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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 &amp; 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&amp;A, Capital Markets) and included Estelle Piccard, Lucas Forrer, Jannis Zafeirakos and Jana Waldvogel (all Corporate / M&amp;A, Capital Markets), Micha Fankhauser (Financial Market Regulation) as well as Stefan Oesterhelt (Tax).

Homburger News: Idorsia

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Homburger advises Idorsia Ltd on a placement of 16.4 m shares through an accelerated bookbuilding process, raising gross proceeds of CHF 65.6 m

On October 10, 2025, SIX-listed Idorsia Ltd announced the launch of an accelerated bookbuilding offering, which led to the successful placement of 16.4 m shares at an offer price of CHF 4.00 per offered share, raising aggregate gross proceeds of approximately CHF 65.6 m.
The offering was conducted by way of (i) a placement to professional investors in Switzerland or in any other circumstances relying on an exemption from the obligation to publish a prospectus under the Swiss Financial Services Act, (ii) private placements in certain jurisdictions outside of Switzerland and the United States, and (iii) private placements within the United States to qualified institutional buyers in reliance on Rule 144A under the U.S. Securities Act.
Idorsia Ltd intends to use the net proceeds from the offering to accelerate QUVIVIQ’s commercial trajectory, to advance its pipeline, to strengthen its balance sheet, and for general corporate purposes.
J.P. Morgan and UBS are acting as Joint Bookrunners and Global Coordinators, and H.C. Wainwright &amp; Co. is acting as Lead Manager in connection with the offering.
The Homburger team was led by Frank Gerhard (Corporate / M&amp;A) and included Lorenzo Togni (Capital Markets), Estelle Piccard, Lucas Forrer, Anina Preusker and Jannis Zafeirakos (all Corporate / M&amp;A) as well as Stefan Oesterhelt (Tax).

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Homburger advised The SPAR Group Ltd on the sale of its Swiss retail and wholesale business to Tannenwald Holding AG

On September 8, 2025, The SPAR Group Ltd entered into an agreement to sell its entire shareholding in SPAR Holding AG including its Swiss business operations (SPAR Switzerland) to Tannenwald Holding AG. The sale has been completed with immediate effect. SPAR Switzerland operates approximately 358 stores and owns 11 cash &amp; carry outlets and one distribution centre in Switzerland, all under several formats including SPAR, SPAR Express, EUROSPAR, Maxi and TopCC.
The transaction reflects an equity value of CHF 46.5 m and includes potential earn-out payments of up to CHF 30 m due at the end of FY27 based on certain EBITDA milestones.
The Homburger team was led by Frank Gerhard and comprised Patrick Schmidt, Carlo Sulser, Florian Bruggisser, Jannis Zafeirakos and Leon Indov (all Corporate / M&amp;A), Richard Stäuber, Andreas Burger and Kristina Martinovic (all Competition), Stefan Oesterhelt, Reto Heuberger, Juliette Buob and Philippe Weber (all Tax), Stefan Bindschedler (Financing and Investment Products) as well as Luca Dal Molin and Noëmie Beck-Schär (both IP / IT) and Jeremy Reichlin (Employment).

Jannis
Zafeirakos

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

Homburger advises Idorsia Ltd on a placement of 16.4 m shares through an accelerated bookbuilding process, raising gross proceeds of CHF 65.6 m

Homburger advised The SPAR Group Ltd on the sale of its Swiss retail and wholesale business to Tannenwald Holding AG

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