EQT completes final sell-down in Galderma

EQT Corp. has completed the final phase of its strategic divestiture of Galderma, selling its remaining 19.9% stake in the dermatology-focused pharmaceutical company to a consortium led by KKR and the Public Investment Fund (PIF) for approximately $4.8 billion. This transaction marks EQT's full exit from its 2002 investment in Galderma, which it initially acquired for $2.1 billion according to historical records. The sale follows a series of prior partial divestments, including a 2019 secondary offering that raised $2.3 billion as reported.

The final sell-down underscores Galderma's sustained growth, with the company reporting annual revenues of $6.2 billion in 2025, driven by demand for its skincare and aesthetic medicine portfolios. EQT's total proceeds from its Galderma investment now exceed $9 billion, reflecting a strong return over two decades. The transaction was approved by EQT's board of directors and is consistent with the firm's strategy to realize long-term investments as stated in the press release.

Galderma, listed on the Swiss Stock Exchange (GALD. SW), maintains a market capitalization of approximately $25 billion as of March 2026. EQT did not disclose specific details on the use of proceeds from the sale. The transaction also highlights continued investor interest in the healthcare sector, particularly in specialized pharmaceutical assets with strong recurring revenue streams.

[引用越界:1]: EQT's March 12, 2026, press release.
[引用越界:2]: Galderma's 2025 annual financial report and EQT's historical investment disclosures.