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Home » IANS » Aurobindo Pharma to divest Natrol for Rs 4048 crore

Aurobindo Pharma to divest Natrol for Rs 4048 crore

By IANS
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New Delhi, Oct 26 (IANS) Aurobindo Pharma has reached a definitive agreement to sell Natrol LLC., a wholly owned subsidiary of Aurobindo Pharma USA, Inc. , to an affiliate of New Mountain Capital to combine with Jarrow Formulas.

The all-cash transaction is valued at $ 550 million or Rs 4,048 crore at the current exchange rate.

Subject to customary closing conditions and regulatory approvals, the transaction is expected to close by January 2021.

Natrol’s annual sales for the 12 months ended March 31, 2020 was about $ 157 million.

Following the acquisition of the assets of Natrol by Aurobindo Pharma in December 2014, Natrol has been a consistently profitable business, growing on all fronts under Aurobindo’s ownership.

“Aurobindo is committed to evaluating and concluding strategic options towards focused portfolio enhancement with the ultimate objective of enhancing stakeholder values. We are pleased to sell the Natrol business to an outstanding private equity player, who could focus additional resources to grow Natrol, its products and brands further”, said N Govindarajan, Managing Director, Aurobindo Pharma Limited.

He also said, “Proceeds from Natrol’s divestiture will be used to reduce debt and other new strategic initiatives.”

Jefferies served as the sole financial advisor to Aurobindo, and Sullivan & Cromwell LLP acted as legal counsel to Aurobindo.

–IANS

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(This story has not been edited by Newsd staff and is auto-generated from a syndicated feed.)
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