Emerges as the highest and best bidder to acquire the California-based company
Aurobindo Pharma USA, Aurobindo Pharma’s 100 per cent subsidiary, has emerged as the highest and best bidder to acquire California-based Natrol and other affiliate entities, under a process to be finally approved by the United States Bankruptcy Court for the District of Delaware.
Under the auction process, Aurobindo USA emerged as the highest and best bidder with a bid of $132.5 million to acquire the assets of Natrol with an agreement to take on certain liabilities. Aurobindo USA believes that Natrol is an excellent strategic fit and provides the right platform for creating a fully-integrated OTC platform in the US and in other international markets. Natrol, which manufactures and sells nutritional supplements in US 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, existing long-term relationship with key distribution and retail partners addressing a broad range of consumers and an effective growth strategy to expand market penetration.
The 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. Barclays acted as the sole financial advisor and Sullivan & Cromwell acted as the legal counsel to Aurobindo USA.
EP News Bureau – Mumbai