Waldencast acquires injectable gel line Saypha through Novaestiq deal

AUSTRIA – Waldencast plc has expanded its Obagi Medical brand by acquiring Novaestiq Corp., a company specializing in aesthetic and medical dermatological innovations. 

This strategic acquisition includes the U.S. rights to the Saypha line of injectable hyaluronic acid (HA) gels, specifically Saypha ChIQ and Saypha MagIQ, which are currently undergoing FDA approval and will be launched under the Obagi Medical brand in the U.S. market.

This move expands Obagi Medical’s product portfolio beyond its established roots in medical-grade skincare into the fast-growing U.S. dermal filler market, projected to reach USD 2 billion by 2029. 

The acquisition is designed to serve both skincare professionals and patients seeking integrated skincare and aesthetic solutions, positioning Obagi Medical as a unique dermatological brand offering both treatments under one trusted name.

Waldencast co-founder and CEO Michel Brousset highlighted that adding Saypha injectable products complements Obagi Medical’s dermatological science foundation, creating a comprehensive offering that enhances patient outcomes by combining excellent skincare with expert injectable treatments.

This integration aims to deliver personalized, high-quality, and safe aesthetic care, supporting natural-looking and enduring results.

The transaction involves cash payment, ongoing royalties on Saypha product sales, and contingent issuance of Waldencast Class A shares tied to FDA approval and revenue milestones, reflecting a long-term commercial commitment. 

This acquisition aligns with Waldencast’s broader strategy to build a multi-brand beauty and wellness platform through innovation, acquisition, and scaling of high-growth, purpose-driven brands.

By entering the injectable dermal filler space, Obagi Medical is set to nearly double its addressable market in the U.S. and solidify its goal to become the world’s leading dermatological mega brand. 

The inclusion of the Saypha line also provides access to a future pipeline of novel injectables, ensuring ongoing innovation and growth in North America.

Waldencast Q4 FY24 financial highlights

Waldencast, an American beauty and wellness multi-brand, reported a strong performance, recording a gross profit of USD 49.4 million for the fourth quarter, which ended December 31, 2024.

The company also reported an adjusted gross profit of USD 52.6 million, accounting for 73.0% of net revenue. 

Net revenue rose 30.8% to USD 72.1 million, with a 29.4% rise in comparable net revenue. 

Adjusted EBITDA surged to USD 11.2 million, doubling from the previous year and accounting for 15.5% of net revenue. 

Gross profit for the year was USD 191.7 million.

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