February 12, 2009 / 10:44 PM / 10 years ago

UPDATE 1-Savient says FDA extends review of gout drug

LOS ANGELES, Feb 12 (Reuters) - Savient Pharmaceuticals Inc SVNT.O said on Thursday the U.S. Food and Drug Administration has extended by three months its review of the company’s experimental gout drug, sending the company’s shares down 29 percent.

The agency’s new deadline for deciding on the application is July 30, the company said.

Shares of Savient, which rose 7.8 percent to close at $7.30 on Nasdaq, dropped to $5.20 after hours. (Reporting by Deena Beasley; editing by Richard Chang)

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