LONDON, Nov 29 (Reuters) - Swiss dermatology company
Galderma has bought California-based Alastin, a firm
specialising in specialist skincare products, for an undisclosed
price, Galderma Chief Executive Flemming Ornskov said.
Founded in 2015, Alastin develops clinically tested
physician-dispensed anti-ageing products. While company
financials remain undisclosed, Alastin has recorded a compound
annual growth rate of 106% between 2016 and 2020, Galderma said
in a statement.
The acquisition will sit in between Galdermas aesthetics
and consumer care divisions, Ornskov said, adding that the
companies already collaborate around the growth market of
anti-ageing injections and skin fillers.
As Galderma's first acquisition in the United States, the
deal will boost its presence in the region. LOreals
Skinceuticals brand is a main competitor to Alastin in consumer
facial products, Ornskov added.
Zug-based Galderma, expected to be listed in an initial
public offering next year, plans to help Alastin expand its
reach and strengthen sales further in the U.S., before looking
at opportunities for growth in Asia and Europe, Ornskov said.
Galderma's owner EQT is planning an IPO that could reach 22
billion dollars, the Financial Times reported this month.
"We have engaged banks to look at options including an IPO
but have not made a decision on timing," Ornskov said, declining
to comment on the company's potential valuation.
While sources familiar with the matter say an IPO is planned
for Zurich, Ornskov said no final decision had been taken.
The Alastin acquisition is not related to the strategic
decision on the listing, he added.
Ornskov said he aims to "continue Galderma's strong EBITDA
(earnings) growth, invest in research and development and expand
the portfolio". The company "scouts every corner of the world"
for acquisitions, he added.
Galderma was carved out of Nestlé in 2019 and bought for
10.2 billion Swiss francs ($10.1 billion) by a consortium led by
EQT, including Singapores GIC and the Abu Dhabi Investment
(Reporting by Emma-Victoria Farr; editing by Clelia Oziel and