Galderma Backers Offer $1.45 Billion Stake in Upsized Deal

(Bloomberg) — Several Galderma Group AG shareholders are offering about a 6.7% stake in the skincare group that could raise around 1.28 billion Swiss francs ($1.45 billion), according to terms of the deal seen by Bloomberg News.

EQT AB, the Abu Dhabi Investment Authority and Auba Investment Pte told investors that it is poised to price at 80 Swiss francs per share, and increased the size of the offering to 16 million shares, the terms showed. The deal has received orders at that price to cover the number of shares available multiple times over, according to a message seen by Bloomberg.

The share sale is the second such offering in less than three months. The group of backers previously sold a stake in September, raising about 1.1 billion Swiss francs. In August, France’s L’Oreal SA also agreed to acquire a 10% stake from the group of shareholders.

Shares in Galderma, whose brands include Cetaphil and Alastin, have risen 62% from its initial public offering in March. The $2.6 billion listing was Europe’s second-largest so far this year.

Shareholders in newly public companies have recently offloaded stakes in a bid to return cash to their funders. Ardian, Warburg Pincus and Apollo Global Management Inc. are among the buyout firms that have sold shares this year in companies they backed.

Morgan Stanley, Goldman Sachs Group Inc., UBS Group AG, Citigroup Inc. and Jefferies Financial Group Inc. are managing the sale of Galderma shares. 

–With assistance from Allegra Catelli.

(Updates with price guidance and increased size in first and second paragraphs.)

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