Savient Pharmaceuticals Inc. announced Wednesday it has reached a deal with Crealta Pharmaceuticals LLC through which Crealta will acquire all Savient's assets, for gross proceeds of approximately $120.4 million.
The Bridgewater-based Savient announced in mid-October its Chapter 11 bankruptcy filing, in which it agreed to sell its assets for $55 million to WorldMeds subsidiary Sloan Holdings C.V. That agreement set the floor for a bankruptcy auction resulting in Wednesday's announcement, and it will terminate upon the completion of the sale to Crealta.
Savient continued operating during bankruptcy proceedings and said in a release that a hearing is scheduled for Dec. 13 at which Savient and Crealta will seek the required court approval for the sale.
According to the announcement, the terms of the acquisition call for Crealta to purchase Savient's pharmaceutical portfolio, highlighted by the chronic refractory gout drug Krystexxa. Krystexxa is a novel biologic product that was designated as an orphan drug by the Food and Drug Administration based on the relatively small patient population with refractory chronic gout.
"We are thrilled to be able to acquire Krystexxa from Savient, thus ensuring the continued availability of an important therapy for patients suffering from what can be a debilitating condition," Crealta CEO Ed Fiorentino said in a statement.
Skadden, Arps, Slate, Meagher & Flom LLP and Cole, Schotz, Meisel, Forman & Leonard P.A. are serving as Savient's legal advisers, and Lazard is serving as its financial adviser, with Kirkland & Ellis LLP advising Crealta, according to Savient's release.