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Savient Announces Proposed Offering of $125 Million in Convertible Senior Notes
Date:1/31/2011

EAST BRUNSWICK, N.J., Jan. 31, 2011 /PRNewswire/ -- Savient Pharmaceuticals, Inc. (Nasdaq: SVNT) today announced its intention to offer, subject to market conditions and other factors, $125 million aggregate principal amount of Convertible Senior Notes due 2018 (the "Notes") pursuant to an automatically effective registration statement filed with the Securities and Exchange Commission today. Savient also intends to grant the underwriters an option to purchase up to an additional $18.75 million aggregate principal amount of Notes, solely to cover over-allotments. The interest rate, conversion price and other terms of the Notes will be determined by negotiations between Savient and the underwriters.

Savient expects to use the net proceeds of the offering to commercialize KRYSTEXXA™ in the United States, including completion of its ongoing efforts to recruit a sales force, expand its marketing organization and establish a commercial infrastructure, to fund clinical development activities directed to potential label expansion for KRYSTEXXA in the United States, to further develop and seek regulatory approval for KRYSTEXXA in jurisdictions outside the United States, particularly in the European Union, and for general corporate purposes, including working capital.

J. P. Morgan Securities LLC is acting as sole book-running manager of the offering. Lazard Capital Markets LLC is acting as a co-manager of the offering. A copy of the prospectus meeting the requirements of Section 10 of the Securities Act of 1933 may be obtained by contacting J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717; Telephone (631) 254-1735.

This press release is neither an offer to sell nor a solicitation of an offer to buy the securities described herein, nor shall there be any sale of these securities in any jurisdiction in which
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SOURCE Savient Pharmaceuticals, Inc.
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