Savient greenshoe exercised, lifts 4.75% convertibles to $230 million

By Marisa Wong

Madison, Wis., Feb. 4 - Savient Pharmaceuticals, Inc. announced that the underwriters of its recent offering of 4.75% convertible senior notes due 2018 exercised the $30 million over-allotment option in full, increasing the total deal size to $230 million. The sale closed on Friday, according to a news release.

Savient priced an initial $200 million of the seven-year convertibles on Jan. 31 at par to yield 4.75% with an initial conversion premium of 25%.

J.P. Morgan Securities LLC was the bookrunner for the offering. Lazard Capital Markets LLC and Cowen and Co., LLC acted as co-managers.

The bonds are non-callable until Feb. 1, 2015, and there are no puts.

As previously reported, proceeds will be used to commercialize the company's Krystexxa drug in the United States, to fund clinical development, to seek regulatory approval for Krystexxa in the European Union and for general corporate purposes.

East Brunswick, N.J.-based Savient is a specialty biopharmaceutical company focused on developing and commercializing Krystexxa, which received regulatory approval for the treatment of chronic gout in September 2010.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.