Savient Pharmaceuticals said Friday that it has received approval from the U.S. Bankruptcy Court for the District of Delaware to sell its assets to Crealta Pharmaceuticals. The gross proceeds of the acquisition is valued at approximately $120.4 million. Lazard is serving as financial advisor to Savient on the transaction. Savient is a specialty biopharmaceutical company focused on treating chronic gout. Crealta Pharmaceuticals is a portfolio company of GTCR.
BRIDGEWATER, N.J. and GLENDALE, Wis., Dec. 13, 2013 /PRNewswire via COMTEX/ — Savient Pharmaceuticals, Inc. SVNTQ -12.50% (“Savient”) announced today that it has received approval from the U.S. Bankruptcy Court for the District of Delaware (the “Court”) to sell substantially all of the assets of Savient, including all KRYSTEXXA® assets, to Crealta Pharmaceuticals LLC (“Crealta”).
As previously announced, Savient and Crealta have entered into an acquisition agreement through which Crealta would acquire substantially all of the assets of Savient for gross proceeds of approximately $120.4 million. The agreement was reached following an auction conducted pursuant to bidding procedures approved by the Court. According to the terms of the acquisition agreement, Crealta will purchase Savient’s pharmaceutical portfolio, which is highlighted by the chronic refractory gout drug KRYSTEXXA®. Crealta was established in August 2013 in partnership with GTCR, one of the nation’s leading private equity firms.
Having received approval from the Court, the transaction remains subject to certain closing conditions and the termination of the waiting period under Hart-Scott-Rodino. Additional information, court filings and other documents related to this process, is available through Savient’s claims agent, the Garden City Group, at www.gcginc.com/cases/svnt or 866-297-1238.
Skadden, Arps, Slate, Meagher & Flom LLP and Cole, Schotz, Meisel, Forman & Leonard P.A. are serving as Savient’s legal advisors, and Lazard is serving as its financial advisor. Kirkland & Ellis LLP is serving as legal advisor to Crealta.
About Savient Pharmaceuticals, Inc.
Savient Pharmaceuticals, Inc. is a specialty biopharmaceutical company focused on developing and commercializing KRYSTEXXA® (pegloticase) for the treatment of chronic gout in adult patients who do not respond to conventional therapy. Savient has exclusively licensed worldwide rights to the technology related to KRYSTEXXA® and its uses from Duke University (“Duke”), which developed the recombinant uricase enzyme used in the manufacture of KRYSTEXXA®, and Mountain View Pharmaceuticals, Inc. (“MVP”), which developed the PEGylation technology used in the manufacture of KRYSTEXXA®. Each of MVP and Duke have been granted U.S. and foreign patents disclosing and claiming the licensed technology. Savient also owns or co-owns U.S. and foreign patents and patent applications, which together with the patents of MVP and Duke form a broad portfolio of patents covering the composition, manufacture and methods of use and administration of KRYSTEXXA®. In the U.S., Savient also supplies Oxandrin® (oxandrolone tablets, USP) CIII and co-promotes Kineret® (anakinra) with Swedish Orphan Biovitrum AB (Sobi). For more information, please visit the Company’s website at www.savient.com .
About CrealtaCrealta is a specialty pharmaceutical company focused on innovative therapeutics designed to improve patient outcomes. The company was formed to acquire, develop, and market specialty pharmaceutical products with a focus on select physician specialties. For more information about Crealta, please visit www.crealtapharma.com , call 1-781-639-1910, or email email@example.com.
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare and Information Services & Technology industries. The Chicago-based firm pioneered The Leaders Strategy(TM) – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $10 billion in over 200 companies. For more information, please visit www.gtcr.com .