Savient pharmaceuticals

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Savient pharmaceuticals
Industry Pharmaceuticals
Defunct 2013
Headquarters East Brunswick, New Jersey, United States
Products Krystexxa, Oxandrin
Website http://www.savientpharma.com/

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

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

Savient later focused on commercializing Krystexxa in the United States and completing the development and seeking regulatory approval in the European Union.[2][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.[3] Its CEO from February 2011 until February 2012 was John H. Johnson, who like most of his executive staff, formerly worked at Imclone Systems.[4]

In November 2011, Savient and Jim Belushi collaborated on an educational campaign to raise awareness about refractory chronic gout (RCG), for which Krystexxa is being marketed.[5][6]

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.[7]{ 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.[7] Crealta is a vehicle through which the private equity firm GTCR buys distressed pharmaceutical companies, tries to improve their profitability, and then resells them.[7] 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.[7]

References[edit]

  1. ^ Press release: Bio-Technology General Corp. Announces Company Name Change to Savient Pharmaceuticals, Inc. June 17, 2003
  2. ^ Zerinskas, Michael J. (2011-08-05). "Savient Pharmaceuticals Inc (NASDAQ:SVNT) - Calls Purchased on Savient Pharmaceuticals". Benzinga. Retrieved 2018-02-22.
  3. ^ Reuters
  4. ^ Savient Pharma
  5. ^ Look To The Stars
  6. ^ KEZI-TV ABC News
  7. ^ a b c d Engel, Jeff (14 December 2015). "Crealta Spins Struggling Arthritis Drug Into $510M Horizon Payday | Xconomy". Xconomy.