Homburger advises EQT on the sale of ca. 14.3% of Galderma’s share capital via an accelerated bookbuilding process exiting in full their investment

On March 10, 2026, 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 ca. 34 m shares in Galderma Group AG corresponding to ca. 14.3% of its share capital at a price of CHF 143.75 per share (the Placement), raising ca. CHF 4.9 bn in total.

Following the Placement, the Selling Shareholders have fully exited their investment in Galderma.

The Placement thus marks the conclusion of a journey that began with the Selling Shareholders’ acquisition of Galderma in 2019, followed by the Company’s landmark 2024 IPO on SIX Swiss Exchange and continued through a series of successful post IPO sell downs in 2024, 2025 and 2026. Thus, including the IPO, the seven sell-downs in the market by way of accelerated bookbuildings and the two transactions with L’Oréal, the Selling Shareholders have sold Galderma shares for a total amount of ca. CHF 19 bn. As communicated by Galderma on December 8, 2025 in the context of the increased equity investment from L’Oréal, the board members representing the consortium led by EQT will not stand for re-election at the 2026 Annual General Meeting.

The Placement is expected to be settled on March 13, 2026. Citigroup Global Markets Limited, Goldman Sachs International, Jefferies GmbH, J.P. Morgan Securities plc, 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 and included Estelle Piccard and Luca Yousef (all Corporate / M&A, Capital Markets).