Savient shares plunge after takeover talk fizzles

Woe is Savient Pharmaceuticals. The company finally succeeded in getting its gout drug Krystexxa approved by FDA--its first and only product so far--but lacks the money for a major launch. And its strategy for obtaining that money quickly has failed. Savient put itself on the block, aiming to sell itself soon after winning the FDA nod for Krystexxa. Investors had hoped for a deal within three to four months, Reuters reports. And word on the street was that some big players were sniffing around, including Abbott Laboratories, Pfizer and Amgen. The company announced yesterday that it had made no progress toward a sale. Its stock lost half its value, closing at about $12 yesterday. Report

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