It seems the bankrupt Savient has found a savior in Crealta Pharmaceuticals. The biotech has agreed to sell itself and its assets, including leading product Krystexxa, to Crealta for $120.4 million, and the companies will seek court approval for the sale later this week.
It was all downhill for Savient after winning approval for gout drug Krystexxa in September 2010. Now, the company may have hit rock bottom. Monday, the biotech said it had filed for bankruptcy in a Delaware court, agreeing to sell off most of its assets for about $55 million.
Shopping for a drug company that's adept at making liquid formulas? You're in luck, because privately held Rosemont Pharmaceuticals is on the block. Owned by Close Brothers Private Equity, the drugmaker is valued at an estimated £200 million, or about $324 million.
Savient Pharmaceuticals posted just $4 million in sales of its gout drug Krystexxa, a 30% increase year-over-year, but not enough to save the company from a $16.4 million loss for the period.
Savient Pharmaceuticals can't be forced into receivership by a disgruntled creditor, a court ruled. But the company still has to face Tang Capital Partners' claims that it breached its fiduciary duties.
After $102 million in 2011 losses, and first-quarter Krystexxa revenues of just $3.1 million, Savient Pharmaceuticals ($SVNT) plans to cut 35% of its workforce and trim costs to save $56 million annually.
Savient is grappling with a high-profile lawsuit from the hedge fund Tang Capital, which accuses the company of bungling the launch of its gout drug Krystexxa.
Savient Pharmaceuticals ($SVNT) has announced a bureaucratic breakthrough that could help increase sales of its new gout drug Krystexxa. The Centers for Medicare and Medicaid Services gave Krystexxa
Anytime a drugmaker launches a new product--especially a highly touted potential blockbuster--it risks disappointment. The list of drugs introduced with a bang only to see sales whimper is long and
Savient Pharmaceuticals ($SVNT) hasn't made huge inroads with its new gout drug, Krystexxa. Over the first 6 months of the year, the drug generated only $1.4 million in sales. But the company is now