EQT and its co-investors have completed a record-breaking secondary share sale of Galderma, raising approximately 5.5 billion dollars through the disposal of 34 million shares representing 14.3% of the Swiss skincare company. The transaction, valued at 4.89 billion Swiss francs, marks the largest overnight share sale ever executed in Switzerland and the biggest secondary offering of a listed European company in over a decade.

The sale represents the final step in EQT's exit strategy following Galderma's March 2024 IPO. Since going public, the private equity firm has systematically reduced its holdings as the company's stock price nearly tripled from its initial offering price. The investor group, which includes Abu Dhabi Investment Authority and Auba Investment, fully exited their remaining position in this transaction.

Following the placement, Galderma shares fell as much as 2.9% but remained above the sale price of €143.75. The deal size was expanded overnight to encompass the entire remaining stake, making it nearly twice as large as any previous share placement by the same group. Major banks including Citigroup, Goldman Sachs, and JPMorgan arranged the offering, which coincided with Galderma's stock repurchase of approximately $300 million.