Savient Pharmaceuticals Inc. plans to sell its drug portfolio, including the gout treatment Krystexxa, to Crealta Pharmaceuticals LLC for $120.4 million, pending bankruptcy court approval.
Savient filed for bankruptcy in October, with $260 million in debt and $74 million in assets.
Krystexxa is a novel biologic product that was designated as an orphan drug by the FDA based on the relatively small patient population with refractory chronic gout. Savient also sells branded and generic versions of Oxandrin, an anabolic steroid used to regain involuntary weight lost after surgery, illness, or trauma.
Headquartered in Lake Forest, Illinois, the newly formed (August 2013) Crealta Pharmaceuticals is focused on acquiring specialty pharmaceutical companies and products.