L'Oréal has agreed to double its stake in Galderma Group to 20% as it deepens its exposure to the fast-growing injectable aesthetics market, according to a report by Bloomberg. The shares are being acquired from an investor consortium led by private equity firm EQT, although financial terms were not disclosed. Based on Galderma's share price, a 10% stake is valued at about CHF3.9bn ($4.9bn).
The transaction follows L'Oréal's return to Galderma's shareholder register in August 2024, after which its shares have almost doubled, and comes as the French group looks to drive growth beyond traditional cosmetics. Galderma operates across dermo-cosmetics and injectable fillers, including brands such as Alluzience and Relfydess. Galderma listed on the SIX Swiss Exchange in March 2024.
Following completion, Galderma will consider adding two L'Oréal representatives to its board, replacing directors linked to the EQT-led group. L'Oréal said it aims to "solidify and extend" its partnership with Galderma but does not plan to further increase its stake.
Galderma was founded in 1981 as a joint venture between L'Oréal and Nestlé. Nestlé sold the business to the EQT-led consortium in 2019. EQT said the latest transaction with L'Oréal was completed at a premium, with around six million shares attributable to the private equity firm.