Aurobindo set to acquire US-based Natrol for $132 mn

Emerges as highest bidder under a process to be approved by US Bankruptcy Court for District of Delaware

Aurobindo Pharma is all set to acquire troubled US-based nutritional supplement maker, Natrol Inc for $132.5 million (over Rs 810 crore) after emerging as the highest bidder for acquisition.

Aurobindo Pharma USA Inc, a subsidiary of the Hyderabad-based firm, has emerged as the highest bidder for acquisition of Natrol Inc 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 Pharma said in a statement.

The buyout of Natrol would provide the right platform for creating a fully-integrated OTC platform in the US and other international markets, it added.

Natrol, which manufactures and sells nutritional supplements in US and other international markets, provides Aurobindo with strong brand reputation and presence in a variety of attractive supplement markets, it said.

"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," Aurobindo Pharma said.

Barclays acted as the sole financial advisor and Sullivan & Cromwell LLP acted as the legal counsel to Aurobindo USA, it added.

Aurobindo Pharma shares were trading at Rs 1,066 apiece on the BSE, up 3.69 per cent from its previous close.