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Savient Pharmaceuticals Adopts Stockholder Rights Plan
Date:8/6/2012

EAST BRUNSWICK, N.J., Aug. 6, 2012 /PRNewswire/ -- Savient Pharmaceuticals, Inc. ("Savient" or the "Company") (Nasdaq: SVNT) today announced that its Board of Directors has adopted a stockholder rights plan (the "Rights Plan"). Pursuant to the Rights Plan and in accordance with Savient's certificate of incorporation, Savient's Board of Directors designated a new series of preferred stock titled "Series A Junior Participating Preferred Stock" and declared a dividend of one right to buy one one-thousandth of a share of such newly authorized Series A Junior Participating Preferred Stock (each a "Right" and, collectively, the "Rights") for each share of Savient's common stock outstanding on August 17, 2012 (the "Record Date").

Savient's Board of Directors elected to implement the Rights Plan in light of the current market environment, including the recent effort by certain holders of the Company's convertible notes that were adverse to the best interests of the Company and its security holders. Given these circumstances, the Savient Board of Directors believes that the Rights Plan is a prudent measure to protect stockholder value.

The Rights Plan is intended to enable all of the Company's stockholders to realize the full value of their investment in the Company.  The Rights Plan is also designed to reduce the likelihood that any person or group would gain control of the Company by open market accumulation or other coercive takeover tactics without paying a control premium for all shares.  Furthermore, the Rights Plan is not intended to deter offers that are fair and otherwise in the best interests of the Company's stockholders. 

Under the Rights Plan, the Rights in general become initially exercisable if a person or group (i) acquires beneficial ownership of 15% or more of Savient's common stock or (ii) commences a tender or exchange offer the consum
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SOURCE Savient Pharmaceuticals, Inc.
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