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Monday, Oct 14
Savient Pharmaceuticals files Chapter 11
- Savient Pharmaceuticals (SVNT) files voluntary Chapter 11 petitions.
- The company is pursuing a sale under Section 363, with "stalking horse" bidder Sloan Holdings set to acquire Savient's assets for about $55M.
- The Sloan deal sets a floor price for a court-supervised auction.
- The assets in particular include Krystexxa, Savient's uric acid-specific enzyme indicated to treat chronic gout.