Aurobindo Pharma completes sale of US subsidiary's Natrol to New Mountain

Representative photo of pills

Drug firm Aurobindo Pharma on Tuesday said it has completed the sale of Natrol LLC, a wholly-owned unit of its US-based subsidiary, to private equity firm New Mountain Capital.

In October this year, the company had announced that it had inked a pact to divest Natrol LLC to private equity firm New Mountain Capital for USD 550 million.

"The aforesaid transaction has been completed on November 30, 2020," Aurobindo Pharma said in a regulatory filing.

Aurobindo Pharma had acquired Natrol in December 2014.

Natrol's annual sales for the 12 months ended March 31, 2020, stood at around USD 157 million.

Earlier, Aurobindo Pharma Managing Director N Govindarajan had said that proceeds from Natrol's divestiture will be used to reduce debt and other new strategic initiatives.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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