Savient assets to be sold to Crealta Pharmaceuticals

|About: Savient Pharmaceuticals, ... (SVNTQ)|By:, SA News Editor

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)