Pharmachem to Buy Global Health Unit
Health-supplement maker Global Health Sciences Inc. in Orange said Tuesday that a New Jersey company has agreed to buy the assets of Global unit American Ingredients Inc. Terms were not released.
Global, which defaulted on $225 million in debt payments in November and filed for bankruptcy protection in January, said in a press release that Pharmachem Laboratories Inc. in Kearny will buy the unit through bankruptcy court proceedings, subject to a higher bid.
Before falling on hard times, Global Health was the largest supplier to Herbalife International Inc., the Los Angeles distributor of herbal and weight-loss supplements. The relationship between the two companies soured after Herbalife founder Mark Hughes died last year.
The companies now have lawsuits pending against each other.
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