Crealta Pharmaceuticals Buys Savient Assets for $120M
Savient Pharmaceuticals has reached an agreement on the terms of an acquisition with Crealta Pharmaceuticals LLC through which Crealta would acquire substantially all of the assets of Savient, including all KRYSTEXXA assets, for gross proceeds of approximately $120.4 million. The agreement was reached following an auction conducted pursuant to bidding procedures approved by the U.S. Bankruptcy Court for the District of Delaware. A hearing at which Savient and Crealta will seek the required Court approval of the sale is scheduled for Friday, December 13, 2013.
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. 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 ("RCG"). KRYSTEXXA is a PEGylated uric acid specific enzyme, or uricase, that has been shown to dramatically reduce uric acid levels for many patients suffering from RCG.
"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," said Ed Fiorentino, Chairman and CEO of Crealta. "Crealta is committed to providing education and support to patients and their health care providers so that KRYSTEXXA can continue to be used safely and effectively. KRYSTEXXA represents the type of product that Crealta strives to deliver to patients, namely specialty products addressing significant health care conditions. We believe this is a meaningful step in Crealta's journey to becoming a leading specialty pharmaceutical company."