Health & Fitness
Mon, August 6, 2012Fri, August 3, 2012Thu, August 2, 2012Wed, August 1, 2012Tue, July 31, 2012Mon, July 30, 2012Sun, July 29, 2012Fri, July 27, 2012Thu, July 26, 2012Wed, July 25, 2012Tue, July 24, 2012Mon, July 23, 2012Sun, July 22, 2012Sat, July 21, 2012Fri, July 20, 2012Thu, July 19, 2012Wed, July 18, 2012Tue, July 17, 2012Mon, July 16, 2012Fri, July 13, 2012Thu, July 12, 2012Wed, July 11, 2012Tue, July 10, 2012Mon, July 9, 2012Savient Pharmaceuticals Receives Favorable Decision In Tang Capital Litigation
Published in Health and Fitness on Monday, July 23rd 2012 at 11:34 GMT by Market Wire
Savient Pharmaceuticals Receives Favorable Decision In Tang Capital Litigation -- EAST BRUNSWICK, N.J., July 23, 2012 /PRNewswire/ --
Savient Pharmaceuticals Receives Favorable Decision In Tang Capital Litigation
Court Determines No Event Of Default Has Occurred
EAST BRUNSWICK, N.J., July 23, 2012 /PRNewswire/ -- Savient Pharmaceuticals, Inc. (Nasdaq: [ SVNT ]) today announced that the Delaware Court of Chancery has issued a bench ruling granting both of Savient's motions in the lawsuit brought against the Company by Tang Capital Partners, LP and certain other holders of Savient's convertible notes. The Court of Chancery decided that the plaintiff noteholders do not have standing to bring an action to appoint a receiver for Savient and that an event of default has not occurred under Savient's convertible notes. The Court has not yet come to a conclusion on the plaintiff's claims for breach of fiduciary duty and waste. Savient continues to believe that all outstanding claims alleged by the plaintiffs are without merit, and intends to vigorously defend this lawsuit to its completion. The Court of Chancery's decision is subject to appeal by the plaintiffs. In addition, Savient's claim for damages against Tang Capital remains outstanding.
ABOUT SAVIENT PHARMACEUTICALS, INC.
Savient Pharmaceuticals, Inc. is a specialty biopharmaceutical company focused on developing and commercializing KRYSTEXXA® (pegloticase) for the treatment of chronic gout in adult patients refractory to conventional therapy. Savient has exclusively licensed worldwide rights to the technology related to KRYSTEXXA and its uses from Duke University ("Duke") and Mountain View Pharmaceuticals, Inc. ("MVP"). Duke developed the recombinant uricase enzyme and MVP developed the PEGylation technology used in the manufacture of KRYSTEXXA. MVP and Duke have been granted U.S. and foreign patents disclosing and claiming the licensed technology and, in addition, Savient owns or co-owns U.S. and foreign patents and patent applications, which collectively form a broad portfolio of patents covering the composition, manufacture and methods of use and administration of KRYSTEXXA. Savient also manufactures and supplies Oxandrin® (oxandrolone tablets, USP) CIII in the U.S. For more information, please visit the Company's website at [ www.savient.com ].
Contact:
Mary Coleman | Kelly Sullivan / Taylor Ingraham |
Savient Pharmaceuticals, Inc. | Joele Frank, Wilkinson Brimmer Katcher |
(732) 418-9300 | (212) 355-4449 |
SOURCE Savient Pharmaceuticals, Inc.
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