Savient to Sell Substantially All Assets To Crealta Pharmaceuticals for $120.4M
Savient Pharmaceuticals (NASDAQ: SVNT) announced today that it has reached agreement on the terms of an acquisition agreement with Crealta Pharmaceuticals LLC ("Crealta") through which Crealta would acquire substantially all of the assets of Savient, including all KRYSTEXXA® assets, for gross proceeds of approximately $120.4 million. The agreement was reached following an auction conducted pursuant to bidding procedures approved by the U.S. Bankruptcy Court for the District of Delaware (the "Court"). A hearing at which Savient and Crealta will seek the required Court approval of the sale is scheduled for Friday, December 13, 2013.
According to the terms of the acquisition agreement, Crealta will purchase Savient's pharmaceutical portfolio, which is highlighted by the chronic refractory gout drug KRYSTEXXA®. KRYSTEXXA® is a novel biologic product that was designated as an orphan drug by the FDA based on the relatively small patient population with refractory chronic gout ("RCG"). KRYSTEXXA® is a PEGylated uric acid specific enzyme, or uricase, that has been shown to dramatically reduce uric acid levels for many patients suffering from RCG.
"We are thrilled