(Source: Datamonitor)
Savient Pharmaceuticals, a specialty biopharmaceutical company, has closed its previously announced underwritten public offering. After underwriting discounts and commissions and estimated offering expenses, Savient received net proceeds of approximately $60.9 million.
Prior to closing, the underwriters exercised in full their option to purchase an additional 645,000 shares of common stock. As a result, Savient sold a total of 4.94 million shares of its common stock at a price to the public of $13.29 per share.
Savient intends to use the net proceeds from this offering to complete its effort to seek FDA approval of 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.
JP Morgan Securities acted as sole book-running manager of the offering, with Wedbush PacGrow Life Sciences as lead manager and Lazard Capital Markets as co-manager.
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