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Galderma

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Galderma S.A.
Company typePublic
SIX: GALD
Industry
Founded1981; 43 years ago (1981)
HeadquartersZug, Switzerland
Key people
RevenueIncrease US$4.08 billion (2023)[1]
Owner
Number of employees
6,500 (2024)[1]
Websitegalderma.com

Galderma S.A. is a Swiss pharmaceutical company specializing in dermatological treatments and skin care products. Formerly a subsidiary of L'Oréal and Nestlé, it has been held by a consortium of private institutional investors since 2019.

Galderma was formed in 1981 as a joint venture between Nestlé and L'Oréal, then it became a subsidiary of Nestlé.[2] Since 2019, it belongs to an investment fund. The company, headed by president and CEO Flemming Ørnskov (ex-Shire), has 33 sites in 100 countries[3] with a worldwide network of distributors and employs more than 4,600 people. The headquarters is based in Zug, Switzerland. In 2021, the slogan of Galderma is "Advancing dermatology for every skin story".[4]

History

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The origins of Galderma date back to 1961 and the founding of the Owen dermatology company in Dallas, Texas, USA by M. Owen.[5]

In 1979, Professor Hans Schaefer founded the International Center for Dermatological Research (CIRD) in Sophia Antipolis, with the support of the CEO of L'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]

In 2007, the Galderma Global Corporate Campaign won the Medical Marketing Association's International Award of Excellence.

In 2010, sales reached 1.2 billion euros, an increase of 16.1% over 2009.[citation needed]

Galderma expanded by specializing in the research, development and commercialization of products for dermatology (skin care) patients. It reached a significant size, with 38 subsidiaries present in 100 countries in the 2010s.[3] It diversified into aesthetic medicine products with the botulinum 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] L'Oréal paid €3.4 billion (US$4.63 billion) for the remaining 27.3 million shares.[8]

In 2019, Nestlé sold Galderma for $10.2 billion[9][10] to a consortium comprising the EQT VIII fund, Luxinva (a wholly owned subsidiary of Abu 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 with prurigo 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 the Swiss stock exchange.[16]

The IPO took place  on March 22, 2024, and was one of the biggest in Europe in 2 years, and the largest in Switzerland since 2017.[17][18] The price of the stock went up to 62,68 Swiss francs, up from the price of the IPO 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]

Activities

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Galderma is specialized in the research, development and commercialization of skin care products and treatments across aesthetics, consumer care and prescription medicine.

Galderma provides a range of over-the-counter and prescription dermatological products for skin care, aesthetics and treatment of conditions including acne, rosacea, psoriasis and other steroid-responsive dermatoses (SRD), onychomycosis (fungal nail infections), pigmentary disorders, skin cancer and skin 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.

Aesthetics

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In 2007, Galderma and Ipsen signed a licensing agreement for the distribution of the botulinum toxin Dysport, known as Azzalure in the European Union. More than 40 million treatments have been performed in the United States and the European Union.[21]

The main brands are Restylane, Azzalure, Dysport, Alluzience and Sculptra.

Consumer care

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Galderma's products are available over-the-counter to consumers.

The main consumer care brands are Cetaphil, with its range of skin care products for all ages; Benzac and Differin OTC for mild-to-moderate acne; and Loceryl, used to treat fungal nail infections, and Alastin.

Prescription Medicine

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Disease areas are atopic dermatitis, dermato-oncology and psoriasis.

The main brands are Aklief, Benzac, Cetaphil, Epiduo, Epiduo Forte, Twyneo, Epsolay, Loceryl, Differin, Soolantra, Mirvaso, Oracea and Metvix.

Research and development

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The company invests substantially in research and development and sources new treatments from its own activities and from its partnerships with others. It divides its research and development departments between six sites:

Production

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Galderma has manufacturing facilities at the following locations:

  • The Alby-sur-Chéran plant in France, inaugurated in 1994, supplies over 70 countries.
  • The Baie d'Urfé (Montreal) facility in Canada started production in 2000 and supplies Cetaphil Globally.
  • The plant in Uppsala, Sweden, manufactures aesthetic and corrective products.
  • The Hortolândia site in the state of São Paulo, Brazil serves South America.

