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| Company type | Public |
|---|---|
| SIX: GALD | |
| Industry | |
| Founded | In 1961 in Texas[1] |
| Headquarters | Zug, Switzerland |
Key people |
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| Revenue |  US$4.08 billion (2023)[2] |
| Owner | |
Number of employees | 6,500 (2024)[2] |
| Website | galderma |
Galderma SA is a Swiss pharmaceutical company specializing indermatological treatments andskin care products. Formerly a subsidiary ofL'Oréal andNestlé, it was acquired by a consortium of private institutional investors in 2019 and remained under their ownership until its IPO in 2024.
Galderma was formed in 1981 as a joint venture betweenNestlé andL'Oréal, and later became a wholly owned subsidiary of Nestlé.[3] Since 2019, it has belonged to an investment consortium. The company, headed by president and CEOFlemming Ørnskov (ex-Shire), has 33 sites in 100 countries[4] with a worldwide network of distributors and employs more than 4,600 people. The headquarters is based inZug, Switzerland.
The origins of Galderma date back to 1961 and the founding of the Owen dermatology company inDallas, Texas, USA by M. Owen.[5]
In 1979, Hans Schaefer founded the International Center for Dermatological Research (CIRD) inSophia Antipolis, with the support of the CEO ofL'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 joined forces to create Galderma in 1981 (CIRD became Galderma R&D). It was a joint venture between the two companies.[6]
Galderma expanded by specializing in the research, development and commercialization of products fordermatology (skin care) patients. It reached a significant size, with 38 subsidiaries present in 100 countries in the 2010s.[4] It diversified into aesthetic medicine products with thebotulinum toxin Azzalure, a field in which it strengthened in 2010 with the acquisition of the Swedish medical-device company Q-Med.[7]
In 2014, Nestlé bought back all the shares from L'Oréal, thus creating a new unit of Nestlé group called Nestle 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.[8]
In 2019, Nestlé sold Galderma for $10.2 billion[9][10] to aconsortium comprising the EQT VIII fund, Luxinva (a wholly owned subsidiary ofAbu Dhabi Investment Authority), PSP Investments and other institutional investors. Since then, it has been the largest independent dermatology company in the world.[11]
In November 2021, Galderma bought California-based Alastin, a firm specialising in specialist skincare products, for an undisclosed price.[5][12]
In June 2022, Galderma announced positive results in two Phase III trials for liquid botulinum toxin A, showing RelabotulinumtoxinA was well tolerated. This result primes the company to apply for approval in the US and other global markets.[13]
Also in June 2022, Galderma announced positive data from Phase III trial, showing efficacy and safety of nemolizumab in patients withprurigo nodularis. Nemolizumab is a monoclonal antibody that blocks the signaling of IL-31, a neuroimmune cytokine involved in the pathogenesis of prurigo nodularis.[14][15]
On 6 March 2023, Galderma announced its intention to list on theSwiss stock exchange.[16]
TheIPO took place on 22 March 2024, and was one of the biggest in Europe in two years, and the largest in Switzerland since 2017.[17][18] The stock price went up to 62,68Swiss francs, up from the IPO price at 53 francs per share.[19]Bloomberg reports that including debt, Galderma's total market value should come out in the range of $18.69 billion to $19.72 billion.[20] The company plans to repay debt with offering proceeds.[19]
Galderma provides a range of over-the-counter and prescription dermatological products for skin care, aesthetics and treatment of conditions includingacne,rosacea,psoriasis and other steroid-responsivedermatoses (SRD),onychomycosis (fungal nail infections), pigmentary disorders,skin cancer andskin aging. Galderma's activities are divided into three business units: aesthetics, consumer care and prescription medicine. Galderma's products are sold in more than 100 countries.[citation needed]
In 2007, Galderma andIpsen signed a licensing agreement for the distribution of thebotulinum toxin Dysport, known as Azzalure in theEuropean Union. More than 40 million treatments have been performed in the United States and the European Union.[21]
The main brands areRestylane, Azzalure, Dysport, Alluzience, Sculptra and Relfydess (relabotulinumtoxinA), which received a positive decision for use in Australia[22] and in the European Union in July 2024.[23]
Galderma's products are available over-the-counter to consumers.[citation needed]
The main consumer care brands are Cetaphil, with its range ofskin care products for all ages; Benzac and Differin OTC for mild-to-moderate acne; and Loceryl, used to treat fungal nail infections, and Alastin.[citation needed]
Disease areas areatopic dermatitis, dermato-oncology andpsoriasis.[citation needed]
The main brands areAklief,Benzac,Cetaphil,Epiduo, Epiduo Forte,Twyneo, Epsolay, Loceryl, Differin, Soolantra, Mirvaso, Oracea, Metvix and Nemluvio which received USFood and drug Administration approval for adult patients living withprurigo nodularis in August 2024[24] and for patients withatopic dermatitis in December 2024.[25]
The company invests substantially inresearch and development and sources new treatments from its own activities and from its partnerships with others.[citation needed] It divides itsresearch and development departments between six sites:
Galderma has manufacturing facilities at the following locations:[citation needed]
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