L’Oréal Groupe has agreed to acquire an additional 10% stake in Galderma Group, increasing its total interest in the Swiss skincare company to 20%. 

The additional shares will be purchased from a consortium led by EQT, with the selling parties identified as Sunshine SwissCo, Abu Dhabi Investment Authority (ADIA) and Auba Investment, acting together.  

The financial terms of the deal have not been revealed. 

The transaction will complete in the first quarter of 2026, subject to the regulatory clearances.  

L’Oréal CEO Nicolas Hieronimus stated: “Aesthetics is a key adjacency to our core beauty business that we are keen to continue to explore. Our initial strategic investment made in 2024 in Galderma has proven very successful and therefore we are eager to solidify and extend the partnership further.” 

The deal will be carried out via an off-market block trade and financed using L’Oréal’s existing cash resources and credit facilities.  

Following the deal completion, Galderma’s board of directors will consider nominating two non-independent board candidates from L’Oréal at the 2026 Annual General Meeting. 

These nominees would replace the current board members representing the EQT-led consortium.  

The shareholder agreement previously in place between L’Oréal and Sunshine SwissCo will be terminated when the transaction closes. 

The two companies also plan to look at new joint scientific research initiatives, expanding on their existing collaboration. 

The latest deal builds on L’Oréal’s initial investment in Galderma made in August 2024. 

Galderma CEO Flemming Ornskov added: “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.”   

Galderma Group is listed on the SIX Swiss Exchange and has operations in 90 countries.