Homburger advises Galderma on estimated $2.3bn IPO
Galderma Group AG , the pure-play dermatology category leader, has announced the launch of its Initial Public Offering on the SIX Swiss Exchange. According to various market sources and reports, the Skincare business is looking to raise an estimated $2.3 billion. It is expected to be one of the largest listings in Europe this year, serving as a key test for the region’s initial public offering market.
The IPO consists of up to 40,453,467 newly issued shares. A small amount of existing shares will be sold by Swedish private equity firm EQT, which owns Galderma, in addition to Singapore’s GIC and the Abu Dhabi Investment Authority. The listing and the first day of trading are expected to take place on March 22, 2024. Galderma will be included in the Swiss Performance Index (SPI).
Homburger is acting as issuer’s, selling shareholder’s and transaction counsel to Galderma and EQT. The team is being led by (pictured from left to right) Frank Gerhard, Lorenzo Togni and Margrit Marti, from capital markets and corporate/M&A. The rest of the team from the same areas are Micha Fankhauser, Estelle Piccard, Jasmin Künzle, Héloïse de Jamblinne, Lucas Forrer and Daniel Wenzinger. In addition, Andreas Müller and Anna Peter from the employment and executive compensation area, together with Jürg Frick, Stefan Bindschedler, Daniel Junginger and Sarah Fasel from financing and investment products, and finally Stefan Oesterhelt and Laetitia Fracheboud from tax, make up the rest of the Homburger team.
Niederer Kraft Frey advised a syndicate of 15 banks, led by Goldman Sachs, Morgan Stanley and UBS as joint global coordinators, in connection with the IPO. The NKF team is led by Corporate/Capital Markets partners Philippe Weber and Deirdre Ní Annracháin, working with partner Thomas Brönnimann, associate Thiago Claro Freixo and junior associate Carlotta Ulmer (all Corporate/Capital Markets), as well as partner Markus Kronauer (Tax).
