Crealta Pharmaceuticals to Buy Savient for $120M

Bankrupt biotech Savient has found a suitor to snap up its assets: Crealta Pharmaceuticals. As part of the $120.4 million acquisition deal, Crealta will gain the rights to Krystexxa (pegloticase), the only therapy approved in the U.S. to treat refractory chronic gout.

In addition to Krystexxa, Savient sells and distributes branded and generic versions of Oxandrin (oxandrolone). The company’s authorized generic of the drug launched in 2006. Savient also co-promotes the rheumatoid arthritis drug Kineret (anakinra) with drugmaker Swedish Orphan Biovitrum AB.

The agreement comes after the drugmaker filed for Chapter 11 bankruptcy and a sales process in October — developments that followed several years of disappointing sales and layoffs.

The deal is expected to be approved before the end of the year. — Lena Freund

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