Savient pharmaceuticals

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Savient pharmaceuticals
IndustryPharmaceuticals
Defunct2013
Headquarters,
United States
ProductsPegloticase, oxandrolone
Websitehttp://www.savientpharma.com/

Savient pharmaceuticals was a New Jersey-based biopharmaceutical company. Its lead product, pegloticase, is a biologic drug for treatment resistant chronic gout, which it has marketed since 2011. It has also marketed oxandrolone since 1995.

Savient was incorporated in 1980 as Bio-Technology General Corp and changed its name in 2003.[1]

Savient later focused on commercializing pegloticase in the United States and completing the development and seeking regulatory approval in the European Union.[citation needed] The company also sells branded and generic versions of oxandrolone, a drug used to promote weight gain following involuntary weight loss. Savient does not own or operate its own manufacturing facilities and uses third-party contract manufacturers under the supervision of company personnel.[2] Its CEO from February 2011 until February 2012 was John H. Johnson, who like most of his executive staff, formerly worked at Imclone Systems.[3]

Savient overestimated the market for the drug and raised the price several times in order to remain viable, but the company declared bankruptcy in 2013, having sold only around $35 million of the drug which was less than it had spent on marketing alone.[4] the drug was selling at $5,390 per vial—around $30,000 for a three-month course of treatment, at the time Savient went under.[4] Crealta is a vehicle through which the private equity firm GTCR buys distressed pharmaceutical companies, tries to improve their profitability, and then resells them.[4] Crealta increased the price of the drug to $14,000 per vial by 2015, and was able to sell the asset to Horizon Pharma for $510M USD that year.[4]

References[edit]

  1. ^ Press release: Bio-Technology General Corp. Announces Company Name Change to Savient Pharmaceuticals, Inc. June 17, 2003
  2. ^ Reuters
  3. ^ Savient Pharma
  4. ^ a b c d Engel, Jeff (14 December 2015). "Crealta Spins Struggling Arthritis Drug Into $510M Horizon Payday | Xconomy". Xconomy.