Business & Tech
Crealta Pharmaceuticals Bids $120 Million for Bankrupt Savient
Bridgewater biotech's future to be ruled on by judge before Friday.
Bridgewater-based Savient, which filed for bankruptcy in October after attempting to to build a market for its gout medication Krystexxa, agreed to a bid by Crealta Pharmaceuticals Wednesday, according to reports.
The company initially expected and worked on a deal with Sloan Holdings, but according to the FiercePharma website, Sloan's $55 million bid was overshadowed by Crealta's $120.4 million offer.
The site notes the bid barely recoups the $114.7 million cost of Savient's release of Krystexxa last year, done without funding for the launch or a major buyer. The drug is classified as an orphan drug by the FDA, because of the small market of patients with the specific type of gout—refractory chronic gout—it is suitable for as a treatment, NJBiz.com noted.
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Crealta is based in Lake Forest, Ill., and is primarily known for its medication migergot, a suppository which acts to constrict blood vessels in the brain, used for treatment of headaches.
Savient came to Bridgewater in May of 2012, with plans to bring as many as 350 jobs.
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