Nordic hires healthcare partner from Goldman Sachs

Former cardiac surgeon Dr Raj Shah worked on Nordic’s €9.6bn Nycomed sale

Nordic Capital has expanded its healthcare team through the hire of former cardiac surgeon Dr Raj Shah, according to a statement from the firm.

Shah has been taken on as a partner and will be based in London at NC Advisory, the advisor to Nordic Capital.

Prior to joining Nordic, Shah was co-head of EMEA healthcare investment banking at Goldman Sachs international. During his time at Goldman Sachs, Shah worked on Nordic Capital’s sale of specialty pharmaceutical firm Nycomed to Takeda Pharmaceutical, Japan’s largest drug-maker, for €9.6 billion in 2011.

This is the latest team expansion for the Scandinavian-focused firm. In January Nordic announced it had expanded its ESG and communications teams through the creation of two new roles. The firm hired Karin Lepasoon, a former executive vice president at project development and construction company Skanska, as a director of communications, ESG and human resources, and Emma Brandt as ESG manager.

Over the years Nordic Capital funds have invested in 17 healthcare companies, accounting for around 40 percent of aggregate invested capital, according to the firm. Its healthcare team includes partners Toni Weitzberg, Kristoffer Melinder, Fredrik Näslund and Jonas Agnblad.

Investments Nordic has made in the healthcare sector include Swedish medical device manufacturer Atos Medical, which the firm sold to EQT in 2011 in a deal generating a 5x return, and powered wheelchair producer Permobil, which it sold in 2013 to Swedish holding Investor for SEK 5.5 billion (€661 million; $849 million), which also delivered a 5x return on investment, PEI reported at the time.