L’Oréal is doubling down on science-backed skin health, agreeing to acquire an additional 10% stake in Galderma Group, taking its total holding to 20% and deepening its exposure to fast-growing dermatology-driven beauty. The stake, purchased from Sunshine SwissCo GmbH – a consortium led by EQT, Abu Dhabi Investment Authority (ADIA), and Auba Investment Pte. Ltd. – is expected to close in Q1 2026, subject to customary approvals.
Deal terms and board shift
The new 10% stake builds on L’Oréal’s initial investment made in August 2024, turning a minority position into a more strategic anchor in Galderma’s long-term growth story. Once completed, L’Oréal will own 20% of Galderma, strengthening its foothold in premium dermatology at a time when consumers are investing more in targeted skin health solutions.
In connection with the increased investment, Galderma will consider nominating two non-independent board candidates from L’Oréal at its 2026 Annual General Meeting, replacing board members representing the selling consortium. This board evolution aligns governance more closely with L’Oréal’s strategic priorities and reinforces collaboration on portfolio, innovation, and global expansion.
Science-first partnership
Beyond capital, the tie-up also extends to innovation. Galderma and L’Oréal plan to explore additional scientific research projects of mutual interest, combining Galderma’s dermatology leadership with L’Oréal’s scale as the world’s leading beauty player. With both groups focused on skincare, skin health, and long-term R&D, the partnership is positioned to benefit from surging demand in consumer-focused dermatology and medical-grade beauty.
Headquartered in Zug, Switzerland, Galderma is present in approximately 90 countries and positions itself as the pure-play dermatology category leader. Its portfolio spans Injectable Aesthetics, Dermatological Skincare, and Therapeutic Dermatology, with a science-based, premium brand offering developed in partnership with healthcare professionals.
Galderma targets “dermatology powerhouse” status
Flemming Ørnskov, M.D., MPH, Chief Executive Officer, Galderma, said: “Galderma continues to deliver impressive growth, strong innovation and category leadership across its broad, science-based dermatology portfolio. 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.”
For L’Oréal, a larger stake in Galderma further anchors its leadership in advanced skincare and professional dermatology at a time when consumers are upgrading routines around skin health, prevention, and aesthetics. For Galderma, the partnership offers added brand power, consumer reach, and innovation synergies with one of the most influential players in global beauty.
What this means for patients and professionals
For dermatologists and aesthetic professionals, a tighter link between L’Oréal Group and Galderma Group sets the stage for faster translation of clinical research into both in‑clinic treatments and consumer products. With both companies investing heavily in science, there is room to connect injectable aesthetics, prescription care, and over‑the‑counter skincare into more coherent skin health journeys for patients.
For consumers, a larger L’Oréal stake in Galderma also points to a future where high-performance, dermatologist‑driven products become more visible and widely distributed. As demand grows for solutions that sit between beauty, wellness, and medical dermatology, the partnership positions both groups to lead the next wave of innovation, from prevention‑focused routines to targeted treatments for specific skin concerns.
