Savient Pharmaceuticals, Inc. announced that it has received approval from the U.S. Bankruptcy Court for the District of Delaware to sell substantially all of the assets of Savient, including all KRYSTEXXA assets, to Crealta Pharmaceuticals . According to a release, 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 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 is serving as legal advisor to Crealta. More information: www.savient.com www.crealtapharma.com ((Comments on this story may be sent to email@example.com ))
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