At what enterprise value was NORGINE acquired in 2022?

During the acquisition of NORGINE by GOLDMAN SACHS in 2022, the company was valued at an estimated revenue multiple of below 5x. The transaction's Enterprise Value is estimated to be in the range of 1b - 4b EUR. By registering for free, you get access to complete and exact transaction details including enterprise value, revenue, and EBITDA. Additionally, our database shows that the Healthcare & Pharma industry currently tracks an average EBITDA multiple of 14.4x, providing a valuable benchmark for this transaction.

What was the EV/EBITDA of NORGINE when it was acquired by GOLDMAN SACHS?

The estimated EV/EBITDA multiple for NORGINE is in the range of 15x - 25x. For comparison, the Healthcare & Pharma sector currently shows an average EBITDA multiple of 14.4x. Join our community for free to access full valuation data and industry trends.

When was NORGINE acquired by GOLDMAN SACHS?

NORGINE was acquired by GOLDMAN SACHS in 2022.

What was the revenue of NORGINE at the time of the deal?

The revenue of NORGINE at the time of the deal is estimated to be in the range of 450M - 900M EUR. Register for free to access the full transaction report and exact valuation multiples.

What was the EBITDA of NORGINE during the acquisition?

NORGINE's EBITDA is estimated to be in the range of 100M - 200M EUR. Join our community for free to access complete and exact deal data.

What is Enterprise Value (EV)?

Enterprise Value (EV) is a measure of a company's total value, often used as a more comprehensive alternative to equity market capitalization. EV includes in its calculation the market capitalization of a company but also short-term and long-term debt as well as any cash on the company's balance sheet.

What is the EV/EBITDA multiple and why is it used?

The EV/EBITDA multiple is a financial ratio that compares a company's Enterprise Value (EV) to its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). It is widely used in M&A and valuation because it allows for comparisons between companies with different capital structures and provides a clear view of operational profitability.

How is the data for the NORGINE acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the NORGINE deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://norgine.com/press_release/norgine-announces-investment-from-goldman-sachs-asset-management/

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Home Database Healthcare & PharmaNORGINE

05/2022

GOLDMAN SACHS takes majority stake in NORGINE

NETHERLANDS Life Sciences / Pharma & Biotech / Generics / Labs EV 1b - 4b EUR

Context

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.

NORGINE, which reported an EBITDA margin of LOGIN in 2021, is valued in this transaction at an EV/EBITDA multiple of LOGIN, representing a LOGIN to the average currently observed in the Healthcare & Pharma sector (14.4x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

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Target

Founded over a century ago, Norgine Group is a European specialty pharmaceutical laboratory that focuses on the development, manufacturing, and commercialization of innovative medical treatments. With a direct presence in 16 European countries, as well as in Australia and New Zealand, the group relies on a workforce of over 1,500 employees. Its diversified portfolio comprises around 40 products at various stages of maturity, driven in particular by its flagship brand Movicol, which alone accounts for 61% of its sales in the UK. In 2021, Norgine demonstrated strong financial momentum, achieving 10% growth in net sales, while distributing its treatments to 24 million patients worldwide.

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Other operations with NORGINE

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
Date	Acquirer	Target	Country	Sector	Deal Context
04/2025	NORGINE	THERAVIA	FRANCE	Life Sciences	Private equity firm Mérieux Equity Partners has entered into a definitive agreement to divest its controlling equity stake in the pharmaceutical laboratory Theravia to the Dutch group Norgine, a portfolio company backed by Goldman Sachs Asset Management. Representing the sixth exit for the Mérieux Equity Participations 3 fund, this transaction facilitates the complete exit of the sponsor, which had held a near-80% ownership position since Theravia's inception through a corporate merger in 2022. The completion of the deal remains subject to the receipt of customary regulatory approvals. For the acquirer Norgine, led by CEO Janneke van der Kamp, this integration is a core component of its expansion strategy, designed to solidify its standing as a partner of choice for the commercialization of specialty pharmaceuticals across Europe. Theravia’s innovative treatments, such as Orphacol and Siklos, perfectly complement Norgine’s existing pipeline—which already features therapies like Pedmarqsi and Mavorixafor. This highly synergistic combination expands the group's core rare disease franchise to a total of six strategic products. For Theravia and its CEO Franck Hamalian, partnering with an established industrial player boasting substantial European commercial firepower provides a critical opportunity to accelerate patient access to life-saving medications for severe unmet medical needs, driven by a shared strategic vision for continuous innovation in the rare disease sector.

REFERENCES

Valuation range: EV 1b - 4b EUR

Revenue range: 450M - 900M EUR

EBITDA range: 100M - 200M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of NORGINE by GOLDMAN SACHS are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Press release: view release

Target: norgine

Acquirer: goldman sachs