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    EQT   AU000000EQT1

EQT HOLDINGS LIMITED

(EQT)
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Galderma buys U.S. skincare firm Alastin ahead of potential Zurich IPO

11/29/2021 | 03:00am EST

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 Galderma’s 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. L’Oreal’s 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 Singapore’s GIC and the Abu Dhabi Investment Authority. (Reporting by Emma-Victoria Farr; editing by Clelia Oziel and Rachel Armstrong)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
EQT HOLDINGS LIMITED -1.29% 26 Delayed Quote.-0.64%
L'ORÉAL -1.33% 368.1 Real-time Quote.-10.53%
NESTLÉ S.A. -0.20% 118.06 Delayed Quote.-7.17%
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Financials
Sales 2022 109 M 76,4 M 76,4 M
Net income 2022 24,9 M 17,4 M 17,4 M
Net cash 2022 66,0 M 46,1 M 46,1 M
P/E ratio 2022 21,8x
Yield 2022 3,81%
Capitalization 548 M 383 M 382 M
EV / Sales 2022 4,40x
EV / Sales 2023 4,08x
Nbr of Employees 251
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Number of Analysts 3
Last Close Price 26,00 AUD
Average target price 34,50 AUD
Spread / Average Target 32,7%
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Michael Joseph O'Brien Managing Director & Executive Director
Philip Dean Gentry Chief Operating & Financial Officer
Carol Judith Schwartz Chairman
Anne Maree O'Donnell Independent Non-Executive Director
Kevin John Eley Independent Non-Executive Director
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