Dec. 11, 2013, 7:32 AM
- Bankrupt Savient Pharmaceuticals (SVNTQ) has agreed to sell substantially all of its assets to Crealta Pharmaceuticals for $120.4M.
- The figure is more than double the stalking horse bid of $55M made by Sloan Holdings.
- The assets include Krystexxa, Savient's uric acid-specific enzyme for treating chronic gout.
- The transaction is subject to approval by the bankruptcy court, which is due to hold a hearing about the agreement on Friday. (PR)
Feb. 1, 2012, 10:48 AMSavient Pharmaceuticals (SVNT -12.6%) shares plunge after Dendreon (DNDN +4.6%) swipes its CEO, as John Johnson will take the helm at DNDN on June 30 after only one year at SVNT. Deutsche Bank says Johnson has a history of M&A and his fresh perspective might benefit DNDN's near-term strategy, noting his success in selling Imclone to Eli Lilly and attempts to sell SVNT. | Feb. 1, 2012, 10:48 AM | 1 Comment
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