Pharmaceutical company specializing in dermatological treatments and skin care products Galderma (SIX:GALD) announced on Monday a memorandum of understanding with L'Oréal (Euronext Paris:OR), personal care company, to form a scientific partnership for research and development focused on dermatology.

This collaboration aims to accelerate innovation and develop advanced technologies addressing skin aging.

L'Oréal and Galderma will leverage complementary technologies to enhance their product portfolios. L'Oréal's expertise in Beauty Tech and Galderma's dermatology focus create a uniquely positioned collaboration in growing consumer segments.

Additionally, L'Oréal agreed to purchase a 10% stake in Galderma from Sunshine SwissCo AG (a consortium led by EQT), Abu Dhabi Investment Authority and Auba Investment Pte. Ltd. at an undisclosed premium, with no changes to Galderma's board of directors anticipated.