Savient Pharmaceuticals files for Chapter 11 bankruptcy

(Reuters) - U.S. biotech firm Savient Pharmaceuticals Inc filed for Chapter 11 bankruptcy protection in a Delaware court on Monday and said it has agreed to sell most of its assets to Sloan Holdings CV for about $55 million. The agreement with Sloan, a unit of US WorldMeds LLC, would serve as a "stalking horse" bid in a court-supervised auction of Savient's assets, the company said in a statement. A stalking horse bid serves as the minimum offer for the business, which could still be topped by others. ...



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