Waldencast Acquires Novaestiq Corp. and U.S. Rights to Leading Injectable Hyaluronic Acid Gel Line, Saypha®, Under the Obagi Medical Brand
Waldencast (NASDAQ: WALD) has announced the acquisition of Novaestiq Corp. and U.S. rights to the Saypha® hyaluronic acid injectable gel line. The strategic move expands Obagi Medical's portfolio beyond skincare into the dermal filler market, effectively doubling its addressable market to $4.2 billion by 2029.
The transaction terms include cash payment, ongoing royalties, and potential issuance of Waldencast class A shares representing approximately 7% of fully diluted shares, contingent on FDA approval and revenue milestones of $100 million and $200 million. The Saypha® line, currently pending FDA approval, is globally recognized and manufactured in Austria with distribution in over 80 countries.
This acquisition positions Obagi Medical to become a leading dermatological mega brand by combining medical-grade skincare with aesthetic treatments, supported by extensive clinical studies particularly focused on diverse skin types.
Waldencast (NASDAQ: WALD) ha annunciato l'acquisizione di Novaestiq Corp. e dei diritti statunitensi sulla linea di gel iniettabili a base di acido ialuronico Saypha®. Questa mossa strategica amplia il portafoglio di Obagi Medical oltre la cura della pelle, entrando nel mercato dei filler dermici e raddoppiando il mercato indirizzabile a 4,2 miliardi di dollari entro il 2029.
I termini della transazione prevedono un pagamento in contanti, royalties continue e la possibile emissione di azioni di classe A di Waldencast pari a circa il 7% delle azioni completamente diluite, subordinata all'approvazione FDA e al raggiungimento di traguardi di fatturato di 100 e 200 milioni di dollari. La linea Saypha®, attualmente in attesa di approvazione FDA, è riconosciuta a livello globale, prodotta in Austria e distribuita in oltre 80 paesi.
Questa acquisizione posiziona Obagi Medical come un marchio dermatologico di punta, combinando prodotti medical-grade per la cura della pelle con trattamenti estetici, supportata da ampi studi clinici focalizzati in particolare su diversi tipi di pelle.
Waldencast (NASDAQ: WALD) ha anunciado la adquisición de Novaestiq Corp. y los derechos en EE.UU. de la línea de gel inyectable de ácido hialurónico Saypha®. Esta estrategia amplía el portafolio de Obagi Medical más allá del cuidado de la piel hacia el mercado de rellenos dérmicos, duplicando su mercado direccionable a 4.200 millones de dólares para 2029.
Los términos de la transacción incluyen pago en efectivo, regalías continuas y posible emisión de acciones clase A de Waldencast que representan aproximadamente el 7% de las acciones totalmente diluidas, condicionado a la aprobación de la FDA y a hitos de ingresos de 100 y 200 millones de dólares. La línea Saypha®, actualmente pendiente de aprobación FDA, es reconocida globalmente, fabricada en Austria y distribuida en más de 80 países.
Esta adquisición posiciona a Obagi Medical como una marca dermatológica líder, combinando cuidado de la piel de grado médico con tratamientos estéticos, respaldada por extensos estudios clínicos enfocados especialmente en diversos tipos de piel.
Waldencast (NASDAQ: WALD)가 Novaestiq Corp.와 미국 내 Saypha® 히알루론산 주사 젤 라인 권리를 인수했다고 발표했습니다. 이 전략적 결정으로 Obagi Medical의 제품군이 스킨케어를 넘어 필러 시장으로 확장되어 2029년까지 시장 규모가 42억 달러로 두 배 증가합니다.
거래 조건에는 현금 지급, 지속적인 로열티, FDA 승인 및 매출 1억 달러와 2억 달러 달성 시 약 완전 희석 주식의 7%에 해당하는 Waldencast 클래스 A 주식 발행 가능성이 포함되어 있습니다. Saypha® 라인은 현재 FDA 승인 대기 중이며, 오스트리아에서 제조되어 80개국 이상에 유통되고 있습니다.
이번 인수로 Obagi Medical은 의료용 스킨케어와 미용 치료를 결합한 선도적인 피부과 메가 브랜드로 자리매김하게 되었으며, 다양한 피부 타입을 중점으로 한 광범위한 임상 연구를 바탕으로 지원됩니다.
