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Beauty giant and pure-play dermatology company will explore strategic R&D partnership.
August 5, 2024
By: Christine Esposito
Managing Editor
L’Oréal has acquired a 10% stake in Galderma Group AG from Sunshine SwissCo AG, a consortium, for a undisclosed amount.
In addition, the companies have agreed to work towards a “strategic scientific partnership” that will leverage Galderma’s dermatological solutions and L’Oréal’s expertise in skin biology, diagnostic tools and evaluation methods.
“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,” said Nicolas Hieronimus, L’Oréal CEO. “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.”
L’Oréal said it will not seek to be represented at Galderma’s board of directors and has agreed to customary provisions for an investment of this type as part of a shareholders’ agreement entered into with Sunshine SwissCo AG. The transaction will be implemented by way of an off-market block trade with the EQT-led consortium. L’Oréal and the EQT-led consortium do not intend to act in concert. The transaction will be funded with L’Oréal’s available cash and credit lines, and closing is expected to be completed in the coming days
Through a memorandum of understanding, Galderma and L’Oréal will work towards a “scientific partnership focused on complementary research projects which could develop advanced, future-proof technologies with direct applications in the field of dermatology.”
The accord could lead to the development new products using complementary technology to expand and enhance their respective product portfolios, the firms announced this morning.
“We are on a journey of growth, innovation and leadership in the field of dermatology, powered by our unique integrated model. As we continue to deliver outstanding performance across our blockbuster platforms in attractive dermatology market segments, our commitment to progressing our current late-stage pipeline and advancing science and innovation remain a cornerstone of our approach,” said Flemming Ørnskov, M.D., MPH, CEO of Galderma. “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. 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.”
Officials have planned a call with analysts at 10am today to discuss the deal and partnership.
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