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Savient Receives Approval From Bankruptcy Court To Sell Substantially All Assets To Crealta Pharmaceuticals

  Savient Receives Approval From Bankruptcy Court To Sell Substantially All
                      Assets To Crealta Pharmaceuticals

PR Newswire

BRIDGEWATER, N.J. and GLENDALE, Wis., Dec. 13, 2013

BRIDGEWATER, N.J. and GLENDALE, Wis., Dec. 13, 2013 /PRNewswire/ --Savient
Pharmaceuticals, Inc. (OTC: SVNTQ) ("Savient") announced today that it has
received approval from the U.S. Bankruptcy Court for the District of Delaware
(the "Court") to sell substantially all of the assets of Savient, including
all KRYSTEXXA® assets, to Crealta Pharmaceuticals LLC ("Crealta").

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 LLP 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 LLP is serving as legal advisor to
Crealta.

About Savient Pharmaceuticals, Inc.
Savient Pharmaceuticals, Inc. is a specialty biopharmaceutical company focused
on developing and commercializing KRYSTEXXA® (pegloticase) for the treatment
of chronic gout in adult patients who do not respond to conventional therapy.
Savient has exclusively licensed worldwide rights to the technology related to
KRYSTEXXA® and its uses from Duke University ("Duke"), which developed the
recombinant uricase enzyme used in the manufacture of KRYSTEXXA®, and Mountain
View Pharmaceuticals, Inc. ("MVP"), which developed the PEGylation technology
used in the manufacture of KRYSTEXXA®. Each of MVP and Duke have been granted
U.S. and foreign patents disclosing and claiming the licensed technology.
Savient also owns or co-owns U.S. and foreign patents and patent applications,
which together with the patents of MVP and Duke form a broad portfolio of
patents covering the composition, manufacture and methods of use and
administration of KRYSTEXXA®. In the U.S., Savient also supplies Oxandrin®
(oxandrolone tablets, USP) CIII and co-promotes Kineret® (anakinra) with
Swedish Orphan Biovitrum AB (Sobi). For more information, please visit the
Company's website at www.savient.com.

About Crealta
Crealta is a specialty pharmaceutical company focused on innovative
therapeutics designed to improve patient outcomes. The company was formed to
acquire, develop, and market specialty pharmaceutical products with a focus on
select physician specialties. For more information about Crealta, please visit
www.crealtapharma.com, call 1-781-639-1910, or email kaplan@kogspr.com.

About GTCR
Founded in 1980, GTCR is a leading private equity firm focused on investing in
growth companies in the Financial Services & Technology, Healthcare and
Information Services & Technology industries. The Chicago-based firm pioneered
The Leaders Strategy™ – finding and partnering with management leaders in core
domains to identify, acquire and build market-leading companies through
transformational acquisitions and organic growth. Since its inception, GTCR
has invested more than $10 billion in over 200 companies. For more
information, please visit www.gtcr.com.

Cautionary Note Regarding Forward-Looking Statements
Certain information in this press release may constitute forward-looking
statements within the meaning of the Private Securities Litigation Reform Act
of 1995. All statements contained in this press release that are not
statements of historical fact, including statements regarding the satisfaction
of conditions to the closing of the proposed asset sale, the potential of the
proposed asset sale and the expectation that the Chapter 11 filings will
enable us to sell our assets in an orderly manner and maximize value for our
stakeholders and other statements regarding our strategy, future operations,
future financial positions, future performance, commercialization of
KRYSTEXXA®, prospects and plans and objectives of management, should be
considered forward-looking statements. We often use words such as
"anticipate," "estimate," "expect," "project," "intend," "plan," "believe,"
"may," "predict," "will," "would," "could," "should," "target" and similar
expressions to identify forward-looking statements. Actual results or events
could differ materially from those indicated in forward-looking statements as
a result of risks and uncertainties, including, among others, the potential
adverse impact of the Chapter 11 filings on our liquidity or results of
operations, changes in our ability to meet financial obligations during the
Chapter 11 process or to maintain contracts that are critical to our
operations, the outcome or timing of the Chapter 11 process and the proposed
asset sale, the effect of the Chapter 11 filings or proposed asset sale on our
relationships with third parties, regulatory authorities and employees,
proceedings that may be brought by third parties in connection with the
Chapter 11 process or the proposed asset sale or conditions to the proposed
asset sale, and the timing or amount of any distributions to the Company's
stakeholders. For a discussion of some of the additional risks and important
factors that we believe could cause actual results or events to differ from
the forward-looking statements that we make, see the sections entitled "Risk
Factors" and "Management's Discussion and Analysis of Financial Condition and
Results of Operations" in our Quarterly Report on Form 10-Q for the quarter
ended September 30, 2013. In addition, new risks and uncertainties emerge from
time to time, and it is not possible for the Company to predict or assess the
impact of every factor that may cause its actual results or events to differ
from those contained in any forward-looking statements. Accordingly, you
should not place undue reliance on any forward-looking statements contained in
this press release. Any forward-looking statements speak only as of the date
of this press release. We undertake no obligation to publicly update
forward-looking statements, whether as a result of new information, future
events or otherwise.

SVNTQ-- G

Contacts:

Savient Pharmaceuticals
John P. Hamill, Co- President and Chief Financial Officer
Philip K. Yachmetz, Co-President and Chief Business Officer
information@savient.com
908-864-7382

Kelly Sullivan / James Golden
Joele Frank, Wilkinson Brimmer Katcher
212-355-4449

Crealta Pharmaceuticals
Cheri Kieca
847-234-6715

SOURCE Savient Pharmaceuticals, Inc.

Website: http://www.savient.com
 
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