The deal is expected to close in the fourth quarter of 2026 or early 2027. Galderma says it expects the acquisition to be neutral to core earnings per share in the first full year after closing. Galderma's shares dipped about 1.1% in early trading in Zurich.
For attorneys, the transaction is a cross-border acquisition of a US-based company by a Swiss issuer, with a closing window more than a year out, so regulatory review and financing terms will set the timeline. Watch for the formal filings and the closing conditions, along with any antitrust or foreign investment review. ZO's portfolio spans more than 40 products sold through over 16,500 physician, medical spa and online accounts in more than 40 countries, and its revenue was around $330 million in the 12 months to June. The deal is Galderma's largest since its 2024 stock market listing, and CEO Flemming Ornskov has said the US will likely become the majority of the company's sales, a signal of where its strategy is heading.