Savient given green light to sell assets to Crealta Pharmaceuticals

17-Dec-2013

Crealta will pay US$120.4m for pharmaceutical portfolio

Savient Pharmaceuticals has received approval from the US Bankruptcy Court for the District of Delaware to sell substantially all of its pharmaceutical portfolio, including the gout treatment Krystexxa, to Crealta Pharmaceuticals.

Savient and Crealta previously entered into an acquisition agreement through which Crealta would acquire the assets of Savient for approximately US$120.4m. The agreement was reached following an auction conducted pursuant to bidding procedures approved by the Court.

Crealta was established in August 2013 in partnership with GTCR, a private equity firm located in the US.

Having received approval from the Court, the transaction remains subject to certain closing conditions.

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Savient, a specialist biopharmaceutical company, based in Bridgewater, NJ, US, filed for Chapter 11 bankruptcy protection in October.

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