Navigation Links
Savient Closes Sale of $230 Million in Convertible Senior Notes
Date:2/4/2011

EAST BRUNSWICK, N.J., Feb. 4, 2011 /PRNewswire/ -- Savient Pharmaceuticals, Inc. (Nasdaq: SVNT) today announced the closing of its sale of $230 million aggregate principal amount of 4.75% Convertible Senior Notes due 2018 (the "Notes").  The aggregate principal amount of Notes sold reflects the full exercise by the underwriters of their option to purchase $30 million principal amount of Notes to cover over-allotments.

The Notes are convertible, under certain circumstances and during certain periods, based on an initial conversion rate of 86.6739 shares of common stock per $1,000 principal amount of the Notes, which is equivalent to an initial conversion price of approximately $11.54 per share of common stock, subject to adjustment in certain circumstances.  The initial conversion price represents a conversion premium of 25% over the last reported sale price of the common stock of $9.23 per share on January 31, 2011.  Upon conversion, the Notes may be settled, at Savient's election, in cash, shares of Savient's common stock or a combination of cash and shares of Savient's common stock.  Savient may redeem some or all of the Notes for cash under certain circumstances on or after February 1, 2015.  The Notes will bear interest at a rate of 4.75% per year.

J.P. Morgan Securities LLC acted as sole book-running manager of the offering.  Lazard Capital Markets LLC and Cowen and Company, LLC acted as co-managers of the offering.  

Savient has filed a registration statement (including a prospectus) with the SEC for the securities offering described in this communication.  Before you invest, you should read the prospectus in that registration statement and other documents Savient has filed with the SEC for more complete information about Savient and this offering. You may obtain these documents free of charge by visiting EDGAR on the SEC Web site at www.sec.gov.  Alternatively, copies 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.

About Savient Pharmaceuticals, Inc.

Savient Pharmaceuticals, Inc. is a specialty biopharmaceutical company focused on developing and commercializing KRYSTEXXA™ (pegloticase), which was approved by the FDA on September 14, 2010 for the treatment of chronic gout in adult patients refractory to conventional therapy.

Safe Harbor Statement

This press release contains forward-looking statements, including statements about future business prospects, KRYSTEXXA™ and the offering, that are intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934.  Any statements that are not statements of historical fact (including statements containing the words "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "may," "predict," "will," and "would," and similar expressions) should be considered to be forward-looking statements. There are a number of important factors that could cause actual results to differ materially from those indicated in any forward-looking statements made by Savient, including the factors described in Savient's Quarterly Report on Form 10-Q for the quarter ended September 30, 2010, which has been filed with the Securities and Exchange Commission.

SVNT - I


'/>"/>
SOURCE Savient Pharmaceuticals, Inc.
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Savient Announces FDAs Advisory Panel to Review Pegloticase for Treatment-Failure Gout Patients
2. Savient Provides Update on Pegloticase BLA
3. Savient Pharmaceuticals Announces Proposed Public Offering of Common Stock
4. Savient Pharmaceuticals Prices Underwritten Offering of Common Stock
5. Savient Pharmaceuticals Announces Closing of Public Offering and Exercise of Over-Allotment Option
6. Savient Pharmaceuticals Reports Third Quarter 2009 Financial Results
7. Savient Provides Update on KRYSTEXXA(TM) BLA Resubmission Activities
8. Savient Pharmaceuticals To Hold Fourth Quarter And Year-End 2009 Results Conference Call On Friday, February 26, 2010
9. Savient Pharmaceuticals Reports Fourth Quarter and Year-End 2009 Financial Results
10. Savient Resubmits Biologics License Application for KRYSTEXXA(TM) (pegloticase) for the Treatment of Chronic Gout in Patients Refractory to Conventional Therapy
11. Savient Pharmaceuticals To Hold First Quarter 2010 Results
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/24/2017)... , March 24, 2017 New England Pediatric ... of an award including funding and in-kind service towards ... technology.  "Making blood draws less traumatic ... their whole hospital experience better.  We,re looking forward to ... can help improve care for the kids we treat," ...
(Date:3/24/2017)... , Mar. 24, 2017 Research and Markets has ... Development, Growth and Demand Forecast to 2022" report to their offering. ... The global wound care ... grow at a CAGR of 6.7% during 2016-2022 Among the ... the largest share in the global market in 2015. Among the various ...
(Date:3/24/2017)... -- Research and Markets has announced the addition of the ... offering. ... the worldwide markets for Dental Implants in US$ Million. The report provides ... Japan , Europe , Asia-Pacific ... Annual estimates and forecasts are provided for the period ...
Breaking Medicine Technology:
(Date:3/24/2017)... , ... March 24, 2017 , ... ... first Certified Medical Reiki™ Master in Frederick, MD. Judy says, “I am passionate ... during what is often a very difficult and challenging time.” , A Certified ...
(Date:3/24/2017)... ... ... “Vintage and Harvest A Cultivation of Christian Love” is the creation of published author, ... his wife, Anna Marie. He and his wife are the proud parents of four ... of “Shadow and Substance.” , “Love, the agape kind, is seen as more than ...
(Date:3/23/2017)... NC & Seattle, WA (PRWEB) , ... March 23, 2017 , ... ... public health emergency and now estimates that there could be four million Zika-related cases ... growing epidemics to date with numbers of US cases reported per year skyrocketing to ...
(Date:3/23/2017)... , ... March 23, 2017 , ... ... services to their communities, 16 more public health departments have been awarded national ... bring another 4.5 million people into the expanding network of communities across the ...
(Date:3/23/2017)... ... March 23, 2017 , ... The IoT (Internet of Things) is revolutionizing the ... huge impact on businesses and individual consumers alike. Laboratories can maximize their profit ... value anywhere from $4 trillion to $11 trillion dollars by the year 2025. McKinsey ...
Breaking Medicine News(10 mins):