Galderma to Acquire ZO Skin Health for $1.5 Billion
Galderma has signed an agreement to acquire ZO Skin Health for an enterprise value of $1.5 billion, expanding its physician-dispensed skin care portfolio and adding a brand with a significant presence in medical spas. The all-cash transaction is for 100% of ZO Skin Health and is subject to regulatory approvals and other customary closing conditions.
ZO Skin Health was founded by dermatologist Zein Obagi, MD, and is headquartered in Irvine, California. Its portfolio includes more than 40 products sold through more than 16,500 physician, medical spa and online accounts across more than 40 countries. The company recorded approximately $330 million in net sales during the 12 months ending June 2026.
The acquisition will add ZO Skin Health to Galderma’s dermatological skin care portfolio, which includes Cetaphil and Alastin. ZO Skin Health’s portfolio centers on daily, regimen-based skin care, including retinol- and acid-based protocols, while Alastin’s portfolio includes peptide-based regenerative skin care for pre- and post-procedure use.
Galderma will purchase ZO Skin Health from its shareholders, including funds managed by Blackstone Tactical Opportunities and the Obagi family.
The transaction is expected to close in the fourth quarter of 2026 or early 2027.
