|By PR Newswire||
|December 13, 2013 12:07 PM EST||
BRIDGEWATER, N.J. and GLENDALE, Wis., Dec. 13, 2013 /PRNewswire/ -- Savient Pharmaceuticals, Inc. (OTC: SVNTQ) ("Savient") announced today that it has received approval from the U.S. Bankruptcy Court for the District of Delaware (the "Court") to sell substantially all of the assets of Savient, including all KRYSTEXXA® assets, to Crealta Pharmaceuticals LLC ("Crealta").
As previously announced, Savient and Crealta have entered into an acquisition agreement through which Crealta would acquire substantially all of the assets of Savient for gross proceeds of approximately $120.4 million. The agreement was reached following an auction conducted pursuant to bidding procedures approved by the Court. According to the terms of the acquisition agreement, Crealta will purchase Savient's pharmaceutical portfolio, which is highlighted by the chronic refractory gout drug KRYSTEXXA®. Crealta was established in August 2013 in partnership with GTCR, one of the nation's leading private equity firms.
Having received approval from the Court, the transaction remains subject to certain closing conditions and the termination of the waiting period under Hart-Scott-Rodino. Additional information, court filings and other documents related to this process, is available through Savient's claims agent, the Garden City Group, at www.gcginc.com/cases/svnt or 866-297-1238.
Skadden, Arps, Slate, Meagher & Flom LLP and Cole, Schotz, Meisel, Forman & Leonard P.A. are serving as Savient's legal advisors, and Lazard is serving as its financial advisor. Kirkland & Ellis LLP is serving as legal advisor to Crealta.
About Savient Pharmaceuticals, Inc.
Savient Pharmaceuticals, Inc. is a specialty biopharmaceutical company focused on developing and commercializing KRYSTEXXA® (pegloticase) for the treatment of chronic gout in adult patients who do not respond to conventional therapy. Savient has exclusively licensed worldwide rights to the technology related to KRYSTEXXA® and its uses from Duke University ("Duke"), which developed the recombinant uricase enzyme used in the manufacture of KRYSTEXXA®, and Mountain View Pharmaceuticals, Inc. ("MVP"), which developed the PEGylation technology used in the manufacture of KRYSTEXXA®. Each of MVP and Duke have been granted U.S. and foreign patents disclosing and claiming the licensed technology. Savient also owns or co-owns U.S. and foreign patents and patent applications, which together with the patents of MVP and Duke form a broad portfolio of patents covering the composition, manufacture and methods of use and administration of KRYSTEXXA®. In the U.S., Savient also supplies Oxandrin® (oxandrolone tablets, USP) CIII and co-promotes Kineret® (anakinra) with Swedish Orphan Biovitrum AB (Sobi). For more information, please visit the Company's website at www.savient.com.
Crealta is a specialty pharmaceutical company focused on innovative therapeutics designed to improve patient outcomes. The company was formed to acquire, develop, and market specialty pharmaceutical products with a focus on select physician specialties. For more information about Crealta, please visit www.crealtapharma.com, call 1-781-639-1910, or email firstname.lastname@example.org.
Founded in 1980, GTCR is a leading private equity firm focused on investing in growth companies in the Financial Services & Technology, Healthcare and Information Services & Technology industries. The Chicago-based firm pioneered The Leaders Strategy™ – finding and partnering with management leaders in core domains to identify, acquire and build market-leading companies through transformational acquisitions and organic growth. Since its inception, GTCR has invested more than $10 billion in over 200 companies. For more information, please visit www.gtcr.com.
Cautionary Note Regarding Forward-Looking Statements
Certain information in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that are not statements of historical fact, including statements regarding the satisfaction of conditions to the closing of the proposed asset sale, the potential of the proposed asset sale and the expectation that the Chapter 11 filings will enable us to sell our assets in an orderly manner and maximize value for our stakeholders and other statements regarding our strategy, future operations, future financial positions, future performance, commercialization of KRYSTEXXA®, prospects and plans and objectives of management, should be considered forward-looking statements. We often use words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "may," "predict," "will," "would," "could," "should," "target" and similar expressions to identify forward-looking statements. Actual results or events could differ materially from those indicated in forward-looking statements as a result of risks and uncertainties, including, among others, the potential adverse impact of the Chapter 11 filings on our liquidity or results of operations, changes in our ability to meet financial obligations during the Chapter 11 process or to maintain contracts that are critical to our operations, the outcome or timing of the Chapter 11 process and the proposed asset sale, the effect of the Chapter 11 filings or proposed asset sale on our relationships with third parties, regulatory authorities and employees, proceedings that may be brought by third parties in connection with the Chapter 11 process or the proposed asset sale or conditions to the proposed asset sale, and the timing or amount of any distributions to the Company's stakeholders. For a discussion of some of the additional risks and important factors that we believe could cause actual results or events to differ from the forward-looking statements that we make, see the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2013. In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results or events to differ from those contained in any forward-looking statements. Accordingly, you should not place undue reliance on any forward-looking statements contained in this press release. Any forward-looking statements speak only as of the date of this press release. We undertake no obligation to publicly update forward-looking statements, whether as a result of new information, future events or otherwise.
SVNTQ -- G
John P. Hamill, Co- President and Chief Financial Officer
Philip K. Yachmetz, Co-President and Chief Business Officer
Kelly Sullivan / James Golden
Joele Frank, Wilkinson Brimmer Katcher
SOURCE Savient Pharmaceuticals, Inc.