Galderma has signed an agreement to acquire physician-dispensed skincare brand ZO Skin Health for $1.5 billion, expanding its dermatological skincare portfolio and reinforcing its offering for dermatologists, plastic surgeons and aesthetic practitioners.
The acquisition will see the Swiss pharmaceutical company acquire 100% of the US-based skincare brand from its shareholders, including funds managed by Blackstone Tactical Opportunities and the Obagi family.
Founded by dermatologist Dr Zein Obagi, ZO Skin Health specialises in science-led skincare and protocol-based daily regimens.
ZO's portfolio comprises more than 40 products, sold through a network of over 16,500 physician, medical spa and online accounts across more than 40 countries.
The brand generated approximately $330 million in net sales in the 12 months to June 2026.
The acquisition will expand Galderma’s Dermatological Skincare division, which already includes Cetaphil and Alastin, and strengthen its offering to dermatologists, plastic surgeons and aesthetic professionals.
Galderma plans to increase commercial investment in ZO Skin Health during the first year of ownership, with renewed growth targeted from the second year onwards.
“This acquisition is another important step towards building the world's most innovative dermatology portfolio, strengthening our offering in an area where we already have significant capabilities.
“We see significant opportunities to reignite its growth through investment in innovation and commercial reach.
"Galderma is strategically positioned to compete for and win the attractive growth opportunities in the fast-growing medical-grade skincare segment,” said Galderma CEO Flemming Ørnskov.
The acquisition is expected to close in the fourth quarter of 2026 or early 2027, subject to regulatory approvals and other customary closing conditions.
“Galderma is an organisation I have long admired for its complete dedication to dermatology and its partnership with healthcare professionals around the world.
"I am confident we have found a home where our philosophy will endure and grow for the benefit of dermatologists, plastic surgeons, aestheticians and the patients we serve,” shared founder and medical director of ZO Skin Health Dr. Zein Obagi.
