Galderma's shares dropped after a report said that some shareholders would sell shares in the skincare company, months after its debut on the Swiss stock exchange.
The stock traded 3.6% lower at 77.83 Swiss francs ($91.52) in midday European trading, having fallen as much as 5.1% earlier in the session.
"The transaction is expected to increase the free float of Galderma and improve the liquidity of the stock," a spokesperson of the company said. "No changes to Galderma's governance and board will follow as a result of the transaction."
On Tuesday, Bloomberg reported that the private equity backers of Galderma were looking to sell $1.2 billion worth of shares. The report said that EQT, the Abu Dhabi Investment Authority and Auba Investment intended to place some 13 million shares with investors, representing a 5.5% stake.
These shareholders didn't immediately respond to a request for comment.
The news comes just months after Galderma--which houses brands such as Cetaphil and Restylane--went public in Switzerland. At that time, the listing of its shares became the largest initial public offering of the year, according to Dealogic data.
In August, L'Oreal agreed to buy a minority stake in Galderma valued at $1.85 billion. The French beauty giant said it was acquiring a 10% stake in the company from EQT-led Sunshine SwissCo, Abu Dhabi Investment Authority and Auba Investment.
L'Oreal's move was aimed at bolstering its exposure to the fast-growing market for aesthetic injections such as fillers, which Galderma sells.
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