Puig to Take Full Ownership of ISDIN in €1.2 Billion Deal

On September 14, Spanish global beauty company Puig announced that it had entered into an agreement to acquire the remaining 50% stake in skincare brand ISDIN held by Corporación Químico-Farmacéutica Esteve (CQFE).

Upon completion of the transaction, Puig will increase its ownership in ISDIN from 50% to 100%, making the company a wholly owned subsidiary. The total consideration amounts to €1.2 billion, comprising a €900 million cash payment at closing and a fixed, non-interest-bearing deferred payment of €300 million, payable in the first quarter of 2029.

The transaction is expected to close in the first quarter of 2027, subject to the relevant competition approvals.

Summary

A 50-Year Partnership Bridging Science and Beauty

ISDIN was established through a partnership that brought together the Esteve family’s scientific expertise and the Puig family’s experience in beauty. Over the past five decades, the two families have supported the company’s development into an international dermatology and skincare business.

Known particularly for its photoprotection products, including sunscreens, ISDIN has built a distinctive position around scientific research and innovation. The move to full ownership represents a further step in Puig’s efforts to strengthen its presence in dermocosmetics and skincare—two areas the group has identified as strategic growth priorities.

Marc Puig, Executive Chairman of Puig, said: “ISDIN represents five decades of shared vision between the Puig and Esteve families. Together, we have helped build a company with a distinctive position at the intersection of science and beauty. We are grateful to the Esteve family for its decisive contribution and for the trust that has characterised our partnership. Puig will approach this next chapter with a long-term commitment to ISDIN, its people, its scientific culture and its continued development.”

Dermocosmetics as a Strategic Growth Area

Jose Manuel Albesa, CEO of Puig, described the expansion of the company’s dermocosmetics business as a strategic priority.

“Expanding our presence in dermocosmetics is a strategic priority for Puig. ISDIN is a unique company, with a strong management team, a clear strategy and a distinctive position in dermatology and skincare. Full ownership will give Puig the best platform to support its next phase of growth, deepen our presence in dermocosmetics and continue investing behind the science, innovation and brand strength that have made ISDIN successful. This is fully aligned with our long-term ambition to build a stronger presence in skincare and create value for all our stakeholders.”

In recent years, Puig has expanded its skincare portfolio through brands including Uriage, Apivita, Dr. Barbara Sturm and Kama Ayurveda. Taking full ownership of ISDIN will further broaden a business historically built around fragrance and fashion while strengthening the group’s position in science-led skincare.

Esteve to Focus on Its Pharmaceutical and CDMO Businesses

Albert Esteve, Chairman of the Board of CQFE, said: “ISDIN is the result of an exceptional partnership between two families that shared an ambition to improve skin health through science and innovation. We are proud of everything that has been built together over 50 years. This agreement has been reached with full confidence in ISDIN’s future under Puig’s leadership and in CQFE’s commitment to preserve and develop its pharmaceutical and CDMO industrial legacy.”

Juan Naya, CEO of ISDIN, also emphasized that the company’s focus on science and innovation would remain unchanged.

“The partnership between the Esteve and Puig families created the foundations on which ISDIN has grown. This new chapter provides ISDIN with a strong platform for the future. Our focus remains unchanged: advancing science and innovation, serving healthcare professionals and consumers, and supporting the talented teams and partners who have made ISDIN’s success possible.”

Until the transaction is completed, ISDIN will continue to operate in the ordinary course of business under its existing governance arrangements.

Puig will finance the acquisition through a combination of its own resources and financial debt. Following completion, the company expects its Net Debt to Adjusted EBITDA ratio to remain below 2.0x.

As Puig positions skincare alongside fragrance, makeup and fashion as a central pillar of future growth, its five-decade partnership with ISDIN is entering a new phase—this time under full ownership.

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