Product Quest granted approval of $1.4 million Minoxidil asset sale

By Caroline Salls

Pittsburgh, Feb. 1 – Product Quest Manufacturing, LLC obtained court approval of the $1.4 million sale of its Minoxidil assets to Pure Source LLC, according to an order filed Thursday 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 originally 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 $80,200 of its sale-related expenses.

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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