Savient Pharma To Sell All Assets To Crealta Pharma In $120.4 Mln Deal

(RTTNews) - Savient Pharmaceuticals Inc. (SVNT) announced Wenesday that it has reached agreement to sell substantially all of its assets, including all Krystexxa assets, to Crealta Pharmaceuticals LLC for gross proceeds of about $120.4 million.

The company said that 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 or "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.

The transaction is subject to certain closing conditions, including approval from the Court and the termination of the waiting period under Hart-Scott-Rodino. Upon the completion of the sale, Savient's previously announced agreement with US WorldMeds, LLC and Sloan Holdings C.V. will terminate in accordance with its terms.

The company noted that Krystexxa is not indicated for the treatment of asymptomatic hyperuricemia. Krystexxa is indicated for adults who have tried or cannot take oral gout medications and still have high uric acid levels and signs and symptoms of gout. Patients who have a genetic condition known as G6PD deficiency should not use Krystexxa.

Discontinue oral urate-lowering therapies before instituting Krystexxa and do not institute oral urate-lowering therapy while the patient is on Krystexxa therapy.