Product Quest gets $1.4 million enhanced offer for Minoxidil assets

By Caroline Salls

Pittsburgh, Jan. 18 – Pure Source LLC said Thursday that it plans to make an enhanced bid for Product Quest Manufacturing, LLC’s Minoxidil assets, according to a notice filed with the U.S. Bankruptcy Court for the Middle District of North Carolina.

As previously reported, Product Quest Chapter 7 trustee C. Edwin Allman III requested court approval of the private sale of the Minoxidil assets to Atlantic Coast Media Group LLC for $1.25 million.

The assets include abbreviated New Drug Applications, samples, finished goods and packaging.

However, the trustee said in his motion that, if the court approves a sale of the Minoxidil assets to a third party under specified conditions, Product Quest will pay Atlantic Coast a $49,800 break-up fee and reimburse up to $100,000 of its sale-related expenses.

Pure Source’s notice indicated that it would pay $1.4 million for the Minoxidil assets.

Holly Hill, Fla.-based Product Quest manufactures primarily over-the-counter drugs and cosmetics, as well as some prescription drugs and animal health products. The company filed bankruptcy on Sept. 7, 2018 under Chapter 11 case number 18-50946.

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