Ad hoc announcement pursuant to Art. 53 LR
ZUG, Switzerland--(BUSINESS WIRE)--Galderma (SIX: GALD), the pure-play dermatology category leader, today announced that it has agreed to repurchase 2.38 million shares at a price of CHF 97.75 per share for a total consideration of CHF 232.5 million in the context of the accelerated bookbuild offering (“ABO”) of Galderma shares by Sunshine SwissCo GmbH (“EQT”), Abu Dhabi Investment Authority and Auba Investment Pte. Ltd. launched yesterday evening. The repurchase was made at the same price per share determined by the bookbuilding offering.
The repurchase, which is expected to settle on June 2, is being financed by Galderma’s existing liquidity on hand and will not affect the company’s ability to deliver on its strategic and financing priorities.
The shares will be held in treasury for future use in connection with Galderma's employee participation plans, business development opportunities and/or treasury management.
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“The repurchase of shares announced today is a testament to the confidence of the Executive Committee and the Board of Directors in the performance fundamentals and the attractive shareholder value creation outlook of Galderma. The participation in the offering reflects our continued focus on disciplined capital allocation, commitment to attractive shareholder returns and our confidence in Galderma’s strong cash generation and investment grade balance sheet.”
FLEMMING ØRNSKOV, M.D., MPH CHIEF EXECUTIVE OFFICER GALDERMA
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