Aurobindo Pharma has announced that it has reached a definitive agreement to sell its subsidiary – Natrol LLC to New Mountain Capital, which will combine it with Jarrow Formulas. This transaction is expected to close by January 2021 subject to customary closing conditions and regulatory approvals. The pharma firm is looking to use the proceeds of the divestiture to reduce debt and for other new strategic initiatives.
Mr N. Govindarajan, Managing Director, Aurobindo Pharma Limited said on the announcement of agreement – “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 enter into an agreement to sell the Natrol business to an outstanding private equity player, who can focus additional resources to grow Natrol, its products and brands further. On behalf of the Aurobindo Group, my heartfelt thanks to all stakeholders including employees who have supported in acquiring and bringing Natrol to a growth path in the past 6 years.”
New Mountain Capital is a New York based investment firm and currently manages private equity, public equity and credit funds with over $28 billion in assets under management. “Throughout its history, Natrol has stood up for the highest quality products designed to drive positive outcomes and enhance quality of life for its users. We thank Aurobindo for their stewardship of Natrol over the last six years, and we look forward to working closely with the management teams at Natrol and Jarrow Formulas to build upon Natrol’s strong momentum and drive continued growth and market-leading innovation.” said Andre Moura, Managing Director at New Mountain Capital on the agreement.
Aurobindo Pharma Limited manufactures generic pharmaceuticals and active pharmaceutical ingredients. The company’s manufacturing facilities are approved by several regulatory agencies like US FDA, UK MHRA, Japan PMDA, WHO, Health Canada, MCC South Africa, ANVISA Brazil. The company’s product portfolio is spread over 7 major therapeutic/product areas and is marketed globally, in over 150 countries.
–AK Source – PR newswire
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