Aurobindo to sell Natrol to PE entity for $550 mn

Drugmaker Aurobindo Pharma has reached a definitive settlement to promote Natrol LLC, an entirely owned subsidiary of Aurobindo Pharma USA Inc., to personal fairness agency New Mountain Capital and its affiliate Jarrow Formulation.The all-cash transaction is valued at $550 million (₹four,048 crore on the present trade price), Aurobindo Pharma intimated the inventory trade Monday morning. The transaction is anticipated to shut by January.Aurobindo Pharma had acquired the belongings of Natrol in December 2014. “Natrol has been a persistently worthwhile enterprise, rising on all fronts beneath Aurobindo’s possession,” the corporate mentioned. “Natrol’s annual gross sales for the 12 months ended March 31, 2020 was about $157 million,” it added. The online price of Natrol as on March 31 was $82.41 million.“We’re happy to promote the Natrol enterprise to an excellent non-public fairness participant, who might focus extra sources to develop Natrol, its merchandise and types additional,” Managing Director N. Govindarajan mentioned. The proceeds from Natrol’s divestiture might be used to cut back debt and for different new strategic initiatives. he mentioned. Jefferies served as the only real monetary adviser, and Sullivan & Cromwell LLP acted as authorized counsel to Aurobindo.

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