Nestlé Skin Health, which will be rebranded as Galderma, was put up for sale in September 2018 as the group choose to offload its under-performing businesses.
Reuters reported the FMCG giant’s shares soared to 0.8 per cent at 1315 GMT, after hitting an all-time high earlier in the session after the latest deal announcement.
“EQT focuses on quality businesses. We have a lot of good ideas how to develop Nestle Skin Health into a pearl and then make our return,” EQT partner and co-head of private equity Marcus Brennecke told Reuters.
“We will strengthen Galderma’s board with relevant industrial expertise to develop each of the three business units to their full potential. A couple of prescription drugs are theoretical blockbusters with large business opportunities.”
Nestlé Skin Health carries Cetaphil and Proactiv skin care products, Restylane wrinkle fillers and prescription dermatology medicines. The company created the unit in 2014 after investing in L’Oreal’s as part of its Galderma joint venture.