Galderma has signed an agreement to acquire physician-dispensed skincare brand ZO Skin Health for an enterprise value of 1.5 billion USD. The transaction is expected to close in the fourth quarter of 2026 or early 2027, subject to regulatory approvals.

Founded by dermatologist Dr Zein Obagi and headquartered in Irvine, California, ZO Skin Health has operated for more than two decades. Its portfolio of over 40 products, manufactured in the USA, is sold through more than 16,500 physician, medical spa, and online accounts across more than 40 countries. The brand recorded net sales of approximately 330 million USD in the twelve months to June 2026.

The acquisition enhances Galderma's Dermatological Skincare portfolio, which includes Cetaphil and Alastin. ZO Skin Health's retinol- and acid-based daily regimens complement Alastin's peptide-based regenerative pre- and post-procedure offering.

Galderma will acquire 100% of ZO Skin Health from its shareholders, including funds managed by Blackstone Tactical Opportunities and the Obagi family, in an all-cash transaction funded through existing cash reserves and bank financing. The transaction is expected to be Core EPS neutral in the first full year following closing.

"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," said Flemming Ørnskov, Chief Executive Officer at Galderma.

"Galderma is an organisation I have long admired for its complete dedication to dermatology and its partnership with healthcare professionals around the world," said Zein. "ZO Skin Health has been my life's work, and I could not be prouder to see it join a company that shares our commitment to science and the providers who trust us every day."