Puig takes control of Isdin in US$1.4B dermocosmetics deal
Key takeaways
- Puig will acquire Esteve’s remaining 50% interest in Isdin for US$1.4 billion.
- The transaction strengthens Puig’s dermocosmetics and sun care presence.
- Puig will pay US$1,038 million at closing and a further US$346 million in early 2029.
Puig has agreed to acquire Corporación Químico-Farmacéutica Esteve’s remaining 50% interest in Isdin for €1.2 billion (US$1.41 billion), positioning the Spanish beauty group to take full control of the dermatology-focused skin care business.
The transaction is expected to strengthen Puig’s place in dermocosmetics and sun protection, while also expanding its presence beyond its fragrance-led portfolio.
Puig expects to complete the transaction by the end of Q1 2027, subject to regulatory approval. According to the company, ISDIN will retain its existing governance structure until the deal closes.
Puig will pay €900 million (US$1,038 million) at closing, with a further €300 million (US$346 million) fixed deferred payment due in Q1 2029. The transaction will be financed through Puig’s existing resources and debt.
The company expects its net debt-to-adjusted EBITDA ratio to remain below two times following the acquisition, according to Reuters.
Strengthening dermocosmetics
The Puig and Esteve families created Isdin approximately 50 years ago, combining Puig’s expertise with Esteve’s pharmaceutical and scientific capabilities. Through the partnership, Isdin developed into an international dermatology and skin care business.
“Expanding our presence in dermocosmetics is a strategic priority for Puig,” says Jose Manuel Albesa, CEO of Puig.
He adds that full ownership will give Puig a “stronger platform” to support Isdin’s growth and invest further in its science, innovation, and brand development.
The transaction adds full control of Isdin to a skin care portfolio that includes Uriage, Apivita, and majority-owned luxury skin care brand Dr. Barbara Sturm.
Isdin has a strong position in dermatology-focused skin care and sun protection.It also provides greater category diversification for a group that remains weighted toward fragrances and fashion. These divisions accounted for approximately 73% of Puig’s sales in 2025, while its skin care business grew by 7.3% at constant currency.
Following failed Estée Lauder talks
The Isdin agreement follows the termination of merger discussions between Puig and Estée Lauder Companies earlier this year.
The companies confirmed that they were exploring a potential combination in March but ended the discussions in May without reaching an agreement.
Following the failed talks, both groups returned their attention to their respective portfolios, with fragrance remaining an important growth pillar.
Puig’s move to consolidate Isdin indicates that dermocosmetics and science-backed skin care will also play a growing role in its future expansion strategy.
