Galderma signs agreement to acquire ZO Skin Health

Galderma has agreed to acquire professional skincare brand ZO Skin Health for $1.5 billion, in a deal that highlights the growing importance of clinically backed, practitioner-dispensed skincare within the global beauty and aesthetics industry.

The Swiss dermatology group has announced that it had signed an agreement to acquire 100% of ZO Skin Health from shareholders including investment firm Blackstone and the Obagi family. The all-cash transaction, which remains subject to regulatory approval, is expected to complete in the fourth quarter of 2026 or early 2027.

The acquisition brings together two established names in professional skincare, ZO Skin Health and Galderma’s Alastin Skincare, strengthening the company’s position in a market increasingly shaped by the relationship between aesthetic treatments and at-home skincare.

It also represents a significant investment in the physician-dispensed skincare category, where products are recommended and supplied through dermatologists, plastic surgeons, aesthetic practitioners and medical spas rather than relying primarily on traditional beauty retail.

Founded by dermatologist Dr Zein Obagi in 2007, California-based ZO Skin Health has built its business around clinically informed skincare protocols, combining active ingredients with structured daily routines designed to address different skin concerns.

The company offers more than 40 products, including retinol-based treatments, exfoliating formulations, cleansers and serums. Its products are distributed through more than 16,500 physician, medical spa and online accounts across over 40 countries.

ZO Skin Health generated approximately $330 million in net sales during the 12 months ending June 2026, placing the acquisition value at approximately 4.5 times annual revenue.

Blackstone acquired a majority stake in the business in 2020 and has overseen a period during which ZO Skin Health more than doubled its revenue.

The sale represents another major transaction involving a professional skincare company whose commercial model is closely connected to medical aesthetics.

For Galderma, the acquisition is intended to expand its dermatological skincare portfolio and strengthen its relationships with healthcare professionals.

The company already operates across injectable aesthetics, therapeutic dermatology and skincare, with brands including Restylane, Dysport, Sculptra, Cetaphil and Alastin Skincare.

ZO Skin Health will complement Alastin, which specialises in regenerative skincare and products designed to support the skin before and after aesthetic procedures.

While Alastin’s portfolio is primarily focused on peptide-based formulations and peri-procedure care, ZO Skin Health has established a position in daily skincare programmes built around active ingredients, including retinoids and exfoliating acids.

The combination gives Galderma a broader offering spanning professional aesthetic procedures, treatment preparation, recovery and ongoing skincare maintenance.

Flemming Ørnskov, Chief Executive Officer of Galderma, said the acquisition would strengthen the company’s dermatology portfolio and create opportunities to accelerate ZO Skin Health’s development.

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

Galderma plans to increase commercial investment in ZO Skin Health during its first year of ownership, with the aim of supporting renewed growth from the second year onwards.