Galderma Group AG (GALD.SW,GDERF), a Swiss-based, pure-play dermatology company, on Thursday on Wednesday agreed to repurchase 1.6 million shares.
The share repurchase is expected to settle on March 13 and will be financed using the company's existing liquidity.
The shares are being repurchased for a total of about CHF 232 million in the context of an accelerated bookbuild offering of Galderma shares by Sunshine SwissCo GmbH, Abu Dhabi Investment Authority and Auba Investment Pte. Ltd.
The company will buy the shares at CHF 143.75 apiece, the same price determined in the bookbuilding offering.
Following the transaction, the selling shareholders have fully divested their remaining stake in the company.
Following the closing of the accelerated bookbuild offering, the free float of Galderma's shares is expected to increase to about 80% from 65%.
Galderma Group AG closed trading 0.83% lesser at CHF 154.60 on the Swiss Stock Exchange.
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