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Aurobindo Pharma Ltd is set to acquire U.S.-based nutritional supplements maker Natrol Inc through its arm.
The Hyderabad-based company had emerged as the highest bidder for acquisition of the company and other affiliate entities on November 10, 2014.
The auctioning process needs to be finally approved by the United States Bankruptcy Court for the District of Delaware, the company said in a release issued here on Wednesday.
Under the auction process, Aurobindo USA emerged as the highest and best bidder with a bid of $132.5 million.
``Aurobindo USA believes that Natrol is an excellent strategic fit and provides the right platform for creating a fully-integrated OTC platform in the USA and in other international markets,’’ the company said.
Natrol provides Aurobindo with strong brand reputation and presence in a variety of attractive supplement markets, existing long term relationship with key distribution and retail partners addressing a broad range of consumers and an effective growth strategy to expand market penetration, the company said.
This acquisition is subject to final approval by the U.S. Court and other statutory approvals.
Aurobindo Pharma’s scrip gained 3.53 per cent on the Bombay Stock Exchange on Wednesday and is trading at Rs 1,064.40 by the noon.
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