Puig Seizes Full Control of ISDIN in €1.2 Billion Dermatology Push

Under the terms of the agreement, Puig will pay an initial €900 million at the deal’s closing, with the remaining €300 million deferred until the first quarter of 2029. The acquisition, which relies on a combination of cash reserves and debt financing, is expected to finalize by the end of the first quarter of 2027, subject to customary regulatory clearances. Puig leadership has committed to maintaining a net debt to adjusted EBITDA ratio below two times.

This move serves to bolster Puig’s exposure to the high-growth skincare sector. The shift comes as the company faces a normalization in fragrance demand and ongoing volatility within Middle East travel retail markets. By integrating ISDIN entirely, Puig secures a more stable footing in the dermatological market, insulating its revenue stream against the cyclical fluctuations currently impacting its premium perfume business.