Homburger advises EQT on the sale of ca. 8.4% of Galderma’s share capital via an accelerated bookbuilding process

On October 27, 2025, a consortium led by EQT, consisting of Sunshine SwissCo GmbH, the Abu Dhabi Investment Authority (ADIA) and Auba Investment Pte. Ltd. (all acting as the Sellers), announced the launch of an accelerated bookbuilding process to professional investors in Switzerland and to qualified investors outside Switzerland, which led to the successful placement of 20 m shares in Galderma Group AG at a price of CHF 130 per share (the Placement), raising ca. CHF 2.6 bn  in total.

The Sellers will remain shareholders of ca. 24.6% of the share capital of Galderma. EQT’s representation on the board of directors of Galderma remains unchanged as a result of the Placement. In connection therewith, the Sellers have agreed to a 90-day lock-up period, subject to certain customary exceptions, with respect to their remaining holding in Galderma.

The Placement is expected to be settled on October 30, 2025. Citigroup Global Markets Limited, Goldman Sachs International, Jefferies GmbH, Merrill Lynch International, Morgan Stanley & Co. International plc and UBS AG are acting as Joint Global Coordinators and Joint Bookrunners in the Placement.

Homburger acted as transaction counsel to EQT.

The Homburger team was led by Frank Gerhard and Margrit Marti (Corporate / M&A, Capital Markets) and included Estelle Piccard, Lucas Forrer, Jannis Zafeirakos and Jana Waldvogel (all Corporate / M&A, Capital Markets), Micha Fankhauser (Financial Market Regulation) as well as Stefan Oesterhelt (Tax).