BRIDGEWATER, N.J. (AP) -- 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, based in Bridgewater, N.J., filed for Chapter 11 bankruptcy protection in October. It said Wednesday the deal with Crealta was reached following a U.S. Bankruptcy Court-approved auction. The companies will seek required court approval for the sale on Friday.
Krystexxa treats patients with refractory, chronic gout. Savient also sells branded and generic versions of Oxandrin, which is used for weight gain following involuntary weight loss after extensive surgery, chronic infections or severe trauma.
The company said previously announced deals with US WorldMeds LLC and Sloan Holdings CV will end once the sale is completed.
Crealta Pharmaceuticals was founded in August in partnership with the private equity firm GTCR to acquire specialty pharmaceutical products.