Savient Pharmaceuticals, Inc.
Savient Pharmaceuticals to Raise $31 Million Through Registered Direct Offering
Published in Food and Drug Law Weekly, April 17th, 2009
Savient Pharmaceuticals, Inc. (NASDAQ:SVNT) announced that it has entered into definitive agreements with select existing and new institutional investors to sell 5.93 million units consisting of (i) one share of its common stock, $0.01 par value per share, and (ii) one warrant to purchase 0.85 shares of its common stock in a registered direct offering for gross proceeds of approximately $31.0 million, before deducting placement agent's fees and estimated offering expenses. The investors have agreed to purchase the units for a negotiated price of $5.23 per unit.
The initial per share exercise price of the warrants is $10.46. In the event that the company publicly...
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