Galderma Secures $6.139B Funding from ING Group

Key Takeaways

1. $6.14B total capital mobilized across two back-to-back transactions: a EUR 500 million (~$545M) Eurobond and a CHF 4.89 billion (~$6.28B) accelerated block trade completed between March 10 and March 13, 2026
2. ING Group, J.P. Morgan, and Citi jointly led the EUR 500M Eurobond issuance at a 3.375% fixed-rate annual coupon, with a 5-year maturity listed on the SIX Swiss Exchange​
3. EQT fully exits Galderma via the largest sponsor-backed block trade ever recorded in history, generating a total of CHF 21 billion (~USD 26 billion) in proceeds across its entire Galderma investment lifecycle​
4. Galderma posted record 2025 net sales of $5.207 billion (up 17.7% at constant currency) and raised its peak Nemluvio sales forecast to above $4 billion​

Quick Recap

Zug-based dermatology leader Galderma Group AG (SIX: GALD) made sweeping capital markets history this week in what amounts to a dual-event financial milestone. On March 10, 2026, the company priced a EUR 500 million Eurobond led by Citigroup, ING, J.P. Morgan, and RBC Capital Markets, while simultaneously, founding private equity backer EQT and co-investors Abu Dhabi Investment Authority (ADIA) and Auba Investment Pte. fully exited their remaining 14.3% stake via a CHF 4.89 billion (~$6.28B) accelerated bookbuilding process, confirmed completed on March 13, 2026.

Galderma’s Dual-Track Financing Explained

The EUR 500 million Eurobond is not simply a borrowing event. It is, as Galderma’s own communication states, “the final step in Galderma’s refinancing process” since its landmark IPO in March 2024. The bond carries a 3.375% fixed-rate annual coupon and settles on March 17, 2026, with proceeds earmarked to fully repay the bank term loan drawn down at the time of the IPO. Crucially, Galderma enters this transaction with hard-won investment grade ratings: BBB (stable) from Fitch and BBB (positive outlook) from S&P Global Ratings, a status that materially lowers its cost of debt relative to where it stood just two years ago.​

On the equity side, EQT’s complete exit via the CHF 4.89B block trade is a landmark event by any measure. Goldman Sachs, Morgan Stanley, UBS, Citigroup, Jefferies, and J.P. Morgan all served as joint global coordinators and bookrunners for the placement, underscoring the institutional depth of demand for Galderma paper.

The trade was increased twice on the back of investor demand, per Bloomberg. EQT acquired Galderma from Nestle in 2019 for approximately $10 billion and has now generated CHF 21 billion (~USD 26 billion) in total proceeds across all Galderma sell-downs, making this the largest value-creation outcome in EQT’s institutional history. Galderma also repurchased 1.6 million of its own shares at CHF 143.75 per share for a total consideration of CHF 232 million in the same process, demonstrating CEO and board confidence in the company’s trajectory.

Rising Opportunity in the Skin Health Market

The timing of this transaction reflects a broader structural shift in the global healthcare economy. Dermatology is no longer a niche adjacency to pharma. It now sits at the intersection of aesthetics, immunology, and chronic disease management. Galderma’s 2025 net sales of $5.207 billion represent the first time the company has crossed the $5 billion annual revenue threshold, up 17.7% at constant currency, with all three product verticals (Injectable Aesthetics, Dermatological Skincare, and Therapeutic Dermatology) posting double-digit growth.

The company’s flagship biologic, Nemluvio (nemolizumab), received FDA approval for both prurigo nodularis and atopic dermatitis, and has now been authorized in the EU, US, UK, Switzerland, and Canada, with Galderma doubling its peak sales forecast to above $4 billion. The global dermal fillers market is consolidating fast.

Allergan (AbbVie), Galderma, and Merz together command around 72.7% market share in dermal fillers. But Allergan Aesthetics (AbbVie) posted a 6.1% full-year decline in its aesthetics portfolio in 2025 as Juvederm revenues fell, while Galderma’s Injectable Aesthetics continued delivering double-digit growth with Restylane and Sculptra gaining share in key markets. That contrast is not subtle. It signals a meaningful competitive inflection point where the challenger is no longer just closing the gap; it is widening it.

Competitive Landscape

Strategic analysis

Galderma leads decisively in therapeutic pipeline depth and revenue growth trajectory, with Nemluvio’s multi-indication approval creating a standalone blockbuster not matched by any competitor in pure-play dermatology. Allergan Aesthetics retains a larger absolute footprint through Botox Cosmetic’s global brand dominance, but its aesthetics portfolio has been in contraction, offering Galderma a structural opening to close the market share gap in Injectables within the next two to three years.

TechnoTrenz’s Takeaway

I will be direct: this is one of the cleanest capital markets stories I have seen in the healthcare sector in years. In my view, the real signal here is not the EUR 500M Eurobond or even EQT’s exit. It is what these two events confirm together. Galderma has reached the rare status of a company that can simultaneously retire expensive IPO-era debt at investment grade rates, buy back its own shares, and attract enough secondary market demand to absorb a $6B+ block trade in a single overnight session. That is not a company on a growth track. That is a company that has already arrived.

I think the Nemluvio story is what makes this genuinely bullish for Galderma’s next chapter. Doubling the peak sales guidance for a single biologic to above $4 billion is not a PR exercise. That is a pipeline signal that Galderma is transitioning from a skincare and filler company to a full-spectrum dermatology therapeutic platform. I generally prefer companies that grow by earning market share through science rather than acquisition, and Galderma fits that mold precisely.