Blackstone sells ZO Skin Health to Galderma for 1.5 billion dollars

Blackstone has agreed to sell ZO Skin Health, the physician dispensed skincare brand, to Switzerland's Galderma for an enterprise value of 1.5 billion dollars in an all cash deal, on a business with about 330 million dollars of revenue.

Why it matters: At roughly four and a half times revenue, the exit is the week's cleanest private equity data point: corporate buyers, not sponsors or IPOs, are paying full prices for branded healthcare assets, and Galderma is consolidating medical skincare.

Data as of Agreement announced October 14, 2026 (Galderma press release, carried by swissinfo and trade press; PE Hub on the Blackstone sale). Enterprise value basis as announced.

Galderma has agreed to acquire ZO Skin Health from Blackstone for an enterprise value of 1.5 billion dollars in cash, the Swiss dermatology group announced. ZO, founded on the Obagi skincare lineage, sells through physicians rather than retail shelves, and carries revenue of about 330 million dollars, which prices the deal at roughly four and a half times sales.

The exit route is the information. Private equity’s problem this cycle has been exits, and the buyers showing up with full prices are strategics rebuilding growth portfolios: Galderma, itself a former private equity asset now listed in Switzerland, is using its currency and its dermatology salesforce to consolidate the medical skincare category its injectables business already serves.

For Blackstone, the sale converts a consumer health holding into cash at a premium multiple without testing an IPO market that, as today’s life sciences edition shows, is open but selective. Bloomberg’s read of the week made the general point: sponsors are finding their exits through corporate buyers willing to pay for growth they cannot build.

Blackstone sells ZO Skin Health to Galderma for 1.5 billion dollars

Sources