Galderma Pays US$1.5bn for ZO Skin Health in a Bet on Doctor-Channel Skincare

**Source:** Qingyan (青眼) · **Date:** 2026-10-16 · **Category:** M&A / Skin science *原文：100亿！丝塔芙母公司收购下一个"修丽可"* Galderma, the Swiss skin-health group behind Cetaphil, confirmed a deal to buy professional skincare brand ZO Skin Health for about US$1.5bn (roughly ¥10bn), with closing expected this quarter or in early 2027. ZO will sit alongside Cetaphil and Alastin, completing a ladder that runs from daily care to in-clinic regimens. ZO was founded in 2007 by dermatologist Zein Obagi, who had earlier built Obagi and its Nu-Derm system. It sells through physicians, clinics and medi-spas rather than mass retail: more than 40 SKUs priced at US$100-300, distribution in 40-plus countries and 16,500 doctors, clinics and online resellers, and net sales of about US$330m (≈¥2.22bn) in the twelve months to June 2026. Blackstone took a majority stake in 2020. Galderma argues ZO complements Alastin, which handles post-procedure repair, because ZO works on pre-procedure conditioning and full regimens. In China, ZO already moves on Tmall Global and Xiaohongshu at ¥200-800 a unit, largely through non-official sellers. Detail --- Galderma ZO Skin Health ~US$1.5bn (≈¥10bn) ~US$330m (≈¥2.22bn) 40+ count

Related