ZUG, SWITZERLAND -- Galderma announced that it has signed a memorandum of understanding with L’Oréal to work towards a new research and development (R&D) collaboration in the form of a scientific partnership focused on complementary research projects which could develop advanced, future-proof technologies with direct applications in the field of dermatology.

Today’s announcement enables Galderma and L’Oréal to pursue new avenues and accelerate innovation in the field of dermatology in order to deliver new combined levels of performance against the signs of skin aging. It can ultimately enable these two leaders to jointly develop new products using complementary technology to expand and enhance their respective product portfolios. As the world leader in Beauty and forerunner in Beauty Tech, L’Oréal shares with Galderma a clear focus on skin, and a strong commitment to growth and innovation. The expertise, capabilities and reach of Galderma and L’Oréal offer a collaboration that is uniquely positioned in fast-growing and highly attractive consumer-focused segments of the dermatology and beauty markets.

“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. 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.” FLEMMING ØRNSKOV, M.D., MPH CHIEF EXECUTIVE OFFICER GALDERMA

L’Oréal also announced an agreement between Sunshine SwissCo AG (a consortium led by EQT), Abu Dhabi Investment Authority (ADIA) and Auba Investment Pte. Ltd., acting as sellers, and L’Oréal Group for the sale of a 10% stake in Galderma Group AG at an undisclosed premium. 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. 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.” MICHAEL BAUER PARTNER AND CO-HEAD OF GLOBAL HEALTHCARE SECTOR EQT

Over the course of its 40+ year heritage, Galderma has shown an unwavering commitment to the science of skin. With its continued investment in R&D, Galderma has remained at the forefront of the latest innovations in dermatology. This has enabled Galderma to successfully strengthen its scientific differentiation and advance its innovation pipeline across the full spectrum of the fast-growing dermatology market though Injectable Aesthetics, Dermatological Skincare and Therapeutic Dermatology. Galderma’s leading science and innovation capabilities are a key pillar of its proven growth-focused integrated dermatology strategy.