Savient Pharmaceuticals (Nasdaq:SVNT) today announced that it will reposition itself to focus on the full development of its pipeline products.
In line with this new emphasis on product development, Savient will concentrate on an active in-licensing program to access and develop novel compounds in clinical stage development. The main focus will be the clinical development of two Phase II products, prosaptide for peripheral neuropathic pain, and Puricase for severe, refractory gout.
As a result of these decisions, Savient said that it will explore options for divesting its operations in Israel, including its subsidiary, Bio-Technology General (Israel) Ltd.
The company stated 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.
In 2003, Nasdaq-traded Bio-Technology General Corp. (NASDAQ:BTGC) announced that it was changing its corporate name to Savient Pharmaceuticals, in line with its transition from a developer and manufacturer of recombinant therapeutic products into a pharmaceutical business. The Israeli subsidiary, still called Bio-Technology General (Israel), manufactures and markets Bio-Tropin (recombinant human growth hormone), BioLon (sodium hyaluronate), Bio-Hep-B (hepatitis B vaccine), and Arthrease (sodium hyaluronate for osteoarthritis) for the local market.
"This new direction allows us to streamline our operations, divest assets that are not consistent with our refined business objectives, and thereby provide greater resources to devote to our products in clinical development," said Savient president and CEO Christopher Clement.
In addition to developing its pipeline products, Savient will continue to market Oxandrin for involuntary weight loss and Delatestryl for hypogonadism in the United States.
Savient's UK subsidiary, Rosemont Pharmaceuticals, Inc., develops, manufactures and markets oral liquid pharmaceuticals, primarily for the UK market. Modification of the Rosemont facility is currently underway with a view to attaining FDA approval and the introduction of Rosemont's oral liquid products in the US. Savient stated that it plans to submit its first FDA filing of an oral liquid product, Soltamox (oral liquid tamoxifen), later this year and anticipates the introduction of additional oral liquid products in the future.
Published by Globes [online] - www.globes.co.il - on Monday, July 19, 2004