Crealta to Acquire Substantially All Of Savient’s Assets for $120.4 Million

Chapter 11 debtor Savient Pharmaceuticals Inc. Dec. 11 announced an agreement under which Crealta Pharmaceuticals LLC would acquire substantially all of Savient’s assets, including the drug Krystexxa, for approximately $120.4 million.

The agreement was reached following an auction using bidding procedures approved by the U.S. Bankruptcy Court for the District of Delaware, Savient said. Savient and Crealta will seek the required bankruptcy court approval of the sale.

According to the agreement, Crealta will purchase Savient’s pharmaceutical portfolio, which is highlighted by the chronic refractory gout drug Krystexxa (pegloticase), which was approved in 2010.

The transaction is subject to closing conditions ...