, showing RelabotulinumtoxinA was well tolerated.[15] The company also accounted positive data from the Phase III trial, showing the efficacy and safety of Nemolizumab in patients with prurigo nodularis at the 2023 European Academy of Dermatology and Venereology congress in Berlin.[16] Nemolizumab is a monoclonal antibody that blocks the signaling of IL-31, a neuroimmune cytokine involved in the pathogenesis of prurigo nodularis.[17]
On 6 March 2023, Galderma announced its intention to list on the Swiss stock exchange.[18]
The IPO took place on 22 March 2024 and was one of the biggest in Europe in two years and the largest in Switzerland since 2017.[19][20] The stock price went up to 62,68 Swiss francs, up from the IPO price at 53 francs per share.[21] The company will repay debt with offering proceeds.[21]
