Commission européenne, DG COMP MERGER REGISTRY, 1049 Bruxelles, BELGIQUE  
Europese Commissie, DG COMP MERGER REGISTRY, 1049 Brussel,   BELGIË  
 
Tel: +32 229 -91111. Fax: +32 229 -64301. E -mail: COMP -MERGER -REGISTRY@ec.europa.eu . 
  EUROPEAN COMMISSION  
Brussels,  15.09.2022  
C(2022 ) 6710 final  
PUBLIC VERSION  
The Goldman Sachs Group, Inc.  
Plumtree Court,  25 Shoe Lane  
EC4A 4AU  London  
United Kingdom  
Subject : Case M.10826 - GOLDMAN SACHS / NORGINE  
Commission decision pursuant to Article 6(1)(b) of Council Regulation 
(EC) No 139/20041 and Article 57 of the Agreement on the European 
Economic Area2  
Dear Sir or Madam,  
1. On 24 August 2022 , the European Commission received notification of a proposed 
concentration pursuant to Article 4 of the Merger Regulation , by which The Goldman 
Sachs Group, Inc. (‘Goldman Sachs’ , United States of America)  will acquire within 
the meaning of Article 3(1)(b) of the Merger  Regulation  sole control of the whole of  
Norgine Europe B.V. together with its direct and indirect subsidiaries (‘ the Norgine 
Group’ , Netherlands) . The concentration is accomplished by way of  purchase of 
shares .3 
2. The business activities of the undertakings  concerned  are the following : 
 Goldman Sachs is a global investment banking, securities and investment 
management firm that provides a range of banking, securities and investment 
services worldwide to a substantial and diversified client base that includes 
corporations, financial institutions, governments and high -net-worth individuals,  
 The Norgine Group is a European specialist pharmaceutical company that 
develops, manufactures, and markets pharmaceutical goods mainly for the 
following therapeutic areas: ga stroenterology, hepatology, emergency care, 
haematology, obstetrics, cardiology, oncology, urology, and neurology.  
                                                 
1 OJ L 24, 29.1.2004, p. 1 ( the ‘Merger Regulation ’). With effect from 1 December 2009,  the Treaty on 
the Functioning of the European Union ( ‘TFEU ’) has introduced certain changes, such as the 
replacement of ‘Community ’ by ‘Union ’ and ‘common market ’ by ‘internal market ’. The terminology 
of the TFEU will be used throughout this decision.  
2  OJ L 1, 3.1.1994, p . 3 (the ‘EEA Agreement ’). 
3  Publication in the Official Jou rnal of the European Union No C 333 , 01.09.2022 , p. 12. 

2 3. After examination of the notification, the European Commission has concluded that 
the notified operation falls within the scope of the Merger  Regulation  and of 
paragraph 5 (b) of the Commission Notice on a simplified procedure for treatment of 
certain concentrations under Council Regulation (EC) No 139/2004 .4 
4. For the reasons set out in the Notice on a simplified procedure, the European 
Commission has decided not to oppose the notified operation and to declare it 
compatible with the internal market and with the EEA Agreement. This decision is 
adopted in application of Article 6(1)(b) of the Merger  Regulation  and Article 57 of 
the EEA Agre ement . 
For the Commission  
 
 
(Signed)  
Olivier GUERSENT  
Director -General  
 
                                                 
4  OJ C 366, 14.12.2013, p. 5 .