Blackstone to sell ZO Skin Health to Galderma for $1.5 billion enterprise value

Galderma acquisition of ZO Skin Health

Galderma Group AG agreed to buy ZO Skin Health Inc. for an enterprise value of $1.5 billion in an all-cash deal that expands the Swiss dermatology company's physician-dispensed skincare portfolio in the United States. California-based ZO is being sold to Galderma by shareholders including Blackstone Inc. and the founding Obagi family, according to a statement reported Wednesday by Bloomberg Law. Galderma, in which L'Oréal SA holds a 20% stake, is pushing into the fast-growing medical-grade skincare segment and established a U.S. and Latin American headquarters in Miami.

Sellers and prior ownership

Blackstone bought a majority stake in ZO in 2020 through its tactical opportunities fund for an undisclosed sum. The transaction announced Wednesday marks the exit of that majority position, alongside the founding Obagi family, in a single all-cash sale to Galderma. The original Bloomberg report identifies Blackstone and the Obagi family as the selling shareholders; the announcement does not break out the proceeds each party will receive.

Deal structure and pending conditions

The transaction is described as an all-cash deal valued at $1.5 billion on an enterprise value basis. The reporting does not disclose a separate equity-value figure, expected closing date, financing conditions, or required regulatory clearances, and those details remained pending in the source set. The $1.5 billion figure is the agreed enterprise value, not an annualized revenue floor or completed cash receipt pending closing.

Market positioning

Galderma is positioning the deal as an extension of its physician-dispensed skincare line in the United States and Latin America, the regions served from its Miami headquarters. ZO Skin Health is a California-based skincare company founded by Dr. Zein Obagi. The reporting frames the transaction as part of Galderma's move into the medical-grade skincare segment rather than a change in its consumer or prescription lines.

Follow-up signals

The next verifiable milestone is the close of the announced transaction, which remains subject to customary conditions and was not described as completed in the Oct. 14 announcement.