Procter & Gamble is buying supplement brand Thorne, CEO Shailesh Jejurikar said on CNBC's "Squawk on the Street."

The acquisition, which is set to be announced Tuesday, is a bid for P&G to grow its health and wellness division. The consumer goods giant already owns other health brands, like Vick's and Oral-B.

"We are really happy with the asset itself," Jejurikar told CNBC's Sara Eisen. "It's a really well-run operation, and it's been around for a long time."

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