French cosmetics company L’Oreal is to acquire a 10% stake in Swiss skin care firm Galderma, the two companies said on Monday.

“L’Oreal today announces the acquisition of a 10% stake in Galderma Group AG from Sunshine SwissCo AG (a consortium led by EQT), Abu Dhabi Investment Authority (ADIA), Auba Investment Pte. Ltd” for an undisclosed amount, L’Oreal said.

Galderma said in a statement it had signed a memorandum of understanding with L’Oreal to work towards a new research and development collaboration in the form of a scientific partnership focused on complementary research projects.