Bankrupt Savient Gets OK For $120M Sale To Crealta

Law360, Wilmington (December 13, 2013, 6:34 PM EST) -- A Delaware bankruptcy judge on Friday blessed drug developer Savient Pharmaceuticals Inc.'s sale to Crealta Pharmaceuticals LLC for $120.4 million, more than twice the price initially established by the debtor's stalking horse bidder.

Savient entered court protection two months ago with a US WorldMeds LLC subsidiary in place as a $55 million stalking horse for planned auction, and the Section 363 process produced a “remarkable success,” Savient attorney David Turetsky said Friday at a sale hearing in Wilmington.

The auction, held Tuesday, featured four bidders and...
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