Savient pharmaceuticals
| Public | |
| Industry | Biomedicine |
| Headquarters | East Brunswick, New Jersey, United States |
| Products | Krystexxa, Oxandrin |
| Website | http://www.savientpharma.com/ |
Savient pharmaceuticals was a New Jersey-based biopharmaceutical company. Its lead product, Krystexxa, known generically as pegloticase, is a biologic drug for treatment resistant chronic gout, which it has marketed since 2011. It has also marketed Oxandrin since 1995.
Savient was incorporated in 1980 as Bio-Technology General Corp and changed its name in 2003.[1]
Savient later focused on commercializing Krystexxa in the United States and completing the development and seeking regulatory approval in the European Union. The company also sells branded and generic versions of oxandrolone, a drug used to promote weight gain following involuntary weight loss. Savient does not own or operate its own manufacturing facilities and uses third-party contract manufacturers under the supervision of company personnel.[2] Its CEO from February 2011 until February 2012 was John H. Johnson, who like most of his executive staff, formerly worked at Imclone Systems.[3]
In November 2011, Savient and Jim Belushi collaborated on an educational campaign to raise awareness about refractory chronic gout (RCG), for which Krystexxa is being marketed.[4][5]
On August 14, 2013, Savient said in the Q2 10Q filing: "we believe that our available cash, cash equivalents and short-term investments, which includes the net proceeds of the transactions discussed above, will be sufficient to fund anticipated levels of operations for at least the next twelve months from the date hereof."[6]
But in October 2013, only two months later, Savient filed for Ch 11 bankruptcy. The Friday before the Monday announcement, the three Co-Presidents (Richard Crowley, COO, John P. Hamill, CFO, and Philip K. Yachmetz, CBO) were each granted $200K USD bonuses to remain through the sale.[7]
In December 2013, Savient was sold to Crealta for approximately $120M USD. Creditors took some loss, and existing shareholders took a near total loss.
In December 2015, Crealta was sold to Horizon Pharma for $510M USD with Krystexxa as the main asset, turning approximately a 4 fold profit from their investment in acquiring Savient.[8]
References
- ↑ Press release: Bio-Technology General Corp. Announces Company Name Change to Savient Pharmaceuticals, Inc. June 17, 2003
- ↑ Reuters
- ↑ Savient Pharma
- ↑ Look To The Stars
- ↑ KEZI-TV ABC News
- ↑ Form 10-Q
- ↑ Form 8-K
- ↑ http://www.xconomy.com/wisconsin/2015/12/14/crealta-spins-struggling-arthritis-drug-into-510m-horizon-payday/