SAVIENT PHARMACEUTICALS CLOSES SALE OF GLOBAL BIOLOGICS MANUFACTURING BUSINESS

Savient Pharmaceuticals, Inc. (NASDAQ:SVNT) 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 global biologics manufacturing business to subsidiaries of Ferring Holding SA for $80 million. Savient will receive the $80 million in three installments: $55 million at closing, $15 million at the first anniversary of closing and $10 million at the second anniversary of closing. Savient received its first payment of $55 million today.

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