Key Developments For Savient Pharmaceuticals, Inc.
Savient Pharmaceuticals, Inc. (SVNT.O) (Consolidated Issue listed on NASDAQ Global Market)
Savient Pharmaceuticals, Inc. Announces Closing of Public Offering And Exercise of Over Allotment Option
Savient Pharmaceuticals, Inc. announced the closing of its previously announced underwritten public offering. Prior to closing, the underwriters exercised in full their option to purchase an additional 645,000 shares of common stock. As a result, Savient sold a total of 4,945,000 shares of its common stock at a price to the public of $13.29 per share. After underwriting discounts and commissions and estimated offering expenses, Savient received net proceeds of approximately $60.9 million. Savient intends to use the net proceeds from this offering to complete its effort to seek FDA approval of KRYSTEXXA (pegloticase), to develop a program of regulatory filings and review of KRYSTEXXA in other countries, to engage a global secondary source supplier and a secondary fill and finish manufacturer for pegloticase, and for working capital and other general corporate purposes. J.P. Morgan Securities Inc. acted as sole book-running manager of the offering.
Savient Pharmaceuticals, Inc. Prices Underwritten Offering Of Common Stock
Savient Pharmaceuticals, Inc. announced the pricing of an underwritten offering of 4,300,000 shares of its common stock at a price of $13.29 per share. After underwriting discounts and commissions and estimated offering expenses, Savient Pharmaceuticals, Inc. expects to receive net proceeds of approximately $52.9 million. All of the shares are being sold by Savient Pharmaceuticals, Inc. In addition, Savient Pharmaceuticals, Inc. has granted the underwriters a 30-day option to purchase up to an additional 645,000 shares of the Company's common stock to cover over-allotments. The offering is expected to close on October 15, 2009. Savient Pharmaceuticals, Inc. intends to use the net proceeds from this offering to complete its effort to seek FDA approval of KRYSTEXXA (pegloticase), to develop a program of regulatory filings and review of KRYSTEXXA in other countries, to engage a global secondary source supplier and a secondary fill and finish manufacturer for pegloticase, and for working capital and other general corporate purposes.
Savient Pharmaceuticals, Inc. Announces Proposed Public Offering of Common Stock
Savient Pharmaceuticals, Inc. announced its intention to commence, an underwritten public offering of 4,000,000 shares of its common stock pursuant to an effective shelf registration statement on Form S-3. Savient also intends to grant the underwriters a 30-day option to purchase up to an aggregate of 600,000 additional shares of common stock to cover over-allotments, if any. All of the shares in the offering are to be sold by Savient. J.P. Morgan Securities Inc. is acting as sole book-running manager of the proposed offering. Wedbush PacGrow Life Sciences is also acting as a lead manager of the proposed offering. Savient intends to use the net proceeds from this offering to complete its effort to seek FDA approval of KRYSTEXXA (pegloticase), to develop a program of regulatory filings and review of KRYSTEXXA in other countries, to engage a global secondary source supplier and a secondary fill and finish manufacturer for pegloticase, and for working capital and other general corporate purposes.
Savient Pharmaceuticals, Inc. To Cut 38% Jobs-Reuters
Reuters reported that Savient Pharmaceuticals, Inc. said it plans to cut 26 jobs, or about 38% of its workforce, to reduce costs and focus on the resubmission of marketing application for its experimental gout drug. The Company expects to incur $1.3 million in severance related expenses during the third quarter. Savient expects cost savings of about $4.6 million through the year ending December 31, 2010.
Savient Pharmaceuticals, Inc. Announces Update On Meeting With U.S. Food and Drug Administration For KRYSTEXXA
Savient Pharmaceuticals, Inc. announced that on September 14, 2009, the Company completed a Type A meeting with the U.S. Food and Drug Administration (FDA) to discuss the Complete Response Letter (CRL) received by Savient on July 31, 2009, regarding the Company's Biologics License Application (BLA) for KRYSTEXXA (pegloticase) as a treatment for chronic gout in patients refractory to conventional therapy. Based on the results of this meeting with the FDA, the Company believes that the FDA supports its approach to resolve all issues cited in the CRL. The meeting also confirmed that the FDA does not expect further clinical trials to be required as a result of the Company reversion to the original manufacturing process to produce the Phase 3 clinical trial material for KRYSTEXXA, provided that no significant differences are observed between the material produced with the validated Phase 3 process and the Phase 3 clinical trial material. The Company, therefore, continues to believe that it can meet its previously discussed timeline of filing the resubmission in response to the CRL in early 2010.
