Capital Markets

Corporate / M&A

Financial Market Regulation

Homburger News

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).

Homburger advises EQT on the sale of 7.1% of Galderma’s share capital via an accelerated bookbuilding process

On July 28, 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 17 m shares in Galderma Group AG at a price of CHF 123 per share (the Placement), raising a total of CHF 2,091 m.
The Sellers will remain shareholders of 33.0% 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 July 31, 2025. BNP PARIBAS, Citigroup, Goldman Sachs International, Jefferies GmbH, Morgan Stanley &amp; Co. International plc and UBS 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, Héloïse de Jamblinne and Lucas Forrer (all Corporate / M&amp;A, Capital Markets), Micha Fankhauser (Financial Market Regulation) as well as Stefan Oesterhelt (Tax).

Lucas
Forrer

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 advises EQT on the sale of 7.1% of Galderma’s share capital via an accelerated bookbuilding process

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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 advises EQT on the sale of 7.1% of Galderma’s share capital via an accelerated bookbuilding process

Kommentierung zu Art. 734f OR

Wirkung des Revisionsbefundes auf die Haftung des Verwaltungsrates aus aktienrechtlicher Verantwortlichkeit

Die Fairness Opinion im Übernahmerecht

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Lucas Forrer

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Lucas
Forrer