French cosmetics group L’Oreal is to increase its stake in Swiss dermatology firm Galderma to 20% from about 10%, the Swiss firm said in a statement on Monday.
Galderma is a dermatology specialist – Reuters
L’Oreal is buying the stake for an undisclosed sum from a consortium led by Swedish private equity firm EQT, which includes Abu Dhabi Investment Authority and Auba Investment Pte. Ltd. The deal is due to close in the first quarter of 2026. As a result, Galderma is looking into replacing board members representing the consortium by two non-independent board candidates from L’Oreal at the company’s next annual general meeting in 2026, it said.
“Galderma continues to deliver impressive growth, strong innovation, and category leadership across its broad, science-based dermatology portfolio,” said Galderma’s CEO Flemming Ørnskov in a press release. “With strengthened commercial execution, continued platform and portfolio expansion, and an increasingly consumer-focused approach to innovation, we are rapidly scaling into a dermatology powerhouse. We are pleased with L’Oréal’s increased investment, which affirms our direction and the meaningful value creation we expect in the years ahead. As we move into 2026, we remain fully focused on our Integrated Dermatology Strategy and on serving our customers, consumers, and patients.”
The businesses also plan to explore additional scientific research projects of mutual interest with a shared focus on skincare and skin health, innovation, and long-term growth. Galderma, originally set up as a joint venture between Nestle and L’Oreal before the latter sold its 50% stake in 2014, listed an initial tranche of its stock in March 2024.
