Latham Advises L’Oréal on Reinforcing Its Strategic Investment in Galderma

Latham & Watkins has advised L’Oréal, the world’s leading beauty player, on the acquisition of an additional 10% in Galderma Group AG (Galderma), the pure-play dermatology category leader and one of the world’s largest players in injectable aesthetics, from Sunshine SwissCo GmbH (a consortium led by EQT), Abu Dhabi Investment Authority (ADIA), and Auba Investment Pte. Ltd. (all acting in coordination as sellers).

The transaction brings L’Oréal ownership of Galderma’s share capital to 20%. L’Oréal and Galderma will explore reinforcing their existing scientific partnership, further leveraging the undisputed and complementary expertise of both companies.

The Latham team was led by Paris corporate partner Pierre-Louis Cléro, with counsel Raphaël Darmon, and associates Aymerick Fradin and Julien Zeitoun. Advice was also provided on antitrust matters by Paris partner Jacques-Philippe Gunther, with associates Laure Maes, Marion Penloup and Victor Gerardin; on FDI matters by Brussels counsel Philippe Studt; and on IP and commercial contract matters by Paris partner Jean-Luc Juhan, with associate Daniel Martel.