Galderma to acquire ZO Skin Health for $1.5 billion

Swiss skincare conglomerate Galderma has signed an agreement to acquire ZO Skin Health, a leading physician-dispensed skincare brand, for an enterprise value of approximately $1.5 billion. The acquisition includes 100% of ZO Skin Health from its shareholders, which include the Obagi family and funds managed by Blackstone Tactical Opportunities.

Headquartered in Irvine, California, ZO Skin Health specializes in clinically-backed, protocol-based daily care. The brand maintains a portfolio of over 40 products and is distributed through a network of more than 16,500 physician, medical spa, and online accounts across more than 40 countries. In the last twelve months leading up to June 2026, ZO Skin Health recorded net sales of approximately $330 million.

The deal is expected to be Core EPS neutral in the first full year following its closing. For Galderma, which also owns brands such as Cetaphil and Alastin Skincare, the move is intended to strengthen its presence in the fast-growing physician-dispensed skincare segment and expand its footprint in the US market.