Purdue Pharma Gets Deal to Sell Avrio Business for $397 Million

Purdue Pharma LP reached a deal to sell the assets of its consumer health business Avrio Health LP out of bankruptcy to an Arcadia Consumer Healthcare Inc. subsidiary for at least $397 million.

The offer, if approved by the US Bankruptcy Court for the Southern District of New York, would set Arcadia unit Atlantis Consumer Healthcare Inc. as the “stalking horse” bidder for a proposed May 17 auction of the Avrio assets. Under the deal, Atlantis would be entitled to an $11.9 million break-up fee and nearly $4 million in cost reimbursements if another bidder is ultimately chosen, according to ...