Shares in Galderma jump on market debut

Shares in Switzerland’s Galderma jumped on Friday, as trading got underway in the dermatology specialist.

The firm, which owns sensitive skin brand Cetaphil, among others, had announced a price range of between 49 to 53 Swiss francs (£43 to £47).

Trading opened on the SIX Swiss Exchange at SFr61, however, and continued to rise, hitting a high of SFr62.68 by mid-morning, valuing the business at SFr14.9bn.

Last year, Galderma - one of the world’s largest dermatology companies - saw sales jump nearly 9%, excluding currency fluctuations, to a record $4.1bn. Core operating profits rose 21% to $942m.

Its specialist products range from acne treatments to wrinkle fillers.

Originally a joint venture between Nestle and L’Oréal, a consortium led by Swedish private equity firm EQT acquired the Zug-based business in 2019 in a $10bn deal.

EQT has sold down a proportion of its stake as part of the initial public offering, although it intends to remain a "significant" investor.