Ropes & Gray is acting for Swiss skincare conglomerate Galderma in its $1.5bn acquisition of medical-grade skincare company ZO Skin Health, represented by Weil and Paul Weiss.
Weil and Paul Weiss are also guiding ZO's owner Blackstone on the deal, which will expand Galderma's presence in the US market and follows the company opening a US and Latin America headquarters in Miami in August.
Weil's team was led out of New York by private equity partner Jenna McBain. She also advised Blackstone when it bought ZO through its tactical opportunities fund in 2020 as part of a Weil team that included Chris Machera, the firm's former co-head of private equity, who decamped to Paul Weiss last month amid a wave of senior partner exits from the firm.
Galderma's acquisition of ZO comes as buyers hone in on physician-distributed skincare brands because of their steadier demand compared to over-the-counter products, Reuters reported. The company was founded by dermatologist Zein Obagi in 2007 and sells products including cleansers, serums and exfoliators.
Galderma was originally set up as a joint venture between Swiss consumer goods giant Nestlé and L’Oréal before the latter sold its 50% stake in 2014. L’Oréal bought back into the company two years ago with a 10% stake and last year called on Swiss firms Bär & Karrer, Niederer Kraft Frey and Homburger to increase that to 20%, as part of a strategy to tap into the booming market for injectable cosmetics like lip filler.
The value of global M&A reached $3.9trn in the first nine months of 2026 according to London Stock Exchange Group (LSEG) data, marking the strongest opening period for deal making since 2021. Paul Weiss, Ropes & Gray and Weil were among the top 25 legal advisors by deal value in that time, working on deals worth $393bn (6th), $219bn (15th) and $204bn (16th) respectively, with Kirkland & Ellis leading the ranking with deals worth just over $601bn.
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