L’Oreal will acquire a 10% stake in Galderma from Sunshine SwissCo AG (a consortium led by EQT), Abu Dhabi Investment Authority (ADIA), Auba Investment Pte. Ltd. (all acting in coordination as sellers), for a non-disclosed amount.
L’Oréal has agreed vis-à-vis Sunshine SwissCo AG to a customary stand-still and tender obligations for L’Oréal. Following the transaction, no changes to the Galderma Board of Directors and its governance are envisioned.
“This transaction is part of our strategy to continue supporting Galderma on its outstanding growth journey in the attractive dermatology market,” says Michael Bauer, Partner and Co-Head of the Global Healthcare Sector at EQT, in a news release. “We remain committed to Galderma and will continue managing our investment in the best interest of all its shareholders. Selling a minority stake to a reputable strategic partner such as L’Oréal, the global leader in Beauty, is a direct reflection of our commitment.”
The two companies are also teaming up for a new a scientific partnership focused on complementary research projects.
“We are delighted to welcome L’Oréal as a new, long-term Galderma shareholder and see their investment as a sign of confidence in our strategy, track record and growth potential,” says Flemming Ørnskov, MD, MPH, the Chief Executive Officer of Galderma, in a news release. “We look forward to pursuing scientific partnership opportunities together, for the benefit of the customers, patients and consumers we serve across the globe every day.”
“I am very pleased to announce this strategic investment and partnership with Galderma. It marks an ambitious step for L’Oréal, and true to our mantra of ‘seize what is starting,’ it allows us to explore partnering in the fast-growing aesthetics market, a key adjacency to our own pure beauty play” adds Nicolas Hieronimus, Chief Executive Officer of L’Oréal. “We fully support Galderma’s management and its strategy as a leading dermatology pure player, respect its independence and are very confident in its long-term growth potential.”
