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Savient Fails to Find Buyer

October 25, 2010
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Shares of Savient Pharmaceuticals lost about half their value after the company said its efforts to sell itself did not yield results. Some analysts had expected the company to sign a deal within three to four months of its key drug Krystexxa getting regulatory marketing nod from the U.S. health regulator. The U.S. Food and Drug Administration approved Krystexxa as a treatment for gout on September 15. The company said it will continue exploring strategic alternatives. Savient also said it expects Krystexxa to be available by prescription in the United States later this year.
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