Savient Pharmaceuticals to Raise $31 Million Through Registered Direc...( EAST BRUNSWICK N.J. April 3 /- S...)

EAST BRUNSWICK, N.J., April 3 /PRNewswire-FirstCall/ -- Savient Pharmaceuticals, Inc. (Nasdaq: SVNT) today announced that it has entered into definitive agreements with select existing and new institutional investors to sell 5.93 million units consisting of (i) one share of its common stock, $0.01 par value per share, and (ii) one warrant to purchase 0.85 shares of its common stock in a registered direct offering for gross proceeds of approximately $31.0 million, before deducting placement agent's fees and estimated offering expenses. The investors have agreed to purchase the units for a negotiated price of $5.23 per unit.

The initial per share exercise price of the warrants is $10.46. In the event that the company publicly announces that the U.S. Food and Drug Administration has issued a "complete response letter" with respect to the company's Biologics License Application for its KRYSTEXXA(TM) (pegloticase) product candidate (the "BLA"), then the exercise price shall, from and after the eleventh trading day following the first such public announcement by the company, be changed to be the weighted average price for the common stock for the five trading days immediately preceding the tenth trading day following the date that the company publicly announced that the FDA issued its complete response letter. In no event may the exercise price exceed $10.46 or be less than $1.57.

The warrants are exercisable at any time on or after the date of issuance and expire on a date that varies based on the FDA's response to the BLA. If the FDA responds to the BLA with a "complete response letter" constituting approval or rejection of the BLA, then the warrants expire nine months after the date the company publicly announces that the FDA issued its complete response letter. If the FDA responds to the BLA with a "complete response
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