Aurobindo Pharma has completed the sale of Natrol LLC, a wholly owned, step-down subsidiary in the U.S., to private equity firm New Mountain Capital and Jarrow Formulas.
On Tuesday, in a stock exchange filing, the Hyderabad-headquartered drugmaker referred to the definitive agreement the parties had entered in this regard in October. “We would like to inform you that the aforesaid transaction has been completed on November 30,” it said.
Aurobindo Pharma had said the all-cash transaction was valued at $550 million (about ₹4,048 crore) and expected it to close by January. The sale of Natrol included business assets as a going concern with related assets, liabilities, products, brands and employees. Aurobindo plans to use the proceeds from the divestment to reduce debt and for other new strategic initiatives.
