L'Oréal doubles its stake in dermatology firm Galderma.

The French cosmetics powerhouse L'Oréal announced its intention to increase its stake in the Swiss dermatology firm Galderma from approximately 10% to 20%. The transaction involves L'Oréal acquiring the additional shares from a consortium led by the Swedish private equity firm EQT for an undisclosed sum. The deal is expected to be finalized in the first quarter of 2026.

The consortium selling the shares includes other significant investors, such as Abu Dhabi Investment Authority and Auba Investment Pte. Ltd. Following the completion of the stake increase, Galderma plans to propose changes to its board structure at its next annual general meeting in 2026. This would involve replacing board members currently representing the selling consortium with two non-independent board candidates nominated by L'Oréal.

Commenting on the development, Galderma's CEO, Flemming Ørnskov, highlighted the company's strong performance and strategic direction. In a press release, Ørnskov stated that Galderma continues to demonstrate impressive growth, strong innovation, and category leadership across its science-based dermatology portfolio. He added that the company is "rapidly scaling into a dermatology powerhouse" through enhanced commercial execution and an increasingly consumer-focused approach to innovation. Ørnskov further expressed satisfaction with L'Oréal's increased investment, viewing it as an affirmation of Galderma's current strategy and future value creation.

Looking ahead, both companies plan to explore additional scientific research projects of mutual interest, focusing on skincare, skin health innovation, and long-term growth opportunities. Galderma’s history is intertwined with L'Oréal; it was originally established as a joint venture between Nestlé and L'Oréal before L'Oréal sold its 50% stake in 2014. More recently, Galderma listed an initial tranche of its stock in March 2024.