Puig acquires full ownership of ISDIN in USD 1.4B deal
The deal reinforces Puig’s shift towards skincare and science-backed beauty categories at a time when dermocosmetics is becoming increasingly important to multinational beauty groups.
SPAIN – Puig has agreed to acquire Corporación Químico-Farmacéutica Esteve’s (CQFE) 50% stake in Spanish dermocosmetics company ISDIN, giving the beauty and fashion group full ownership.
The transaction values the remaining stake at €1.2 billion (USD 1.384 billion) and is expected to close by the end of the first quarter of 2027, subject to the relevant competition and regulatory approvals.
Puig will pay €900 million (USD 1.038 billion) in cash at closing, followed by a fixed, interest-free deferred payment of €300 million (USD 346 million) in the first quarter of 2029.
The acquisition ends a 50-year joint ownership structure between the Puig and Esteve families.
Juan Naya, CEO of ISDIN, said: “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.”
The families established ISDIN in the 1970s by combining Esteve’s science and pharmaceutical expertise with Puig’s experience in beauty and consumer branding. Over the following five decades, the company developed into an international dermatology and skincare player, recognised for science-led product development and innovation.
With ISDIN now set to become a wholly owned subsidiary, Puig gains greater control over a dermatology-led brand with an established presence in sun care, facial skincare and prescription-adjacent consumer health categories, while positioning the group to capture further growth in clinically oriented skincare.
ISDIN offers a wide portfolio of dermatology-driven products, primarily focused on sun protection, anti-aging skincare, hydration, and specialized treatments for conditions like psoriasis, atopic skin, and seborrheic dermatitis.
Their range spans sunscreens, facial serums, moisturizers, cleansers, shampoos, and targeted solutions for eyes, pigmentation, and intimate care.
Their strength lies in dermatologist-backed formulations that combine photoprotection, hydration, and anti-aging science, making them a trusted brand in both clinical and consumer skincare.
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