L’Oréal has agreed to double its stake in Swiss dermatology group Galderma to 20% by acquiring 24 million shares from an investor group led by EQT, continuing its expansion in high-growth skincare and aesthetic medicine, according to Bloomberg.

Galderma will consider appointing two L’Oréal board representatives following the transaction, replacing directors from the EQT consortium. Based on Galderma’s recent closing price of 162.80 Swiss francs, a 10% stake is valued at about 3.9bn francs ($4.9bn). Galderma shares climbed as much as 4.5% in early Zurich trading, while L’Oréal fell 1.7%.

The move marks another step in L’Oréal’s strategy to deepen its presence in dermatological beauty, following recent acquisitions of the South Korean brand Dr. G and UK skincare label Medik8. Analysts said the deal also reduces the number of shares held by private equity backers seeking liquidity.

Galderma, founded in 1981 as a joint venture between L’Oréal and Nestlé, was sold by Nestlé to a group led by EQT in 2019. The company listed in Switzerland in 2024, and L’Oréal purchased its first 10% stake in August that year. EQT said the latest sale was struck at a premium, with about 6 million of the shares attributable to its own holding.

The transaction underscores renewed exit activity among private equity investors in large-cap healthcare assets, as strategic buyers return to growth-focused M&A.

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