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.
About Crealta
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
kaplan@kogspr.com.
About GTCR
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
Contacts:
Savient Pharmaceuticals
John
P. Hamill, Co- President and Chief Financial Officer
Philip K. Yachmetz, Co-President and
Chief Business Officer
information@savient.com
908-864-7382
Kelly Sullivan / James Golden
Joele Frank, Wilkinson Brimmer
Katcher
212-355-4449
Crealta Pharmaceuticals
Cheri
Kieca
847-234-6715
SOURCE Savient Pharmaceuticals, Inc.