Swiss dermatology company Galderma (SIX: GALD) has agreed to acquire U.S.-based ZO Skin Health in an all-cash transaction valued at $1.5 billion. ZO’s shareholders include funds managed by Blackstone and the founding Obagi family.
The acquisition will expand Galderma’s premium skincare portfolio, which includes Cetaphil and Alastin. ZO Skin Health is known for science-backed products dispensed by physicians.
ZO recorded approximately $330 million in net sales for the twelve months ending in June 2026. The combination is intended to strengthen Galderma’s offering to healthcare professionals and expand its U.S. presence.
The transaction is expected to close in late 2026 or early 2027, subject to regulatory approval.