Governance

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  • Flemming Ørnskov, chief executive officer
  • Thomas Dittrich chief financial officer
  • Adrian Murphy, vice president, head of global operations
  • Allison Pinkham, chief human resources officer

Notes and references

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  1. ^ a b Weil, Jennifer (22 March 2024). "Galderma's Shares Soar on Stock Market Debut". Women's Wear Daily. ISSN 0043-7581.
  2. ^ Nestlé
  3. ^ a b "Manufacturing". Galderma. Retrieved 1 April 2021.
  4. ^ "Home". Galderma. Retrieved 6 April 2021.
  5. ^ a b Innovates, Dallas (10 December 2021). "Global Dermatology Innovator Galderma Moving U.S. Headquarters to Downtown Dallas » Dallas Innovates". Dallas Innovates. Retrieved 16 February 2022.
  6. ^ Heilprin, John (11 February 2014). "Nestlé exchanges stake in L'Oreal for Galderma". AP NEWS. Retrieved 1 April 2021.
  7. ^ "UPDATE 2-Galderma bids $967 mln for Swedish implant firm Q-Med". Reuters. 13 December 2010. Retrieved 1 April 2021.
  8. ^ a b Socha, Miles (11 February 2014). "L'Oréal to Buy 8% of Share Capital From Nestlé". WWD. Retrieved 11 February 2014.
  9. ^ "Ex-Shire CEO Flemming Ornskov emerges as Galderma CEO after $10B Nestlé spinout". FiercePharma. Retrieved 1 April 2021.
  10. ^ Schuetze, Silke Koltrowitz, Arno (16 May 2019). "Nestle makeover advances with $10 billion sale of skin health unit". Reuters. Retrieved 1 April 2021.{{cite news}}: CS1 maint: multiple names: authors list (link)
  11. ^ "Galderma to become the world's largest independent global dermatology company after completion of CHF 10.2 billion carve-out of Nestlé Skin Health". Galderma. Retrieved 1 April 2021.
  12. ^ Farr, Emma-victoria (29 November 2021). "Galderma buys U.S. skincare firm Alastin ahead of potential Zurich IPO". Reuters. Retrieved 29 November 2021.
  13. ^ "Galderma announces positive results in two Phase III trials for liquid botulinum toxin A". Aesthetic Medicine. June 2022. Retrieved 16 January 2023.
  14. ^ "An Efficacy and Safety Study of Nemolizumab (CD14152) in Participants With Prurigo Nodularis". ClinicalTrials.Gov, U.S. National Library of Medicine. June 2022. Retrieved 16 January 2023.
  15. ^ "Galderma Announces Positive Data From Phase III Trial, Demonstrating Efficacy and Safety of nemolizumab in Patients with Prurigo Nodularis". Yahoo! Finance. 22 June 2022. Retrieved 16 January 2023.
  16. ^ "Skin care company Galderma seeks $2.3 bln in Swiss IPO". Reuters. 6 March 2024. Retrieved 7 March 2024.
  17. ^ Swetha Gopinath and Allegra Catelli (22 March 2024). "Galderma Surges in Debut, Bolstering Europe IPO Recovery". www.bloomberg.com. Retrieved 14 June 2024.
  18. ^ "Galderma Stock Surges in Debut on Swiss Stock Exchange". beautymatter.com. Retrieved 14 June 2024.
  19. ^ a b Dave Graham and John Revill (22 March 2024). "Skin care company Galderma's shares soar on market debut". Reuters.com. Retrieved 14 June 2024.
  20. ^ Becker, Zoey (22 March 2024). "Skincare products maker Galderma gears up for long-awaited $2.6B IPO". Fierce Pharma. Retrieved 14 June 2024.
  21. ^ "Galderma Announces Top-line Results from Phase 2 Clinical Dose-Escalating Study with Azzalure® / Dysport® (abobotulinumtoxinA)". www.businesswire.com. 17 November 2020. Retrieved 1 April 2021.

See also

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