Over the past several months, Savient Pharmaceuticals (SVNT) has gone from dog to darling. The little drug maker appeared to be on the verge of bankruptcy after the launch of its only real product – an intravenous gout treatment called Krystexxa – was a flop, its former ceo left for another company and a noteholder filed a lawsuit to have insolvency declared. Amid the chaos, Lou Ferrari was promoted to ceo and is trying to accomplish a turnaround. Since his move into the corner office last July, the former Johnson & Johnson executive has cut staff, refocused the sales pitch, restructured debt and is looking for a marketing partner in Europe. The stock has since quadrupled. But can Ferrari make this one-trick pony into a profitable player, or at least one that attracts a bigger player? We spoke about recent and upcoming developments…
