 "Aurobindo emerges winner to buy US-based Natrol with $132 mn bid")
The Hyderabad-based Aurobindo Pharma Limited has announced that its wholly-owned subsidiary Aurobindo Pharma USA Inc has emerged as the highest bidder with $ 132.5 million for acquiring nutritional supplement maker, Natrol Inc and other affiliate entities, under a process to be finally approved by the US Bankruptcy Court for the District of Delaware.
“Aurobindo believes that Natrol is an excellent strategic fit and provides the right platform for creating a fully-integrated OTC platform in the USA and in other international markets. Natrol, which manufactures and sells nutritional supplements in USA and other international market, provides Aurobindo with strong brand reputation and presence in a variety of attractive supplement markets; proven performance in the mass market, health food and speciality channels; and an effective growth strategy to expand market penetration,” said Aurobindo in a press release.
This acquisition is subject to final approval by the US Court and other statutory approvals as may be required, including any termination of the waiting period or approval under the HSR Act, and closing conditions as per the asset purchase agreement.
A Wall Street Journal report says Natrol filed for Chapter 11 Bankruptcy Protection in June, under pressure from Cerberus Business Finance LLC, and eventually agreed to put itself for sale to pay off its debts to its lender. In addition to cash to pay Cerberus, Aurobindo Pharma USA Inc. has agreed to take on some of Natrol's unpaid bills, according to the papers filed on Monday in the US Bankruptcy Court in Wilmington.
Natrol Inc manufactures and sells quality uncompromised nutritional supplements in the US and select international markets. It offers branded products including vitamins, minerals, and supplements; diet and weight management products; sports nutrition products; products and formulas for hair, skin, and nails.
FOR COMPLETE REPORT READ: Aurobindo wins Natrol bid with $132 million
“Aurobindo believes that Natrol is an excellent strategic fit and provides the right platform for creating a fully-integrated OTC platform in the USA and in other international markets. Natrol, which manufactures and sells nutritional supplements in USA and other international market, provides Aurobindo with strong brand reputation and presence in a variety of attractive supplement markets; proven performance in the mass market, health food and speciality channels; and an effective growth strategy to expand market penetration,” said Aurobindo in a press release.
This acquisition is subject to final approval by the US Court and other statutory approvals as may be required, including any termination of the waiting period or approval under the HSR Act, and closing conditions as per the asset purchase agreement.
A Wall Street Journal report says Natrol filed for Chapter 11 Bankruptcy Protection in June, under pressure from Cerberus Business Finance LLC, and eventually agreed to put itself for sale to pay off its debts to its lender. In addition to cash to pay Cerberus, Aurobindo Pharma USA Inc. has agreed to take on some of Natrol's unpaid bills, according to the papers filed on Monday in the US Bankruptcy Court in Wilmington.
Natrol Inc manufactures and sells quality uncompromised nutritional supplements in the US and select international markets. It offers branded products including vitamins, minerals, and supplements; diet and weight management products; sports nutrition products; products and formulas for hair, skin, and nails.
FOR COMPLETE REPORT READ: Aurobindo wins Natrol bid with $132 million