EAST BRUNSWICK, N.J., July 9, 2012 /PRNewswire/ -- Savient Pharmaceuticals, Inc. (Nasdaq: SVNT) today announced that the Company's Board of Directors has appointed Louis Ferrari, Executive Vice President, President North American Commercial Operations, to the role of President and Chief Executive Officer, effective immediately. Mr. Ferrari succeeds Savient's Interim Chief Executive Officer, David Y. Norton, who will continue serving as a member of the Savient Board of Directors. Mr. Ferrari will also serve as a member of Savient's Board of Directors.
"Lou has more than 30 years of leadership experience in the pharmaceutical industry and has been an invaluable member of our senior management team," said Stephen O. Jaeger, Chairman of the Savient Board of Directors. "Since joining Savient, Lou has played a key role in the ongoing rollout of KRYSTEXXA®, development of our strategies for global growth and is currently spearheading the company's efforts to address the challenges that have been faced in the marketplace to date. Given Lou's deep commercial experience and familiarity with the Company and KRYSTEXXA, I am confident he is the right person to lead Savient as we look to execute on our new initiatives and work to further advance the commercialization of KRYSTEXXA."
Mr. Ferrari said, "I am honored to be given the opportunity to take on the role of President and CEO of Savient during this critical time in the company's history. Over the past several months, my colleagues and I have been working closely with the Board to develop a plan to better position the Company for future growth. To date, we have gained a strong understanding of the KRYSTEXXA and RCG marketplace and I am confident that we will be able to execute on our plan to deliver sustainable results and drive long-term value for our shareholders."
|SOURCE Savient Pharmaceuticals, Inc.|
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