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Galderma is negotiating a $ 22bn IPO


Galderma, a Swiss skincare specialist, has begun negotiations with investors around the world to offer $ 22bn in the first half of next year.

Chief Executive Flemming Ornskov, a former chief of the Shire disease specialist, told the Financial Times that Galderma and its owners were speeding up the recovery process after two years of massive growth due to the Covid-19 epidemic.

Galderma was released from Nestlé in 2019 and was bought by a $ 10bn consortium under the auspices of an EQT business house including GIC of Singapore and the Abu Dhabi Investment Authority.

Ornskov said that since then, the growth of the markets where Galderma worked has “grown tremendously”. “We’ve seen the growth of the two numbers above and below. Last year we hit $ 3bn in high-end sales. We expect it to be $ 3.5bn plus this year.”

The epidemic, as well as the rapid rise of media coverage, has led to a market for cosmetics and skin care professionals, Ornskov said.

“Digital placement and social networking sites have confirmed what was part of this [business] – part of the concept. The skin is the largest organ in the body and we see it every day. We do that. We look at people with their skin and judge if they are healthy or mentally fit. . . The many hours spent in the game promote this. ”

Flemming Ornskov: ‘I would think the owners were getting a second opinion from experienced professionals as well as investors on the attraction of the market and our savings’ © Jason Alden / Bloomberg

Ornskov said he could not comment on the timing or outcome of the company negotiations, but confirmed that the banks had been selected and said Galderma’s future election was imminent.

He also said that “the history of growth, the growth of the company” means that the IPO was “one of the many [options] but it is certainly the truth. “

According to the company’s senior advisers, Lazard has been appointed as the chief consultant for IPOs, Goldman Sachs, Morgan Stanley and Credit Suisse as global partners. Bank of America, BNP Paribas, Citi, Jefferies and UBS are affiliates. Banks told the group that the $ 22bn price tag was affordable.

“I would think that the owners are getting second thoughts from experienced professionals as well as investors in the attraction of the market and the way we live,” Ornskov said. “I think we will do well on those cards because when I look at how the market is going and how the market is going, we are ready to one day become the world’s largest blind company.”

However, Galderma still relies heavily on archeology – the legitimacy of many is beginning to fade. The steady profit and loss of innovation were the main reasons why Nestlé decided to sell the business.

Ornskov’s appointment was the first sign the new owners were expecting a major change.

Dane, 63, has already pledged to invest more in research and development, and has moved to reintroduce the existing Galderma group – which he says is still a major benefit – in honor of corporate interest.

“More and more” brands, brands that include Cetaphil and Proactiv, are now widely used online and in the media, Ornskov said. “This is not a skill that existed in 2019.”

Although opposition from investors for his “extraordinary” pay, Ornskov made a name for himself with the Shire’s high-value ownership – using a trade-offs to lead the FTSE 100 company to a $ 63bn deal with Japan’s Takeda.

The owners of Galderma – and Ornskov himself – believe he can repeat the fraud.

Citing his “history” in the Shire, he said: “I want to build the world’s most successful dermatology company, I want to be known for a very broad history, the best, the most advanced – so that a buyer, or patient or dermatologist always he will use us as his identification. “


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