Savient Pharmaceuticals Inc filed for bankruptcy. The pharmaceutical company also sought court approval for the sale of its assets to Sloan Holdings, a unit of US WorldMeds. The deal was for USD 55 million. Savient is a developer of gout treatments. The sale would also include Krystexxa, a gout medication. In a statement, Savient said the sale would be done through a court-supervised auction process.

Based in Bridgewater, New Jersey, Savient posted debts reaching USD 260 million. The bankruptcy filing in a Delaware court also revealed that the drugmaker only had USD 74 million in assets.

Palo Alto Investors is Savient's largest shareholder. It holds 15% share of the company's common stock. Franklin Templeton, meanwhile, owns 8% of the drugmaker while Wellington Management Co has a 7% stake. The largest unsecured editor of Savient is US Bank.

The National Institutes of Health has reported that an estimated 6 million people were afflicted with gout in the US. The illness is a type of arthritis wherein uric acid buildup around the joint areas cause swelling, pain and stiffness.