GOLDMAN SACHS takes majority stake in NORGINE

The private equity arm of Goldman Sachs Asset Management has entered into a definitive agreement to acquire a majority equity stake in Dutch pharmaceutical company Norgine, successfully outbidding rival sponsors Bain and Cinven in a highly competitive auction process. The Stein family, the company's historical owner for over 110 years, is relinquishing majority control of the asset while retaining a significant minority stake to actively support the business through its next phase of development. The transaction, which received official regulatory clearance from the European Commission in September 2022, was executed with sell-side advisory from Rothschild & Co and Moelis & Company, while Goldman Sachs International and Jefferies acted as financial advisors to the buyer. This new strategic partnership aims to accelerate Norgine's organic growth trajectory by leveraging the sponsor's global network and deep operational expertise. The joint objective is to consolidate the company's existing brands, commercialize new products from its research pipeline, and support potential external growth initiatives (buy-and-build) or licensing agreements. This acquisition underscores the continued strong momentum of Goldman Sachs' private equity division within the healthcare and specialty products sectors, with the sponsor having recently demonstrated its expertise through several major exits, notably including the sale of Caldic to Advent International, as well as the trade sale of HRA Pharma to an industrial player.