Savient reloads to go it alone

Savient Pharmaceuticals Inc. traded up last week after raising $230 million in a bumped up offering of convertible debt. The deal removed the financing overhang that had dragged down the shares after the company failed to sell itself following last September's approval of Krystexxa pegloticase for gout.

Last week's financing now will give the company the wherewithal to launch Krystexxa on its own in the U.S. At Sept. 30, Savient had $78.1 million in cash and no debt, with a nine-month operating loss of $40.3 million...