Creditor Sues Savient Pharmaceuticals To Force Liquidation

Law360, Wilmington (May 1, 2012, 2:32 PM EDT) -- Savient Pharmacueticals Inc.’s largest creditor filed suit in Delaware on Monday to compel the drugmaker to liquidate, alleging that management refuses to accept that the company cannot be salvaged after the failed launch of its flagship gout drug Krystexxa.

San Diego-based Tang Capital Partners LP asked the Delaware Chancery Court to appoint a receiver to immediately liquidate and distribute the company’s assets to creditors and stem the “excessive and unjustifiable hemorrhaging of cash” caused by the Savient board’s efforts to save the company.

East Brunswick, N.J.-based...
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