Waldencast (NASDAQ : WALD) a annoncé l'acquisition de Novaestiq Corp. ainsi que des droits américains sur la gamme de gels injectables à base d'acide hyaluronique Saypha®. Cette démarche stratégique étend le portefeuille d'Obagi Medical au-delà des soins de la peau vers le marché des produits de comblement dermique, doublant ainsi son marché adressable à 4,2 milliards de dollars d'ici 2029.
Les modalités de la transaction incluent un paiement en espèces, des redevances continues, ainsi qu'une possible émission d'actions de classe A de Waldencast représentant environ 7 % des actions entièrement diluées, sous condition d'approbation par la FDA et d'atteinte des seuils de revenus de 100 et 200 millions de dollars. La gamme Saypha®, actuellement en attente d'approbation FDA, est reconnue mondialement, fabriquée en Autriche et distribuée dans plus de 80 pays.
Cette acquisition positionne Obagi Medical comme une marque dermatologique majeure, combinant des soins de la peau de qualité médicale avec des traitements esthétiques, soutenue par de nombreuses études cliniques ciblant particulièrement les différents types de peau.
Waldencast (NASDAQ: WALD) hat die Übernahme von Novaestiq Corp. sowie der US-Rechte an der injizierbaren Hyaluronsäure-Gel-Linie Saypha® bekanntgegeben. Dieser strategische Schritt erweitert das Portfolio von Obagi Medical über die Hautpflege hinaus in den Bereich der Dermalfüller und verdoppelt damit den adressierbaren Markt auf 4,2 Milliarden US-Dollar bis 2029.
Die Transaktionsbedingungen umfassen Barzahlungen, laufende Lizenzgebühren und eine mögliche Ausgabe von Waldencast Klasse-A-Aktien, die etwa 7 % der vollständig verwässerten Aktien ausmachen, abhängig von FDA-Zulassung und Umsatzzielen von 100 und 200 Millionen US-Dollar. Die Saypha®-Linie, derzeit FDA-pending, ist weltweit anerkannt, wird in Österreich hergestellt und in über 80 Ländern vertrieben.
Mit dieser Akquisition positioniert sich Obagi Medical als führende dermatologische Megamarke, die medizinische Hautpflege mit ästhetischen Behandlungen kombiniert und durch umfangreiche klinische Studien, insbesondere zu verschiedenen Hauttypen, unterstützt wird.
- Doubles addressable market potential to $4.2B by 2029 ($2.2B skincare + $2B dermal fillers)
- Expands product portfolio into high-growth injectable market with proven global brand Saypha®
- Obagi Medical is currently the fastest-growing U.S. professional-skincare brand among top 10
- Access to future pipeline of novel injectables in North America
- Clinical studies are twice the size of typical trials with high representation of diverse skin types
- FDA approval still pending for Saypha® products in the U.S. market
- Significant share dilution potential with up to 9,819,000 new shares (7% of fully diluted shares)
- High execution risk in entering new market segment
- Ongoing royalty payments will impact margins
Insights
Waldencast's acquisition of Novaestiq strategically doubles Obagi's addressable market by entering the growing injectable aesthetics space.
Waldencast's acquisition of Novaestiq Corp. and the U.S. rights to Saypha® represents a strategic expansion that positions Obagi Medical beyond skincare into the lucrative injectable aesthetics market. This move effectively doubles the brand's addressable market from the $2.2 billion medical-grade skincare sector to include the $2 billion dermal filler market by 2029.
The transaction strategically addresses the growing convergence of health, beauty, and aesthetics by creating an integrated solution combining topical skincare with in-office procedures. Saypha®'s proprietary technology delivers hyaluronic acid treatments through a stable 3D matrix, and its clinical program notably includes extensive testing across diverse skin types, aligning with Obagi's inclusive market approach.
