Acquisition strengthens Obagi Medical's product portfolio with proven, scientifically backed, injectable portfolio

SOUTHLAKE, TX / ACCESS Newswire / July 23, 2025 / Gore Range Capital (GRC) announced today that Waldencast plc (Nasdaq:WALD) has agreed to acquire Novaestiq Corp. (Novaestiq), one of GRC's Fund II portfolio companies. Novaestiq, a joint-venture with Croma-Pharma GmbH (Croma), is developing a series of breakthrough injectable hyaluronic acid gels for the US market, including Saypha^® ChIQ™ and Saypha^® MagIQ™. Waldencast will launch this injectable line under the renowned Obagi Medical brand, recognized for its holistic, science-driven approach where potent skincare and professional procedures work in tandem to achieve and maintain optimal skin health and a youthful appearance.

This transaction marks a major milestone for Gore Range Capital and underscores the growing demand for high-quality skin health solutions. Leveraging Obagi Medical's global reputation and the combined expertise of Novaestiq and Waldencast, the introduction of these new products is set to redefine the aesthetic skincare experience, offering patients targeted solutions backed by robust science and dermatological research.

"Our partnership with Croma was rooted in a shared commitment to scientific rigor, patient safety, and innovation in aesthetic medicine. With Waldencast and Obagi Medical now leading the next chapter, we are delighted that Saypha^® injectables will be made available to US physicians and patients, defining the next generation in integrated aesthetic and skincare solutions," said Humberto C. Antunes, Partner at GRC.

Saypha^®,¹ currently undergoing the FDA approval process, is distinguished by the proprietary technology delivering advanced hyaluronic acid treatments through a stable 3D matrix designed to provide natural-looking results with optimally balanced gel characteristics. The 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 behavior. Saypha^®, a product of Croma, 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 are thrilled to see Novaestiq join forces with Waldencast, a move that amplifies our shared commitment to advancing aesthetic medicine. The introduction of Saypha^® ChIQ and MagIQ to the U.S. market under the Obagi Medical brand marks a significant step in delivering innovative, science-driven skincare solutions to patients worldwide," Andreas Prinz, CEO of Croma.

"From a bold idea to a significant exit, Novaestiq's journey reflects the power of a great team, focus, innovation, and the right partners," said Miles Harrison, CEO & Co-Founder of Novaestiq. "The combination of Saypha^® with the Obagi Medical brand creates a category-defining platform in aesthetics, and I am deeply grateful to our partners for believing in our team and vision from day one." Saypha^®'s core pivotal studies are more than twice the size of typical nasolabial fold and midface trials and include the highest representation of Fitzpatrick Skin Types I, V, and VI, underscoring Obagi Medical's mission to provide elective science-backed solutions for all skin types and tones.

"Novaestiq stands as a testament to our strategy of building high-quality assets through deep domain expertise and collaborative partnership. This transaction reflects our ability to identify innovations that advance clinical outcomes and to structure them for long term value creation," commented Ethan Rigel, Managing Partner of GRC.

Waldencast has agreed to acquire Novaestiq in exchange for a combination of upfront cash, royalties in perpetuity based on net sales, and the contingent issuance of Waldencast class A shares (up to 9.8 million shares, equal to approximately 7% of Waldencast's fully diluted class A shares) on the achievement of certain milestones, including the receipt of the FDA
approval and sales of the Saypha^® fillers. The terms of the transaction will be detailed in a Form 6-K that Waldencast will file with the U.S. Securities and Exchange Commission following this press release.

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. 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. 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 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, ²Obagi empowers individuals to achieve healthy, beautiful skin. More information about Obagi is available on the brand's website: https://www.obaji.com/.

About Gore Range Capital

GRC is a committed investor in innovation and excellence in skin health. GRC continues to invest in impactful medical solutions that offer transformative results for physicians, patients and consumers. Learn more at: https://www.gorerangecapital.com/.

¹Saypha^® products are not approved medical devices, and each product has a premarket approval (PMA) application under review by the FDA. ²Among 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.).

Contact:

Chidi Nwankpa
Principal, Gore Range Capital
chidi@gorerangecapital.com
https://www.gorerangecapital.com/.

SOURCE: Gore Range Capital