Savient Pharma to raise $31M in offering

New Jersey, USA-based Savient Pharmaceuticals has entered into definitive agreements with select existing and new institutional  investors to sell 5.93 million units consisting of: one share of its  common stock, $0.01 par value per share; and one warrant to purchase  0.85 shares of its common stock in a registered direct offering for  gross proceeds of around $31.0 million, before deducting placement  agents fees and estimated offering expenses. The investors have agreed  to purchase the units for a negotiated price of $5.23 each.

The initial per share exercise price of the warrants is $10.46. In the  event that the company publicly announces that the Food and Drug  Administration has issued a "complete response letter" with respect to  the  Biologics License Application for its Krystexxa (pegloticase)  product candidate, then the exercise price will, from and after the 12th  trading day following the first such public announcement by the company,  be changed to be the weighted-average price for the common stock for the  five trading days immediately preceding the 10th trading day following  the date that notice was given that the FDA had acted thus. In no event  may the exercise price exceed $10.46 or be less than $1.57, said  Savient.

The warrants are exercisable at any time on or after the date of  issuance and expire on a date that varies based on the FDA's response to  the BLA.