The advisors on Galderma’s accelerated bookbuilding process
Niederer Kraft Frey (NKF) represented the banking syndicate and Homburger advised consortium leader EQT on the sale of 8.0% of Galderma’s share capital via an accelerated bookbuilding process.
The operation
On May 27, 2025, a consortium led by EQT and including sellers Sunshine SwissCo GmbH, the Abu Dhabi Investment Authority (ADIA) and Auba Investment, initiated an accelerated bookbuilding process to professional investors in Switzerland and to qualified investors outside Switzerland. The operation led to the successful placement of 19,031,811 shares in Galderma), going at a price of CHF 97.75 per share and raising a total of ca. CHF 1,860 m.
The placement is planned to settle on June 2, 2025, and will entail no changes to the Galderma board of directors and its governance.
The NKF team
Capital markets partner Deirdre Ni Annrachain (pictured above) led the NKF team on the matter, working alongside junior associate Nina Lötscher (capital markets).
The Homburger team
Homburger acted as transaction counsel to EQT.
Frank Gerhard (corporate / M&A, capital markets, pictured) led the firm’s team on the matter, working alongside Margrit Marti, Estelle Piccard, Héloïse de Jamblinne and Lucas Forrer (all corporate/M&A, capital markets), Micha Fankhauser (financial market regulation) as well as Stefan Oesterhelt (tax).
