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Savient's $120.4 million sale completed; management changes announced
By Caroline Salls
Pittsburgh, Jan. 10 - Savient Pharmaceuticals, Inc. completed the $120.4 million sale of substantially all of its assets to Crealta Pharmaceuticals LLC on Thursday, according to an 8-K filed with the Securities and Exchange Commission.
Savient said it agreed to provide support services to Crealta in connection with the transition of the business through Jan. 31.
In connection with the sale closing, the company said it paid $2.4 million as a break-up fee and expense reimbursement to original stalking horse bidder US WorldMeds LLC.
Also in connection with the closing of the sale and in anticipation of the winding down of Savient's affairs, directors Ginger Constantine, David P. Meeker, David Y. Norton, Robert G. Savage and Virgil Thompson resigned from the board of directors, effective as of the closing. The sole remaining director is Stephen O. Jaeger.
Savient said several officers were also removed, effective Jan. 15, including co-president and chief business officer Philip K. Yachmetz, co-president and chief financial officer John P. Hamill, co-president and chief operating officer Richard Crowley, senior vice president and chief medical officer Kenneth M. Bahrt and group vice president of finance and chief accounting officer David Gionco.
According to the 8-K, Mathew Bazley was appointed chief liquidation officer, president and secretary, effective Jan. 15.
Bazley has served as Savient's assistant general counsel since February 2013.
On Jan. 8, the company's board of directors adopted an amendment to the by-laws to reduce the minimum number of directors constituting the board to one from three and to eliminate the requirement that the company have a vice president or treasurer.
Savient, an East Brunswick, N.J., pharmaceutical company, filed for bankruptcy on Oct. 15. The Chapter 11 case number is 13-12680.
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