EQT and its co-investors have exited their remaining stake in Galderma through a record-breaking secondary share sale valued at approximately $5.5bn, according to a report by Bloomberg.

The investors — including Abu Dhabi Investment Authority and Auba Investment — sold 34 million existing shares, representing around 14.3% of the Swiss skincare group. 

The transaction raised 4.89bn Swiss francs and represents the largest overnight share sale ever completed in Switzerland. It is also the biggest secondary sale of shares in a listed European company in more than a decade.

Since Galderma listed on the public markets in March 2024, its private equity backers have gradually reduced their holdings following a strong rally in the company’s share price.

Galderma’s stock has nearly tripled since the initial public offering. The latest sale fully exits the remaining position held by the investor group.

Shares in the company fell as much as 2.9% following the placement but continued to trade above the sale price of €143.75.

The transaction size was expanded overnight to include the investors’ entire remaining stake, making the deal almost twice as large as any previous share placements by the same group.

The offering followed an upgrade to Galderma’s financial guidance last week, driven by expectations of stronger sales for its injectable treatment for dermatitis. Galderma also repurchased approximately $300m of shares as part of the transaction.

Banks arranging the offering included Citigroup, Goldman Sachs, Jefferies, JPMorgan, Morgan Stanley, and UBS.

The sale marks the final step in the private equity investors’ gradual exit following Galderma’s public listing.

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