Shares in Galderma jump on market debut

22nd Mar 2024 13:22

(Sharecast News) - Shares in Switzerland's Galderma jumped on Friday, as trading got underway in the dermatology specialist.

The firm, which owns sensitive skin brand Cetaphil, among others, had announced a price range of between 49 to 53 Swiss francs (£43 to £47).

Trading opened on the SIX Swiss Exchange at SFr61, however, and continued to rise, hitting a high of SFr62.68 by mid-morning, valuing the business at SFr14.9bn.

Last year, Galderma - one of the world's largest dermatology companies - saw sales jump nearly 9%, excluding currency fluctuations, to a record $4.1bn. Core operating profits rose 21% to $942m.

Its specialist products range from acne treatments to wrinkle fillers.

Originally a joint venture between Nestle and L'Oréal, a consortium led by Swedish private equity firm EQT acquired the Zug-based business in 2019 in a $10bn deal.

EQT has sold down a proportion of its stake as part of the initial public offering, although it intends to remain a "significant" investor.