Savient Pharmaceuticals Files For Ch. 11, Plans $55M Sale

Law360, Wilmington (October 15, 2013, 5:01 PM ET) -- Cash-strapped drug developer Savient Pharmaceuticals Inc. filed for Chapter 11 in Delaware bankruptcy court on Monday, seeking to sell its assets to a unit of US WorldMeds LLC, which has signed on as a $55 million stalking-horse bidder.

New Jersey-based Savient — which posted roughly $73.8 million in assets against nearly $260.4 million in liabilities as of June 30 — and its sole U.S. subsidiary sought court protection after the drug developer's flagship product Krystexxa failed to carry the company to profitability.

Savient saw its cash...
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