The deal structure reveals careful risk management: an initial cash payment followed by performance-based royalties and potential stock issuances tied to FDA approval and revenue milestones of
For Obagi Medical, already the fastest-growing U.S. professional skincare brand in its category, this acquisition supports its three-pronged growth strategy: anchoring in dermatological science, introducing innovations, and expanding global reach. The transaction positions Obagi to capture value across the entire patient journey from skincare to aesthetic procedures, potentially increasing customer lifetime value and strengthening professional relationships.
Acquisition strengthens Obagi Medical’s product portfolio with proven, scientifically backed, injectable portfolio
New products position Obagi Medical at the forefront of health, beauty and aesthetics convergence
LONDON, July 23, 2025 (GLOBE NEWSWIRE) -- Waldencast plc (NASDAQ: WALD) (“Waldencast”), a global multi-brand beauty and wellness platform, today announced that it has acquired Novaestiq Corp. (Novaestiq), a growth-oriented aesthetic and medical dermatological innovations company, as well as the U.S. rights to the Saypha® line of hyaluronic acid (HA) injectable gels. The strategic acquisition expands Obagi Medical’s offerings beyond U.S. medical-grade skincare, a market projected to be
“We are excited to further diversify Obagi Medical’s portfolio of medical-grade skincare with consumer centric, in-office injectable procedures through the introduction of the Obagi Medical Saypha® ChIQ™ and MagIQ™ lines of injectable HA gels,” said Michel Brousset, Co-Founder and CEO of Waldencast. “Adding proven products into our portfolio increases our addressable market and allows us to deliver solutions for professionals and patients seeking both skincare and aesthetic treatments, all under the trusted Obagi Medical brand.”
Obagi Medical’s philosophy advocates for a holistic, science-driven approach where potent skincare and professional procedures work in tandem to achieve and maintain optimal skin health and a youthful appearance. These injectable products will play a pivotal role in the evolution of Obagi Medical into an end-to-end, synergistic solution that integrates medical-grade skincare with aesthetic treatments to deliver enhanced outcomes, prolonged results, and greater patient satisfaction. Beyond the two current offerings, the Novaestiq transaction provides access to a future pipeline of novel injectables in North America.
Saypha®,2 currently undergoing U.S. Food and Drug Administration (FDA) approval, is recognized globally as a proven, safe and efficacious HA injectable with high levels of patient satisfaction. The new Obagi Medical injectable portfolio is supported by an industry-leading clinical program that reflects the brand’s commitment to science-backed innovation. Core pivotal studies are more than twice the size of typical nasolabial fold (NLF) and midface trials and include the highest representation of Fitzpatrick Skin Types I, V, and VI – underscoring Obagi Medical’s mission to provide effective solutions for all skin types and tones.
Saypha® is distinguished by its proprietary technology delivering advanced HA treatments through a stable 3D matrix designed to provide natural-looking results with optimally balanced gel characteristics. This technology powers a portfolio of clinically proven products that lead in multiple performance categories including high HA content at injection, ideal gel distribution, and consistent injection force and swelling behavior. Saypha®, a product of Croma-Pharma GmbH, is developed and manufactured in Austria and marketed in over 80 countries, leveraging 40 years of expertise in HA-based treatments with more than 110 million syringes produced. This global reach and deep market insight allow for the delivery of trusted, personalized care to patients and professionals worldwide.
“We believe that great results start with great skincare and are perfected with great after care,” said Dr. Suzan Obagi, Chief Medical Director at Obagi Medical. “By combining Obagi Medical skincare with injectable procedures under the guidance of a qualified professional, patients can achieve more significant, longer-lasting, and natural-looking results. This acquisition also allows our professionals to offer patients more personalized, higher quality and safer products that their customers are looking for.”
Obagi Medical’s vision is to become the #1 Dermatological Mega Brand uniquely serving all the needs of physicians, patients and consumers globally. It is already the fastest-growing U.S. professional-skincare brand among the top ten in its category.3 This momentum is powered by a three-pronged strategy: anchoring products in dermatological science, introducing breakthrough innovations, and expanding its global reach.
Brousset added, “We are thrilled to introduce this new offering that will strengthen Obagi Medical’s market position, drive innovation, and create new growth opportunities in our fast-evolving industry. We see an accelerating global convergence of health, beauty, and aesthetics – an intersection where Obagi Medical is uniquely positioned to lead. We also plan to leverage this acquisition to expand Obagi Medical’s footprint.”
