ADIA in Sale of 10% Stake in Galderma to L’Oréal

Cleary Gottlieb represented the Abu Dhabi Investment Authority (ADIA), as a member of a group of leading shareholders, in Galderma Group AG’s (Galderma) sale of an aggregate 10% stake to L’Oréal S.A. (L’Oréal).

The selling shareholders include Sunshine SwissCo AG (affiliated with EQT) and Auba Investment Pte. Ltd.

As part of the transaction, Galderma and L’Oréal have agreed to enter a new strategic scientific partnership to accelerate innovation in the field of dermatology.

Listed on the SIX Swiss Exchange, Galderma is a pure-play dermatology category leader, present in approximately 90 countries. Galderma delivers a portfolio of premium brands and services that span the full spectrum of the fast-growing dermatology market. Its flagship brands include (among other products) Restylane and Dysport in injectable aesthetics, Cetaphil and Alastin in dermatological skincare, and Soolantra and Epiduo in therapeutic dermatology.

In March 2024, Cleary represented a wholly owned subsidiary of ADIA, as a selling shareholder (alongside affiliates of EQT and GIC Private Limited), in the initial public offering and listing of Galderma on the SIX Swiss Exchange, which implied a CHF 15 billion ($17 billion) market capitalization on closing of its first day of trading. This was the largest IPO in the world in the first quarter of 2024, and the largest in Switzerland since 2017.