Galderma agrees $1.5 billion deal for ZO Skin Health

Swiss dermatology group Galderma has agreed to buy medical-grade skincare company ZO Skin Health from Blackstone for around $1.5 billion, according to two people familiar with the matter cited by Reuters, in a deal that could be announced in the coming days.

Why it matters: The deal would deepen Galderma's push into physician-distributed skincare in the US market and give Blackstone an exit from a business it bought in 2020, though neither company has confirmed the agreement.

Data as of Tuesday, October 13, 2026, evening. Single report: Reuters, opened and read in full via a republication, citing two unnamed people familiar with the matter; Galderma and ZO Skin Health did not respond to requests for comment and Blackstone declined to comment, so the agreement is unconfirmed by any party, hence grade C. Developing item, 2 to 3 sentences by design.

Galderma, the Swiss skincare group behind Cetaphil and Dysport, in which L’Oreal holds a 20 percent stake, has agreed to acquire ZO Skin Health for around $1.5 billion, Reuters reported, citing two people familiar with the matter who said an announcement could come in the coming days. ZO, founded by dermatologist Zein Obagi in 2007 and sold through physicians and skincare professionals, has been owned by Blackstone’s tactical opportunities fund since 2020, and Reuters reported last month that Blackstone was exploring a sale with Citigroup and Raymond James advising.

Neither Galderma nor ZO responded to requests for comment outside regular business hours, and Blackstone declined to comment, so the terms remain unconfirmed until an announcement is made.

Galderma agrees $1.5 billion deal for ZO Skin Health

Sources