Based in Sarasota, Fla., WellSpring Pharmaceutical is a privately-held company focused on the development, manufacturing and marketing of over-the-counter and personal care products for the U.S. and Canadian markets. WellSpring planned to acquire the over-the-counter antiseptic Bactine®, which has been on the market since 1950. WellSpring needed legal help with the FDA-related issues that arose during the transaction. Specifically, AGG was asked to assist WellSpring and corporate counsel on the Asset Purchase Agreement, the Quality Agreement and the Transition Supply Agreement. The matter was time sensitive and an urgent approach was required.
AGG helped the client understand the FDA-related implications of the transaction, drafted provisions to protect the client’s interests, and explained potential regulatory considerations if the client accepted certain contractual terms proposed by the seller.
The acquisition closed in December 2015. The client said in a press release Bactine® is an excellent addition to the rapidly expanding personal care and OTC brand portfolio that the company is building. “We believe there is a great deal of potential in this iconic brand and look forward to leveraging its heritage in the first aid category,” WellSpring CEO Wendy Shusko commented. The company expressed to AGG its appreciation of the firm’s responsiveness and help.