Savient to explore strategic alternatives for its Rosemont subsidiary

By Lisa Kerner

Erie, Pa., Feb. 17 - Savient Pharmaceuticals Inc. said its board of directors has engaged Citigroup Corporate and Investment Banking to explore strategic alternatives for its wholly owned subsidiary, Rosemont Pharmaceuticals. The alternatives include the potential spin out or sale of the business, which develops, manufactures and markets oral liquid medicines in the United Kingdom.

Savient will continue to focus its efforts and resources on the completion of the current clinical development program for Puricase (PEG-uricase), its phase 3 compound for the treatment of symptomatic gout, according to a company news release.

The company is identifying potential phase 4 studies and bolstering long-term manufacturing activities related to the compound.

Savient said it will also evaluate other potential indications for Puricase and explore partnering opportunities for clinical development and commercialization of the compound outside of the United States.

"In addition to our clinical and business development efforts related to Puricase, we expect that following completion of a Rosemont transaction, which we anticipate could be concluded this year, a significant portion of the net proceeds would be earmarked for a stock repurchase plan," chief executive officer Christopher Clement said in the release.

Savient is an emerging specialty pharmaceuticals company based in East Brunswick, N.J.

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