Savient Pharmaceuticals, Inc. (NASDAQ:SVNT) announced that its...

Savient Pharmaceuticals, Inc. (NASDAQ:SVNT) announced that its Management has completed a thorough evaluation of the Company's assets and an in-depth review of the Company's business strategy. Based upon this evaluation, the Board has approved Management's recommendation to refine the Company's strategic business plan to reposition itself to focus on the full development of its pipeline products. By doing this, the Board and Management believe that the Company will be better situated to enhance market recognition of the inherent value of these assets for increased shareholder value.In line with this new emphasis on product development, including the enhanced focus on the clinical development of its two Phase II products, prosaptide for peripheral neuropathic pain, and Puricase(R) for severe, refractory gout, Savient will concentrate on an active in-licensing program to access and develop novel compounds in clinical stage development.
As a result of these decisions, Management will now explore the strategic options for the divestiture of its operations in Israel, including its subsidiary, Bio-Technology General (Israel) Ltd. Management believes that this action should provide the incremental resources required to fund the advancement of its drug development programs. Savient has retained UBS Investment Bank to assist with exploring the strategic divestment options.