Savient Pharmaceuticals raises $65.72 million through public offering of common stock

Savient Pharmaceuticals, Inc., a US-based specialty biopharmaceutical company, has raised $65.72 million through a public offering of common stock. Including the over-allotment option which was exercised in full by the underwriters, the company sold a total of 4.945 million shares of its common stock at a price of $13.29 per share.

Update on October 8, 2009:

Savient has priced an underwritten public offering of 4.3 million shares of its common stock at a price of $13.29 per share.

In addition, Savient has granted the underwriters a 30-day option to purchase up to an additional 0.645 million shares of common stock to cover over-allotments.

The offering is expected to close on October 15, 2009.

Announcement (October 7, 2009):

Savient has filed a shelf registration statement with the US Securities and Exchange Commission (SEC) to issue 4 million shares of its common stock in an underwritten public offering.

Savient has granted the underwriters a 30 day option to purchase up to a 0.6 million additional shares of common stock to cover over-allotments, if any.

J.P. Morgan Securities, Inc. is acting as sole book-running manager, Wedbush PacGrow Life Sciences is acting as a lead manager and Lazard Capital Markets is acting as co-manager for the offering.

Deal Value (US$ Million) 65.72
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Completed: 2009-10-15

Deal Participants

Target (Company) Savient Pharmaceuticals, Inc. (Formerly Bio-Technology General Corporation)

Deal Rationale

Savient will use the proceeds to seek FDA approval of KRYSTEXXA(T) (pegloticase), to develop a program of regulatory filings and review of KRYSTEXXA in other countries, to engage a global secondary source supplier and a secondary fill and finish manufacturer for pegloticase, and for working capital, and other general corporate purposes.

Offer Price ($ per share) 13.29
No. Shares Issued         4945000

Related terms: book, corporate, fda, ipo, manufacturer, pharmaceuticals, public offering, sec, securities, technology