Gout medicine developer files for bankruptcy

Posted on Thursday, October 17th, 2013 at 7:20 pm    

Gout medicine developer Savient Pharmaceuticals Inc recently sought bankruptcy protection in Wilmington, Delaware, as announced by the company itself in mid October.

According to the bankruptcy documents filed by the company, it are also seeking a court approval to have their assets sold to a unit of U.S. WorldMeds LLC for $55 million. Savient has a debt of $260 million, while their assets were estimated as only $74 million.

Palo Alto Investors LLC was identified as Savient’s largest shareholder and is followed by Franklin Templeton and Wellington Management Co., court documents stated.

Savient developed Krystexxa to treat gout, a kind of acute inflammatory arthritis where uric acid accumulates around the joints, causing pain.

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