| NEW YORK, March 15
NEW YORK, March 15 Goldman Sachs Group Inc
received $32.5 million for its remaining stake in
Epocrates Inc, after the healthcare technology company was
acquired by athenahealth Inc, according to a securities
filing on Friday.
Goldman had originally acquired 3 million shares in
Epocrates for $40 million in 2007, as part of its plan to build
out an independent-research arm called Hudson Street. The
business sold institutional investors information from a variety
of firms that collected data and performed market analysis.
Goldman acquired stakes in its Hudson Street partners as a
bet that investor demand for independent research would rise.
But the bank eventually dismantled the business because big
trading clients were less interested in paying for the research
than Goldman had predicted.
Epocrates was Goldman's last remaining investment related to
the Hudson Street business. The bank cashed in 2.8 million
shares for $11.75 apiece, according to terms of athenahealth's
buyout. Goldman had also sold $4 million worth of stock when
Epocrates went public in January 2011, bringing its total stock
sales to $36.5 million.