ZO SKIN HEALTH acquired by GALDERMA

Galderma signed an agreement on 14 October 2026 to acquire ZO Skin Health, the Irvine-based physician-dispensed skincare company, from its shareholders, among them funds managed by Blackstone Tactical Opportunities and the Obagi family, at an enterprise value of $1.5bn. The purchase covered the entire share capital in cash, subject to customary adjustments, on net sales of $250–500M and an EV/revenue multiple of 2x–6x. Blackstone had taken a majority stake in 2020, when the brand was expected to generate around 140 million dollars of annual sales, and sold alongside the founding family. ZO Skin Health joined Galderma’s dermatological skincare portfolio alongside Cetaphil and Alastin, whose peptide-based products are used before and after aesthetic procedures, while ZO’s retinol and acid regimens address daily skin care. Galderma planned to increase commercial investment during its first year of ownership, with renewed growth expected from the second. It funded the purchase with existing cash and bank financing, and expected to close in the fourth quarter of 2026 or early 2027, subject to regulatory approvals. Lazard acted as lead financial adviser to Galderma, with J.P. Morgan alongside and Ropes & Gray as legal counsel. Raymond James led the advisory for ZO Skin Health and Blackstone, with Citi as financial adviser and Weil, Gotshal & Manges and Paul, Weiss as legal counsel.