Spanish beauty and fashion group Puig is set to take full ownership of ISDIN after agreeing to acquire the remaining 50% stake from Corporación Químico-Farmacéutica Esteve (CQFE).
The deal builds on a longstanding partnership between the Puig and Esteve families, which dates back 50 years to the creation of ISDIN, when they combined their expertise in science and beauty.
The families have since supported ISDIN’s growth into an international dermatology and skincare business, with a focus on science and innovation.
Goldman Sachs Research expects the acquisition to significantly strengthen Puig’s skincare portfolio. The acquisition will diversify Puig beyond its reliance on fragrances and create a more balanced growth platform, the firm said.
On a pro-forma basis, skincare would account for more than 21% of group sales, up from 11% in FY2025. ISDIN’s double-digit organic growth in H1 2026 and +17% reported sales CAGR over 2021-25 are expected to reinforce Puig’s skincare growth.
The transaction will reinforce Puig’s suncare business, which accounts for around half of ISDIN’s sales. With more than 70% of sales generated outside Spain, primarily in EMEA and LATAM, ISDIN also brings a diversified global footprint with further growth potential, Goldman Sachs noted.
Goldman Sachs described the transaction as strategically compelling, with limited financial impact.
The investment firm expects low integration risk, citing Puig’s longstanding familiarity with ISDIN.
Alongside Uriage, ISDIN is set to strengthen Puig’s skincare platform, providing the group with greater opportunity to accelerate growth from a relatively low base versus the global derma market.
Puig Executive Chairman Marc 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.”
Puig CEO Jose Manuel Albesa added: “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.”
Corporación Químico-Farmacéutica Esteve Chairman of the Board Albert Esteve 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.”
ISDIN CEO Juan Naya commented: “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.” ✈
