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The lobster's orange coloring is believed to be from a mutation that occurs only in one out of 30 million lobsters.
The unusual crustacean was named Cheddar in honor of Red Lobster's cheddar bay biscuits.
"Sometimes ordinary miracles happen, and Cheddar is one of them," Red Lobster manager Mario Roque said in a news release from Ripley's. "A group of incredible people helped us make this possible. We are so honored to have been able to save Cheddar and find her a good home."
Nicole Bott, senior director of communications at Red Lobster, said Cheddar will soon be on display at the Myrtle Beach aquarium.
"We are incredibly proud of Mario and the team for recognizing what a special and rare creature Cheddar is and for working relentlessly to find someone to rescue her," Bott said. "It is an honor to be able to share the story of Cheddar and provide her a new home where she can be enjoyed by many for years to come, all from the safety of her tank."