NEW DELHI: Drug firmAurobindo Pharmaon 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 divestNatrol LLCto private equity firmNew Mountain Capitalfor 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 DirectorN Govindarajanhad said that proceeds from Natrol’s divestiture will be used to reduce debt and other new strategic initiatives.(Catch all theBusiness News,Breaking NewsEvents andLatest NewsUpdates onThe Economic Times.)
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