Bankrupt Savient Takes $120M Bid From Pharma Co. Crealta

Law360, Wilmington (December 11, 2013, 8:15 PM ET) -- Drug developer Savient Pharmaceuticals Inc. announced Tuesday it will sell the bulk of its assets to Crealta Pharmaceuticals LLC, which submitted a $120.4 million offer at the company's bankruptcy auction.

Cash-strapped Savient filed for Chapter 11 in October after lining up a unit of US WorldMeds LLC as a $55 million stalking horse and tapped Crealta as the winning bidder Tuesday following a successful Section 363 sale, according to a joint release.

Crealta — a recently minted partnership between Chicago-based private equity firm GTCR and Ed...
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