EQT has finalized its exit from Swiss dermatology specialist Galderma through a record-setting CHF 4.9 billion ($5.5 billion) block trade on March 13, 2026. This transaction, the largest sponsor-backed block trade on record, completes a historic investment cycle that began with a 2019 carve-out from Nestlé and yielded total proceeds of CHF 21 billion ($26 billion). Under EQT’s ownership, Galderma’s revenue nearly doubled and its EBITDA more than doubled. The successful, phased exit strategy, combining a major IPO with subsequent sell-downs, establishes a new benchmark for monetizing high-growth, specialized healthcare assets in public markets.
- Transaction Type
- Sponsor-backed block trade (final exit)
- Seller
- EQT VIII and co-investors
- Asset
- Galderma Group AG
- Block Trade Value
- CHF 4.9 billion ($5.5 billion)
- Shares Sold
- Approximately 34 million
- Gross Proceeds (EQT VIII)
- CHF 1.3 billion
- Transaction Date
- March 13, 2026
- Total Realized Proceeds
- CHF 21 billion ($26 billion)
- Initial Investment
- Carve-out from Nestlé (October 2019)
- Key Advisors (Syndicate)
- Goldman Sachs, Morgan Stanley, UBS, Citigroup, Jefferies, JPMorgan
- Sector
- Dermatology / Specialized Healthcare
- Strategic Precedent
- Largest sponsor-backed block trade on record
ZURICH/NEW YORK – Private Equity firm EQT has successfully completed its final divestiture from Galderma Group AG, finalizing the exit through a massive, sponsor-backed block trade valued at approximately CHF 4.9 billion ($5.5 billion) on March 13, 2026. This transaction marks the firm’s complete departure from the Swiss dermatology specialist and has been officially dubbed the largest sponsor-backed block trade on record.
Most “AI for Diligence” tools are lying to you. The truth is, they are just ChatGPT wrappers. Experience what real AI for Diligence looks like, built like Claude Code, but for M&A/ PE Diligence:
💼 When Claude Code Marries Due Diligence!
The accelerated book-building process saw EQT VIII, alongside co-investors, place approximately 34 million shares, netting the EQT VIII vehicle gross proceeds of roughly CHF 1.3 billion. This strategic, swift sell-down through the public markets comes at a time when many private capital firms are navigating slower exit environments, underscoring the high market demand for Galderma’s specialized, high-growth asset.
The Value Creation Narrative: From Carve-Out to Liquidity Benchmark
The Galderma investment, which EQT and its consortium carved out from Nestlé in October 2019, stands as the largest value-creation outcome in EQT’s history, realizing total proceeds of approximately CHF 21 billion ($26 billion) across the entire lifecycle of the investment.
The growth trajectory under EQT’s stewardship was significant:
- Revenue Expansion: Revenues grew from $2.8 billion in 2018 to $5.2 billion in 2025. The company’s trailing twelve-month organic revenue growth accelerated from the mid-single digits at entry to approximately 18% in 2025.
- Profitability Leap: EBITDA more than doubled, climbing from an estimated $520 million in 2018 to $1.2 billion in 2025, with margins increasing by five percentage points.
- Public Market Success: Galderma listed in 2024, one of Europe’s most significant Initial Public Offerings (IPOs) that year. Since then, the share price has nearly tripled, which enabled the subsequent, measured pace of public market sell-downs, including a 20% stake sale to L’Oréal Groupe.
The calculated, phased exit strategy—culminating in this final, record block trade—is being held up as a model for **private equity exit strategies in specialized healthcare**. By utilizing an IPO followed by a series of Accelerated Bookbuildings (ABBs), EQT managed to monetize substantial equity gains while avoiding the risk of overpricing a single, massive placement.
Implications for C-Suite and Deal Advisors
This successful liquidity event provides crucial lessons for investment professionals focused on **cross-border M&A trends in the European healthcare sector**.
According to analysis of recent sector activity, dermatology continues to attract strong investor interest due to its resilient fundamentals—a mix of necessary medical treatments and high-margin, elective aesthetic services. However, recent trends suggest buyers are prioritizing large, infrastructure-rich platforms.
For advisors watching **public market investment strategies for portfolio companies**, the Galderma playbook suggests:
| Metric | 2019 (Carve-Out) | 2025 (Pre-Exit) | Exit Benchmark |
|---|---|---|---|
| Revenue (USD) | ~ \$2.8 Billion | \$5.2 Billion | Double-Digit Growth |
| EBITDA (USD) | ~ \$520 Million | \$1.2 Billion | More than Doubled |
| Exit Mechanism | Buyout from Nestlé | IPO (2024) & Block Trades | Largest Sponsor-Backed Block Trade |
The coordinated execution, involving a syndicate of top-tier banks including Goldman Sachs, Morgan Stanley, UBS, Citigroup, Jefferies, and JPMorgan, ensured deep market penetration for the final tranche. This level of institutional support is critical for managing the volatility associated with moving large blocks of stock, particularly when aiming to achieve premium pricing against IPO offer levels, which Galderma’s stock successfully did post-flotation.
Furthermore, Galderma’s focus on expanding its portfolio, highlighted by new product launches like the biologic drug Nemluvio, reinforces the view that **platform value creation in therapeutic dermatology** hinges on significant R&D investment concurrent with commercial expansion.
With EQT fully realizing its stake, the market focus now shifts to Galderma’s continued performance as a fully public entity, navigating the ongoing consolidation and growth expected in the global skin health market throughout 2026.
Sources
eqtgroup.com investing.com pehub.com dealstreetasia.com pehub.com prnewswire.com ionanalytics.com dermatologytimes.com focusbankers.com beautymatter.com capital-riesgo.es
