Industry News: Galderma Will Go It Alone
Dr. Flemming Ornskov is the new CEO and Thomas Dittrich is CFO.
It’s official. Galderma is going it alone after completion of CHF 10.2 billion acquisition of Nestlé Skin Health, first announced in May 2019.
The acquisition, led by a consortium comprising the EQT VIII fund (“EQT”), Luxinva (a wholly-owned subsidiary of Abu Dhabi Investment Authority, “ADIA”), PSP Investments and other investors, was completed following exclusive negotiations with Galderma’s previous owner, Nestlé S.A. (“Nestlé”).
Founded in 1981 and operated as a wholly owned subsidiary of Nestlé since 2014, Galderma offers a range of medical and consumer skin health solutions through three business units: Aesthetics, Prescription and Consumer Care, with combined revenues of CHF $2.8 billion and approximately 5,000 employees worldwide.
Going forward, Galderma will continue to increase presence in the US and China, launch new products and focus on international expansion. The company will keep its headquarters in Switzerland.
The Company’s Management Team and Board includes:
Dr. Flemming Ornskov, MD, MPH
Dr. Ornskov assumes the position as CEO from Stuart Raetzman, who after having led Galderma and prepared the Company for its separation from Nestlé, now joins the Company’s Board. He previously led the transformation of biopharmaceutical company Shire to become the global leader in rare diseases. “The management and team at Nestlé Skin Health have done an excellent job creating a high-growth, leading dermatology business. I believe that Galderma, as a newly focused pureplay dermatology business, has outstanding prospects built on its existing quality portfolio, team and rich pipeline of innovation. I look forward to working with the talented Galderma team to further build on its success to date,” Dr. Ornskov says in a news release.
Thomas Dittrich
Dittrich joins Galderma as CFO, after co-leading Shire’s strong growth and cash flow generation as CFO. The Company’s Board will also include Thomas Ebeling, former CEO of Novartis Pharma, Novartis Consumer Health and ProSiebenSat1Media AG, j as Chairman, and Sheri McCoy, former CEO of Avon Products and former Vice Chairman of Johnson & Johnson as a Director.