Waldencast Acquires Novaestiq Corp. for Obagi Medical's Injectable Portfolio

Gore Range Capital announced the sale of Novaestiq Corp. to Waldencast, strengthening Obagi Medical's product portfolio with proven, scientifically-backed injectable hyaluronic acid gels. The acquisition marks a major milestone for Gore Range Capital and underscores growing demand for high-quality skin health solutions. Saypha injectables, currently undergoing FDA approval, are set to redefine the aesthetic skincare experience.

Gore Range Capital (GRC) has announced the sale of Novaestiq Corp. to Waldencast, marking a significant milestone in the growth of Obagi Medical's product portfolio. The acquisition strengthens Obagi Medical's offerings with proven, scientifically-backed injectable hyaluronic acid gels, namely Saypha® ChIQ™ and Saypha® MagIQ™. This transaction underscores the growing demand for high-quality skin health solutions and positions Obagi Medical at the forefront of the aesthetic skincare market [1].

The acquisition is part of Waldencast's strategy to expand its product offerings beyond medical-grade skincare into the growing U.S. dermal filler market. Waldencast's move effectively doubles Obagi Medical's addressable market from $2.2 billion to $4.2 billion by 2029, as the U.S. dermal filler market is projected to reach $2 billion in the same period [2].

Saypha® injectables are currently undergoing the FDA approval process. The proprietary technology behind Saypha® delivers advanced hyaluronic acid treatments through a stable 3D matrix, designed to provide natural-looking results with optimally balanced gel characteristics. The technology has been clinically proven to lead in multiple performance categories, including high HA content at injection, ideal gel distribution, and consistent injection force and behavior [1].

The acquisition terms include a combination of upfront cash, ongoing royalties in perpetuity based on net sales, and the contingent issuance of Waldencast class A shares, contingent on the achievement of certain milestones, including the receipt of FDA approval and sales of the Saypha® fillers. The deal structure reveals careful risk management, protecting Waldencast while offering significant upside if Saypha® performs well [2].

For Obagi Medical, already the fastest-growing U.S. professional skincare brand in its category, this acquisition supports its three-pronged growth strategy: anchoring in dermatological science, introducing innovations, and expanding global reach. The transaction positions Obagi to capture value across the entire patient journey from skincare to aesthetic procedures, potentially increasing customer lifetime value and strengthening professional relationships [2].

References:

[1] https://www.nasdaq.com/press-release/gore-range-capital-announces-sale-novaestiq-corp-waldencast-2025-07-23
[2] https://www.stocktitan.net/news/WALD/waldencast-acquires-novaestiq-corp-and-u-s-rights-to-leading-lkfwrbj9f0iz.html