Transaction Details
Under the terms of the definitive agreement relating to the transaction, Waldencast has agreed to acquire Novaestiq in exchange for (1) certain amount of cash payable at closing, (2) certain additional ongoing royalties based on net sales of Saypha® products, and (3) the contingent issuance of Waldencast class A shares (equal to approximately
About Waldencast
Founded by Michel Brousset and Hind Sebti, Waldencast’s ambition is to build a global best-in-class beauty and wellness operating platform by developing, acquiring, accelerating, and scaling conscious, high-growth purpose-driven brands. Waldencast’s vision is fundamentally underpinned by its brand-led business model that ensures proximity to its customers, business agility, and market responsiveness, while maintaining each brand’s distinct DNA. The first step in realizing its vision was the business combination with Obagi Medical and Milk Makeup. As part of the Waldencast platform, its brands will benefit from the operational scale of a multi-brand platform; the expertise in managing global beauty brands at scale; a balanced portfolio to mitigate category fluctuations; asset light efficiency; and the market responsiveness and speed of entrepreneurial indie brands. For more information please visit: https://ir.waldencast.com/.
About Obagi Medical
Obagi Medical is an industry-leading, advanced skincare line rooted in research and skin biology, with a legacy of 35+ years of experience. Initially known for its leadership in the treatment of hyperpigmentation with the Obagi Nu-Derm® System, Obagi Medical products are designed to address a variety of skin concerns, including premature aging, photodamage, skin discoloration, acne, and sun damage. As the fastest-growing professional skincare brand in the U.S. in 2024,3 Obagi Medical empowers individuals to achieve healthy, beautiful skin. More information about Obagi is available on the brand’s website, https://www.obagi.com.
1In preparing for this transaction, Waldencast engaged management consulting services from a reputed global consulting firm. 2Saypha® products are not approved medical devices, and each product has a premarket approval (PMA) application under review by the FDA. 3Among the Top 10 Professional Skin Care Brands in the U.S., according to Kline’s 2024 Global Professional Skin Care Series (China, Europe and the U.S.).
Advisors
Holland & Knight LLP is serving as Waldencast's legal advisor, with support from Skadden, Arps, Slate, Meagher & Flom LLP. Experium Capital Advisers is serving as Waldencast's financial advisor.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the intended benefits of the transaction with Novaestiq, the ability to obtain FDA approval for Saypha®, the contingent issuance of Waldencast class A shares, and the growth strategies of Waldencast, including Obagi Medical and Novaestiq. These forward-looking statements generally are identified by the words “estimates,” “projects,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “would,” “should,” “future,” “propose,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the control of Waldencast, Obagi Medical and Novaestiq that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include, but are not limited to: (i) the inability to recognize the anticipated benefits of the transaction; (ii) the inability to obtain FDA approval for one or both of the Saypha® products; (iii) the general impact of geopolitical events, including the impact of current wars, conflicts and other hostilities; (iv) the overall economic and market conditions, sales forecasts and other information about Waldencast’s possible or assumed future results of operations or our performance; (v) changes in general economic conditions; (vi) the impact of any international trade or foreign exchange restrictions, the imposition of new or increased tariffs, foreign currency exchange fluctuations; (vii) that the price of Waldencast’s securities may be volatile due to a variety of factors, including Waldencast’s, Obagi Medical’s or Novaestiq’s inability to implement their business plans; and (viii) the ability to implement Waldencast’s strategic initiatives and continue to innovate Obagi Medical’s existing products and anticipate and respond to market trends and changes in consumer preferences. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of Waldencast’s Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 20, 2025, or in other documents that may be filed or furnished by Waldencast from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Waldencast assumes no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Contacts
Investors
ICR
investors@waldencast.com
Media
ICR
waldencast@icrinc.com
FAQ
What is the value of the markets Waldencast (WALD) is targeting with the Novaestiq acquisition?
What are the key terms of Waldencast's acquisition of Novaestiq?
What is Saypha® and how does it benefit Obagi Medical's portfolio?
How extensive are the clinical trials for the Saypha® products?
What is Obagi Medical's current market position in professional skincare?
