L'Oréal SA is set to appoint two representatives to the board of Galderma, replacing directors from the EQT group, according to a statement. The French cosmetics company has increased its stake in Galderma AG to 20% by purchasing shares from a group of investors led by private equity firm EQT AB, as part of its strategy to increase investments in dermatology drugs. Based on Galderma's closing share price on Friday at 162.80 Swiss francs, a 10% stake is valued at approximately 3.9 billion Swiss francs. The value of the deal was not disclosed; L'Oréal stated in a Monday statement that it involved the purchase of 24 million shares. EQT, the second-largest shareholder, had previously held seats on the board.
