We advised Galderma on its IPO

Davis Polk advised Galderma Group AG on its initial public offering of 37,233,708 newly issued shares and 276,909 existing shares, with an overallotment option of up to 5,626,592 existing shares, sold by Galderma and its shareholders, including certain funds managed by EQT, the Abu Dhabi Investment Authority and Auba Investment. The shares are listed on SIX Swiss Exchange in Switzerland. With an offer price set at CHF53 per share (at the upper end of the pricing range), the total offer size amounted to approximately CHF2.3 billion (approximately $2.6 billion) with gross proceeds to Galderma of approximately CHF2 billion (approximately $2.2 billion). Based on the offer price, Galderma’s implied market capitalization is CHF12.6 billion. 

Galderma, a Swiss company, is the pure-play dermatology category leader, present in approximately 90 countries. Galderma delivers an innovative, science-based portfolio of premium brands and services that span the full spectrum of the fast-growing dermatology market through injectable aesthetics, dermatological skincare and therapeutic dermatology. Since its foundation in 1981, Galderma has dedicated its focus and passion to the human body’s largest organ – the skin – meeting individual consumer and patient needs with superior outcomes in partnership with healthcare professionals.

The Davis Polk corporate team included partners John B. Meade and Connie I. Milonakis and associates Christopher Diel and Annie Dulka. Counsel Alon Gurfinkel and associate Kelli A. Rivers provided tax advice. Counsel Sarah E. Kim and associate Victoria Glass provided Investment Company Act advice. Members of the Davis Polk team are based in the London and New York offices.