Galderma sets price range for supersized $2.6bn IPO in Europe

2024-03-13

上市批准临床3期

Galderma sets price range for supersized $2.6bn IPO in Europe

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来源: Pharmaceutical Technology

Based on the price range, Galderma will have a forecast market capitalisation of up to CHF 12.6bn. Image credit: Shutterstock/JHVEPhoto.

Galderma has announced a price range of CHF 49 to CHF 53 ($55.8 to $60.3) per share for floatation on the SIX Swiss Exchange.

The Swiss skincare company, which revealed its intention to conduct an initial public offering (IPO) earlier in March, will have 40,453,467 new shares available. The offering also consists of 276,909 existing shares.

An over-allotment of up to 6,109,158 existing shares at Galderma’s prescribed price range means the IPO could fetch as much as CHF 2.3bn.

Galderma stated the offer period starts today, and is expected to end on 20 March. The final offer price will be published the day after. The company will officially begin trading on 22 March, as per a 13 March press release.

Based on the price range, Galderma will have a forecast market capitalisation of up to CHF 12.6bn, as per the company. Galderma has said that the equity raise will be used to settle debt and develop its pipeline, according to the earlier press release this month.

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The IPO is touted to be one of the largest listings in Europe in 2024 and the biggest since German car company Porsche AG went public in 2022.

EQT, Galderma’s main shareholder, had been trying to take the skincare group public for some time but tough market conditions delayed the listing. Galderma raised $1bn through private placement in 2023 whilst the IPO was on hold.

Galderma’s revenue grew by 8.5% in 2023 – bringing in sales of over $4bn. The company’s Cetaphil and Alastin brands, which include moisturisers, sunscreens for sensitive skin, and anti-ageing creams, are at the helm of its revenues. Galderma has also seen success in injectable aesthetics, gaining an US Food and Drug Administration (FDA) approval for its Botox competitor Azzalure in 2023.

Galderma is working towards an approval for RelabotulinumtoxinA (QM-1114) for the treatment of frown lines and lateral canthal lines. The company suffered a setback with an FDA rejection for the botulinum formulation in September last year but said it has already identified the necessary changes for approval.

Also in the company’s clinical pipeline is nemolizumab for the treatment of atopic dermatitis and prurigo nodularis. The drug is currently under review for marketing in the US and EU on the back of positive Phase III results. Galderma expects US approval in the first half of 2025 and has slated the drug to gain blockbuster status by 2027.

GlobalData estimates the dermatology market size in the US was worth $26.5bn in 2023.

GlobalData is the parent company of Pharmaceutical Technology.

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