Savient sells manufacturing business

SVNT agreed to sell its global biologics manufacturing business to Ferring (Lausanne, Switzerland) for $80 million in cash. SVNT will receive $55 million at deal close, $15 million at the first anniversary of the closing, and $10 million at the second anniversary. The deal is expected to close by the first half. SVNT will use the proceeds to develop its Puricase pegylated urate oxidase, which is in Phase II testing to treat severe refractory gout. ...