October 8, 2009 (FinancialWire) — Savient Pharmaceuticals, Inc. (NASDAQ: SVNT) plans to offer four million shares of its common stock in a public offering. J.P. Morgan Securities (NYSE: JPM) is acting as sole bookrunning manager.

The company plans to grant the underwriters a 30-day option to purchase up to f 600,000 additional shares of common stock to cover over-allotments. All of the shares in the offering are to be sold by Savient.

Savient plans to use the net proceeds from this offering to complete its effort to seek FDA approval of its gout drug Krystexxa, to develop a program of regulatory filings and review of Krystexxa in other countries, to engage a global secondary source supplier and a secondary fill and finish manufacturer for pegloticase, and for working capital and other general corporate purposes.

East Brunswick, New Jersey-based Savient Pharmaceuticals is a specialty biopharmaceutical company focused on developing Krystexxa, or pegloticase, for the treatment of chronic gout in patients refractory to conventional therapy.

Savient has exclusively licensed worldwide rights to the technology related to Krystexxa, formerly referred to as Puricase, from Duke University and Mountain View Pharmaceuticals. Savient also manufactures and supplies Oxandrin CIII in the U.S.

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