Savient Pharmaceuticals, Inc. (SVNT) Closes Sale Of Global Biologics Manufacturing Business; Major Milestone Achieved; Sales To Ferring Holding SA For $80 Million
10/19/2005 5:10:47 PM
EAST BRUNSWICK, N.J.--(BUSINESS WIRE)--July 18, 2005--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. Savient estimates the net proceeds from this transaction over the next two years to be approximately $70 million after transaction-related expenses, taxes and the extinguishment of bank debt.
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