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