Savient files for voluntary bankruptcy protection; plans asset sale
US drugmaker Savient Pharmaceuticals (Nasdaq: SVNT) says it has elected to file voluntary petitions under Chapter 11 of the Bankruptcy Code in the US Bankruptcy Court for the District of Delaware.
Savient also filed a motion seeking authorization to pursue a sale process under Section 363 of the US 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 on October 14.
Krystexxa assets to be sold for around $55 million
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