The biopic, starring Radcliffe as beat poet Allen Ginsberg, was snapped up by bosses at Sony Pictures Classics after its world premiere at the festival in Park City on Friday (18Jan13).
According to The Hollywood Reporter, the $2 million (£1.25 million) deal is for cinema distribution in the U.S., eastern Europe, South Africa, Australia and New Zealand.
Director John Krokidas says, "To be considered amongst the ranks of (filmmakers) Pedro Almodovar and Woody Allen is beyond my wildest dreams. Sony Pictures Classics is truly the perfect place for this film. This is a dream come true."
Radcliffe recently called his performance as Ginsberg the best of his career, insisting, "Honestly, I think this is the best filming experience I have ever had. I think this is the film where I have developed the most as an actor. It's really special to me, and this is my best work so far - although I'll have to leave it to the critics to decide that."