CHATSWORTH, Calif.--(BUSINESS WIRE)--Sixth paragraph, the fourth and fifth sentences should read: "In October, Natrol was audited by...There were no 438 observations cited." (Instead of "In October, the company received...required further observation.")
The corrected release reads:
NATROL, INC. COMPLETES SALE TO AUROBINDO PHARMA USA INC.
Company Expects to Complete Record Year with New Ownership, Strong Prospects
Natrol, Inc., a 34-year provider of well-known nutritional supplements, today announced the completion of the sale of substantially all of the company’s assets to Aurobindo Pharma USA Inc. (APUSA), a subsidiary of India-based Aurobindo Pharma Limited, a manufacturer of generic pharmaceuticals and active pharmaceutical ingredients, for a purchase price of $132.5 million plus assumed liabilities.
Last month, APUSA emerged as the highest and best bidder for assets of Natrol and Natrol’s subsidiaries, including Natrol’s well-established nutraceuticals brands in the United States, the manufacturing assets, personnel and commercial infrastructure. The closing of the sale creates a fully integrated nutraceuticals platform in the United States and other international markets.
“I am pleased that Aurobindo recognizes the value of Natrol’s uncompromised quality products, loyal customers, talented employees and solid relationships with our retailer partners,” stated Mesrop Khoudagoulian, Natrol CEO. “We look forward to working with the Aurobindo team to further expand our over-the-counter product portfolio and our reach with the financial support of strong owners.”
Mr. Khoudagoulian continued: “We said at the outset of the restructuring that we would have the right answers within six months, and we have met that timetable to the day. I want to thank everyone who has stood by us faithfully during this period, including our vendors, employees, and retail partners. Your loyalty has helped Natrol to achieve its most profitable year to date.”
Mr. N Govindarajan, Managing Director of Aurobindo, stated that: “Natrol comes with certain well established brands and an extensive distribution network consisting of retail pharmacy chains and specialty health food stores. The acquisition of Natrol’s assets will help us tactically position ourselves in the U.S. nutraceuticals spaces and offer an effective growth strategy to expand market penetration going forward.”
Natrol has seen progress in its efforts toward opening a new manufacturing facility near its Chatsworth headquarters. Proprietary machinery continues to arrive as the company moves to complete the assembly process. The new facility will ultimately result in the hiring of 100 new employees, for which the company has received the support of local elected officials. In October, Natrol was audited by the U.S. Federal Drug Administration to review compliance with the Code of Federal Regulations 21. There were no 483 observations cited.
About Natrol, Inc.
Established in 1980, Natrol, Inc. has been a global leader in the nutrition industry, and a trusted manufacturer and marketer of a superior quality of herbs and botanicals, multivitamins, specialty and sports nutrition supplements made to support health and wellness throughout all ages and stages of life. Natrol products are manufactured in the U.S. and are available in health food stores, drug and grocery stores, and mass-market retailers, as well as through Natrol.com and other online retailers. Headquartered in Chatsworth, CA, Natrol distributes products nationally through more than 54,000 retailers as well as internationally in over 40 other countries through distribution partners. For more information, visit www.Natrol.com or call 1-800-2-NATROL (1-800-262-8765).
About Aurobindo Pharma Limited
Aurobindo Pharma Limited (www.aurobindo.com), headquartered at Hyderabad, India, manufactures generic pharmaceuticals and active pharmaceutical ingredients. The company’s manufacturing facilities are approved by several leading regulatory agencies like US FDA, UK MHRA, Japan PMDA, WHO, Health Canada, MCC South Africa, ANVISA Brazil. The company’s robust product portfolio is spread over 6 major therapeutic/product areas encompassing Antibiotics, Anti-Retrovirals, CVS, CNS, Gastroenterologicals, and Anti-Allergics, supported by an outstanding R&D set-up. The Company is marketing these products globally, in over 125 countries.
About Aurobindo Pharma USA
Aurobindo Pharma USA Inc (APUSA) based at Dayton, New Jersey, USA is committed to delivering a broad portfolio of quality, affordable generic pharmaceuticals to pharmacists and patients in USA and includes more than 125 product families and 450 individual product packages, representing a wide range of therapeutic categories. In addition to its global production, APUSA operates 2 facilities in New Jersey. Through its flexibility in balancing highly efficient global production with in-market capabilities for packaging and controlled substance development and manufacture, APUSA is diversifying into a wide range of products and dosage forms. APUSA is also in the US OTC market through its subsidiary, Aurohealth LLC to develop, manufacture, market and distribute OTC products in the US.
