Savient Pharmaceuticals Files for Bankruptcy
Savient Pharmaceuticals Inc., developer of gout drug Krystexxa, sought bankruptcy protection and court approval to sell its assets to a US WorldMeds LLC unit for $55 million.
Savient had $260 million in debt and $74 million in assets, according to a the court filing. An agreement with Sloan Holdings CV, a unit of Louisville, Kentucky-based US WorldMeds, calls for Sloan to acquire most of Savient, including Krystexxa, for $55 million under a court-supervised auction process. Read more