Private equity-backed Crealta Pharmaceuticals LLC is buying bankrupt Savient Pharmaceuticals Inc. (Nasdaq: SVNT) for $120.4 million.

The deal was reached after Crealta was the highest bidder at a bankruptcy auction held Dec. 10. The U.S. Bankruptcy Court for the District of Delaware in Wilmington is set to preside over a sale hearing to confirm the deal on Dec. 13.

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