EAST BRUNSWICK, N.J., Jan. 27, 2011 /PRNewswire/ -- Savient Pharmaceuticals, Inc. (Nasdaq: SVNT) today announced that it will grant, on January 31, 2011, a stock option to John H. Johnson pursuant to the NASDAQ inducement grant exception as a component of Mr. Johnson's employment compensation. The inducement grant was approved by the Company's Board of Directors on January 23, 2011 and is being made as an inducement material to Mr. Johnson's acceptance of employment with the Company in accordance with NASDAQ Listing Rule 5635(c)(4). Savient previously announced that Mr. Johnson has been appointed Chief Executive Officer and a member of the Company's Board of Directors, effective January 31, 2011.
The stock option approved by the Company's Board of Directors is for the purchase of 250,000 shares of the Company's common stock with an exercise price equal to the closing price of the Company's common stock on January 31, 2011. The option will have a ten-year term and will vest and become exercisable upon the satisfaction of the performance conditions to be agreed upon by Mr. Johnson and the Company's Board of Directors. In the event of a termination by the Company without "cause" (as such term is defined in the employment agreement between the Company and Mr. Johnson) or by Mr. Johnson for "good reason" (as such term is defined in the employment agreement), the stock option shall (i) cease to be exercisable and shall cease to continue vesting, but shall not terminate, on the 90th day following the effective date of Mr. Johnson's termination, (ii) become again exercisable from and after consummation of any "change of control" (as such term is defined in the employment agreement) of the Company that is consummated on or prior to the one-year anniversary of the effective date of Mr. Johnson's termination and (iii) terminate if a change of control of the Company is not consummated on or prior to the one-year anniversary of the effective date of Mr. Johnson's termination. In the event that any such performance condition is not met by the specified date for achieving such performance condition (if any), the portion of such stock option subject to such performance condition shall remain outstanding and shall vest (subject to Mr. Johnson's continued employment by the Company) upon the earlier of (i) the fourth anniversary of the date of grant and (ii) a change of control of the Company.
Savient is providing this information in accordance with NASDAQ Listing Rule 5635(c)(4).
About Savient Pharmaceuticals, Inc.Savient Pharmaceuticals, Inc. is a specialty biopharmaceutical company focused on developing and commercializing KRYSTEXXA™ (pegloticase) for the treatment of chronic gout in adult patients refractory to conventional therapy. Savient has exclusively licensed worldwide rights to the technology related to KRYSTEXXA and its uses from Duke University ("Duke") and Mountain View Pharmaceuticals, Inc. ("MVP"). Duke developed the recombinant uricase enzyme and MVP developed the PEGylation technology used in the manufacture of KRYSTEXXA. MVP and Duke have been granted U.S. and foreign patents disclosing and claiming the licensed technology and, in addition, Savient owns or co-owns U.S. and foreign patents and patent applications, which collectively form a broad portfolio of patents covering the composition, manufacture and methods of use and administration of KRYSTEXXA. Savient also manufactures and supplies Oxandrin® (oxandrolone tablets, USP) CIII in the U.S.
Forward-Looking Statements All statements other than statements of historical facts included in this press release are forward-looking statements that are subject to certain risks, trends and uncertainties that could cause actual results and achievements to differ materially from those expressed in such statements. These risks, trends and uncertainties are in some instances beyond our control. Words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "will" and other similar expressions identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements involve substantial risks and uncertainties and are based on our assessment and interpretation of the currently available data and information, current expectations, assumptions, estimates and projections about our business and the biopharmaceutical and specialty pharmaceutical industries in which we operate. Important factors that may affect our ability to achieve the matters addressed in these forward-looking statements are set forth more fully in our reports filed with the Securities and Exchange Commission, to which investors are referred for further information. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements, which speak only as of the date of publication of this press release. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments that we may make. We do not have a policy of updating or revising forward-looking statements and, except as required by law, assume no obligation to update any forward-looking statements.
Kelly Sullivan / Jennifer Friedman Savient Pharmaceuticals, Inc.
Joele Frank, Wilkinson Brimmer Katcherinformation@savient.com
|SOURCE Savient Pharmaceuticals, Inc.|
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