On July 23, 2025, a significant strategic transaction was announced in the minimally invasive aesthetic medicine sector: Waldencast plc (Nasdaq: WALD) acquired Novaestiq Corp., a joint venture previously held by Croma-Pharma GmbH and Gore Range Capital. This acquisition includes the crucial U.S. rights to the innovative Saypha® ChIQ™ and Saypha® MagIQ™ injectable hyaluronic acid (HA) gels, which are slated for launch in the U.S. under Waldencast’s Obagi Medical brand. The transaction represents a pivotal moment for all parties involved, particularly Croma-Pharma’s international growth ambitions and Obagi Medical’s strategic expansion into the burgeoning U.S. dermal filler market. This report discusses the complex aspects of the acquisition, the strategic motivations driving each entity, and the profound implications for the competitive landscape and future dynamics of the aesthetics industry.
Key Entities Involved
Croma-Pharma GmbH – https://www.cromapharma.com/
Croma-Pharma GmbH, founded in 1976 and headquartered in Leobendorf, Austria, stands as a family-owned global leader in minimally invasive aesthetic medicine. With over 40 years of experience in hyaluronic acid (HA) product manufacturing, the company has produced more than 110 million syringes to date, with its fillers approved in over 80 markets worldwide. Croma-Pharma’s comprehensive aesthetics portfolio encompasses HA fillers, botulinum toxin, PDO threads, biostimulators, skincare products, and personalized cell therapy, demonstrating a strong focus on in-house research and development (R&D) and high standards in clinical product development. The company’s business activities revolve around providing healthcare professionals with a broad and innovative range of safe, reliable, and efficacious products from a trusted source. Novaestiq Corp. was a joint venture between Croma-Pharma and Gore Range Capital, established specifically to develop dermal fillers for the North American market.
Novaestiq Corp.
Novaestiq Corp., established in 2021 by industry veterans Humberto Antunes and Miles Harrison (both formerly of Galderma), operates as an aesthetic and medical dermatological innovations company. Its core mission is to deliver innovative and intelligent skin solutions under the ethos of “Aesthetics for All™,” with a strong emphasis on supporting the success of the practices it partners with. Novaestiq’s primary business activities involve building a leading aesthetics company by providing intelligent solutions for common skin challenges. The company’s product pipeline includes Saypha® HA fillers and next-generation cross-linking technology HA fillers, specifically targeting the North American aesthetic market. Until its acquisition, Novaestiq was instrumental in developing the Saypha® ChIQ™ and Saypha® MagIQ™ injectable hyaluronic acid gels, which are now set to enter the U.S. market.
Waldencast plc (and Obagi Medical)
Waldencast plc (Nasdaq: WALD), co-founded by Michel Brousset and Hind Sebti, operates as a global multi-brand beauty and wellness platform. Its overarching ambition is to build a best-in-class platform by creating, acquiring, accelerating, and scaling high-growth, purpose-driven brands. Waldencast’s vision is rooted in a brand-led business model that prioritizes proximity to customers, business agility, and market responsiveness while preserving each brand’s distinct identity. Its initial portfolio includes Obagi Medical and Milk Makeup, with K18 and Nudestix also mentioned as part of its product/service portfolio.
Obagi Medical, a key brand within the Waldencast portfolio, is a professional skincare market leader known for its clinically backed solutions addressing various skin concerns, including hyperpigmentation, premature aging, photodamage, and acne. It was recognized as the fastest-growing professional skincare brand in the U.S. in 2024 among the top ten in its category. Obagi Medical bases its strategy on dermatological science, pioneering innovations, and broadening its global reach, aiming to establish itself as the leading Dermatological Mega Brand worldwide.
Acquisition Details
Waldencast plc officially announced the acquisition of Novaestiq Corp. on July 23, 2025. Under the terms of the definitive agreement, Waldencast will acquire Novaestiq for a combination of upfront cash, ongoing royalties based on the net sales of Saypha® products, and the contingent issuance of Waldencast Class A shares.
A significant portion of the consideration is tied to performance-based milestones. Approximately 7% of Waldencast’s fully diluted Class A shares are subject to contingent issuance. Specifically, 3,273,000 Waldencast Class A shares will be issued upon receiving FDA approval for the Saypha® products. Further issuances of 3,273,000 shares each are contingent upon achieving cumulative net revenues of $100 million and $200 million, respectively. These revenue thresholds are earnable until June 20, 2031. The full details of the transaction are expected to be summarized in a Form 6-K filing with the U.S. Securities and Exchange Commission (SEC).
Products Involved
The core of this acquisition centers on Novaestiq’s innovative Saypha® ChIQ™ and Saypha® MagIQ™ injectable hyaluronic acid gels. These products, developed through the joint venture between Croma-Pharma and Gore Range Capital, are specifically designed for the U.S. market and are currently undergoing the FDA approval process. Upon successful regulatory clearance, they are set to launch in the U.S. under the renowned Obagi Medical brand. The transaction also provides Obagi Medical with access to Novaestiq’s future pipeline of novel injectables for North America, ensuring continued innovation.
Doubling the Addressable Market
A core strategic driver for this acquisition is the significant expansion of Obagi Medical’s market reach. The move extends its offerings beyond the established U.S. medical-grade skincare market, which is projected to reach approximately $2.2 billion by 2029, into the rapidly growing U.S. dermal filler market, projected to achieve a market size of $2 billion by 2029. This strategic entry effectively doubles Obagi Medical’s total addressable market. This substantial increase in addressable market is critical for accelerating Waldencast’s overall revenue potential and significantly enhancing its market share within the highly competitive aesthetics sector. It represents a clear pathway to substantial top-line growth.
This strategic move is a calculated effort to maximize growth by targeting a segment with strong momentum and high consumer demand for minimally invasive procedures. The data shows two distinct but equally large market segments: U.S. medical-grade skincare ($2.2B by 2029) and U.S. dermal fillers ($2B by 2029). Furthermore, the broader HA-based dermal fillers market is projected to grow at an impressive 8.1% Compound Annual Growth Rate (CAGR) from 2023-2030, with North America holding a dominant share. By adding injectables, Obagi Medical can now capture a larger share of the aesthetic spend from existing customers and attract new ones who seek combined solutions. This also suggests a focus on higher-value procedures, as injectables typically command higher price points and offer recurring revenue opportunities compared to topical skincare alone. The acquisition allows Obagi Medical to capture value from both sides of the aesthetic treatment spectrum, creating a more robust and diversified revenue base and positioning it for accelerated financial performance within a proven market.
