mynth
05/2022

GOLDMAN SACHS takes majority stake in NORGINE

NETHERLANDS Life Sciences / Pharma & Biotech / Generics / Labs EV €1–10bn

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 [members only] in 2021, is valued in this transaction at an EV/EBITDA multiple of 15x–25x, representing a premium to the average currently observed in the Healthcare & Pharma sector (14.3x).

-> Deep-dive in Healthcare & Pharma market trends

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.

Ent. Value

€1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

15x–25x

EV / EBIT

[members only]

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2021
€450–900M
€100–200M
[members only]
2020
€450–900M
€100–200M
[members only]

Other operations with NORGINE

Other operations with NORGINE

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
04/2025NORGINETHERAVIAFRANCEGenerics / Labs

REFERENCES

Valuation range: EV €1–10bn

Revenue range: €450–900M

EBITDA range: €100–200M

EV/Revenue range: 2x - 6x

EV/EBITDA range: 15x - 25x

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: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Press release: view release

Target: norgine

Acquirer: goldman sachs