Savient commences voluntary Chapter 11 proceeding
Savient Pharmaceuticals announced that it has elected to file voluntary petitions under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware. Savient also filed a motion seeking authorization to pursue a sale process under Section 363 of the U.S. Bankruptcy Code. To this end, Savient has entered into an acquisition agreement with a "stalking horse" bidder, Sloan Holdings, a subsidiary of US WorldMeds, which it has submitted to the court. Under the proposed agreement, Sloan will acquire substantially all of the assets of Savient, including all KRYSTEXXA assets, for approximately $55M. The sale agreement contemplates a court-supervised auction process, which is designed to achieve the highest or best offer for the company's assets. A final sale approval hearing is anticipated to take place shortly after the auction with the anticipated closing to occur by the end of 2013. The company also said that KRYSTEXXA will remain commercially available in the U.S
