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Monday, May 23, 2022

Indian Firm Buys Natrol Assets from Bankruptcy

Natrol Inc., a Chatworth maker of vitamins and supplements in bankruptcy, has sold most of its assets to an Indian generic drug maker for $133 million plus assumed liabilities, the company announced Monday. Aurobindo Pharma USA Inc., a domestic unit of Aurobindo Pharma Ltd. in Hyderabab, is buying Natrol. It will continue operating its Valley headquarters and the 216 employees will retain their jobs, said Rivian Bell, a spokeswoman for the company. “The best thing about this is that all the employees there were offered jobs,” she said. Natrol, which was owned by Plethico Pharmaceuticals Ltd., another Indian company, filed for Chapter 11 protection in June following a dispute with its lender, New York private equity firm Cerberus Capital Management, Bell said. The sale to Aurobindo will allow Cerberus to be fully repaid for secured loans of $68 million, she said. Aurobindo beat out the next highest bid of $84 million in a Nov. 12 auction in U.S. Bankruptcy Court in Wilmington, Del. Natrol is a leading manufacturer in the industry, with its brands, including Natrol, ProLab and MRI, distributed in 54,000 U.S. retailers and 40 countries. Aurobindo Pharma USA is based in Dayton N.J. and has a portfolio of 450 generic drugs. It operates two facilities in New Jersey.

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