Purdue to Go Ahead with $397 Million Sale of Avrio Health Unit

Purdue Pharma LP will proceed to sell its consumer drug unit Avrio Health LP for $397 million in a bankruptcy sale to Atlantis Consumer Healthcare, after no other qualified bids emerged for a planned auction.

Atlantis, which submitted the stalking horse bid, will buy Avrio’s four principal over-the-counter medications, Purdue said in a Tuesday filing with the US Bankruptcy Court for the Southern District of New York.

Atlantis is a subsidiary of Arcadia Consumer Healthcare Inc., which operates a number of consumer brands, including Nizoral shampoos and stomach pain reliever Kaopectate.

Sale proceeds will go to a pool of funds ...