Savient Pharmaceuticals Closes Sale of Delatestryl(R) Product to Indevus Pharmaceuticals
10 Januar 2006 - 12:30AM
Business Wire
Savient Pharmaceuticals, Inc. (NASDAQ:SVNTE) an emerging specialty
pharmaceutical company engaged in developing, manufacturing and
marketing pharmaceutical products that address unmet medical needs
in niche and broader markets, today announced the closing of the
sale of its Delatestryl(R) product to Indevus Pharmaceuticals, Inc.
for $5 million plus compensation for existing product inventory as
well as potential future royalty payments. Savient received its
first payment of $5.64 million today, including $0.64 million
representing the first of three equal payments for existing
finished product inventory. The remaining product inventory
payments will be made to Savient on the first and second
anniversaries of the closing date. Additionally, Savient shall
receive future royalty payments based upon net sales of the product
for the three years following the closing date on an escalating
scale. The royalty rate will be 5% on the first $5 million of
cumulative net sales, increasing to 10% on cumulative net sales
between $5 million and $10 million, and will rise to 25% on
cumulative net sales above $10 million. "The closing of this
transaction marks another step in the execution of our strategy to
concentrate our efforts going forward on the development of our
lead product candidate Puricase(R) (PEG-uricase), which will
commence its phase 3 clinical trials early this year, and focus on
building our specialty pharmaceutical presence in rheumatology,"
said Christopher Clement, Savient's President and Chief Executive
Officer. About Savient Pharmaceuticals, Inc. Savient
Pharmaceuticals, Inc., an emerging specialty pharmaceuticals
company, is engaged in developing, manufacturing, and marketing
pharmaceutical products that address unmet medical needs in both
niche and broader markets. The Company's lead product development
candidate, Puricase(R), for the treatment of refractory gout has
reported positive Phase 1 and 2 clinical data. Savient's
experienced management team is committed to advancing its pipeline
and expanding its product portfolio by in-licensing late stage
compounds and exploring co-promotion and co-development
opportunities that fit the Company's expertise in specialty
pharmaceuticals and initial focus in rheumatology. Savient markets
its product Oxandrin(R) (oxandrolone, USP) in the United States.
The Company's subsidiary, Rosemont Pharmaceuticals Limited,
develops, manufactures, and markets through its own sales force
oral liquid formulations of prescription products for the UK
pharmaceutical market. Rosemont's product portfolio includes over
90 liquid formulations primarily targeting the geriatric
population. Savient's product Mircette(R), an oral contraceptive,
is marketed by its licensee, Duramed Pharmaceuticals, Inc. Puricase
is a registered trademark of Mountain View Pharmaceuticals, Inc.
Savient's news releases and other information are available on the
Company's website at www.savientpharma.com. Safe Harbor Statement
This news release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934. All
statements, other than statements of historical facts, included in
this report regarding the Company's strategy, expected future
financial position, discovery and development of products,
strategic alliances, competitive position, plans and objectives of
management are forward-looking statements. Words such as
"anticipate," "believe," "estimate," "expect," "intend," "plan,"
"will" and other similar expressions help identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. In particular, the statements regarding
the future royalty stream from the net sales of Delatestryl by
Indevus, the continued implementation of the Company's strategic
plan, the development of the Company's pipeline and the
commencement of Phase III clinical trials for Puricase are
forward-looking statements. These forward-looking statements
involve substantial risks and uncertainties and are based on
current expectations, assumptions, estimates and projections about
the Company's business and the biopharmaceutical and specialty
pharmaceutical industries in which the Company operates. Such risks
and uncertainties include, but are not limited to, delay or failure
in developing Prosaptide, Puricase and other product candidates;
difficulties of expanding the Company's product portfolio through
in-licensing; introduction of generic competition for Oxandrin;
fluctuations in buying patterns of wholesalers; potential future
returns of Oxandrin or other products; our continuing to incur
substantial net losses for the foreseeable future; difficulties in
obtaining financing; potential development of alternative
technologies or more effective products by competitors; reliance on
third-parties to manufacture, market and distribute many of the
Company's products; economic, political and other risks associated
with foreign operations; risks of maintaining protection for the
Company's intellectual property; risks of an adverse determination
in on-going or future intellectual property litigation; and risks
associated with stringent government regulation of the
biopharmaceutical and specialty pharmaceutical industries. The
Company may not actually achieve the plans, intentions or
expectations disclosed in its forward-looking statements, and you
should not place undue reliance on the Company's forward-looking
statements. Actual results or events could differ materially from
the plans, intentions and expectations disclosed in the
forward-looking statements that the Company makes. The Company's
forward-looking statements do not reflect the potential impact of
any future acquisitions, mergers, dispositions, joint ventures or
investments that the Company may make. The Company does not assume
any obligation to update any forward-looking statements.
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