Galderma to buy ZO Skin Health for $1.5 billion to strengthen dermatology portfolio

By Amanda May | Published: 14-Oct-2026

Galderma has signed an agreement to buy physician-dispensed brand ZO Skin Health to expand its dermatological skin care offering in ‘the fast-growing medical-grade skin care segment’. The deal could close as early as Q4 2026

Galderma is set to acquire ZO Skin Health for US$1.5bn to bolster its position in the medical-grade skin care segment.

ZO Skin Health will join Galderma’s portfolio, which spans injectable aesthetics, dermatological skin care and therapeutic dermatology, “strengthening” its offering in an area the company already has “significant opportunities” in.

Galderma’s deal to acquire 100% of ZO Skin Health is expected to close in the fourth quarter of 2026, or early 2027, subject to regulatory approvals and other customary closing conditions.

ZO Skin Health, a US-based physician-dispensed skin care brand built on clinical science, recorded net sales of approximately $330m in the past 12 months as of June 2026.

It is sold via a network of more than 16,500 physicians, medical spas and online accounts across more than 40 countries.

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“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 Galderma’s CEO Flemming Ørnskov.

“ZO Skin Health brings strong clinical credentials, a distinctive protocol-based approach, and a trusted position among dermatologists and plastic surgeons.

“We see significant opportunities to reignite its growth through investment in innovation and commercial reach.

“With our dermatological skin care and injectable aesthetic businesses, Galderma is strategically positioned to compete for, and win, the attractive growth opportunities in the fast-growing medical-grade skin care segment.”

Galderma’s acquisition of ZO Skin Health will be an all-cash transaction, subject to customary adjustments, funded via a combination of existing cash reserves and bank financing.

Lazard is acting as Lead Financial Advisor to Galderma, with JP Morgan acting as a Financial Advisor, and Ropes & Gray LLP acting as Legal Advisor.

Galderma plans to increase commercial investment during the first year of ownership to “strengthen the foundation for renewed growth beginning in the second year following closing”, read a company statement.

The Switzerland-based company said ZO Skin Health will join its flagship brands Cetaphil and Alastin in Galderma’s dermatological skin care portfolio, supporting its position as “a partner of choice” for dermatologists, plastic surgeons and aesthetic professionals.

ZO Skin Health was founded by dermatologist Dr Zein Obagi in 2007, delivering clinically-backed professional skin care for almost two decades.

The brand’s daily regimen-based portfolio, which is centred on retinol- and acid-based protocols, is said to be complementary to Alastin’s “highly differentiated peptide-based regenerative pre- and post-procedure offering”, read a Galderma company statement.

“Galderma is an organisation I have long admired for its complete dedication to dermatology and its partnership with health care professionals around the world,” said Obagi.

“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.

“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.”

The transaction is expected to be slightly dilutive to Galderma group’s core EBITDA margin in 2027, achieving a margin broadly comparable with the group’s average from 2028 onwards.