Goldman Sachs AM beats sponsors to buy Norgine

Rachel Lewis
26 May 2022

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Goldman Sachs Asset Management will acquire Dutch pharmaceuticals company Norgine, beating out Bain and Cinven in the final leg of an auction.

Privately-owned Norgine shortlisted the final three bidders earlier in May in an auction led by Rothschild, as reported by Unquote's sister publication Mergermarket.

The company was marketed off an EBITDA of 110m and had been expected to reach a valuation of EUR 2bn, as reported.

It had sales of EUR 505m in 2021, a 10% jump on the year before.

Goldman AM is acquiring the company from the Stein family, who had owned Norgine for 110 years and will continue to own a significant stake in the business, according to a press release.

Norgine said that the next stage of growth will focus on advancing existing brands and developing and commercialising pipeline products.

Norgine has a portfolio of 40 products, including the Movicol brand, as well as a growing portfolio of promoted prescription products across both launch and growth stages.

In the UK, Movicol accounts for 61% of sales, according to the locally filed accounts.

The transaction is expected to close in 2022.

Recent exits from Goldman Sach's private equity arm include Caldic, which it sold to Advent, and HRA Pharma, which it sold to trade for EUR 1.8bn.

Advisors
Norgine - Moelis & Company (M&A); Rothschild & Co (M&A); Latham & Watkins (legal), PwC (commercial), and Jamieson Corporate Finance (management).

Goldman Sachs Asset Management - Goldman Sachs (M&A); Jefferies International (M&A); White & Case (legal),
Deloitte (commercial, tax); and Allen & Overy (legal, IP).