Galderma Group (the Swiss company specializing in dermatology, medical aesthetics, and injectables) and L’Oréal have taken another step in their alliance. On December 8, 2025, Galderma announced that it will sell an additional 10% of its capital to L’Oréal, bringing the French firm's stake to 20%.
The operation consists of the purchase of shares from the Sunshine SwissCo consortium, led by the investment firm EQT, along with the Abu Dhabi Investment Authority (ADIA) and Auba Investment Pte. Ltd. The amount has not been publicly disclosed.
The closing of the transaction is expected in the first quarter of 2026 and is subject to customary regulatory approvals
According to L’Oréal, this decision reflects the conviction that medical aesthetics (injectables, advanced dermatology, professional treatments) represents a “key adjacent area” to its core beauty business. Galderma is not just any skincare brand: it is a global player in dermatology, with a very broad portfolio ranging from dermo-cosmetic products to injectables (fillers, anti-aging treatments) and clinical dermatology. L’Oréal and Galderma had already begun to collaborate after an initial 10% investment in 2024, opening the door to a scientific alliance: joint research, development, and innovation in skin science. With this move, L’Oréal strengthens its position in the medical aesthetics market, a segment that, according to experts, has double-digit growth and drives new trends in “beauty + health / dermatology”.
Following the operation, the Galderma board of directors plans to consider the appointment of two directors proposed by L’Oréal, replacing representatives of the outgoing consortium. This move would give L’Oréal an even clearer voice in Galderma's governance. Even so, both companies insist that Galderma will maintain its operational independence. L’Oréal states that it does not plan to go beyond 20% for the moment.
The operation will be financed through L’Oréal’s own resources and credit lines.