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Savient Pharmaceuticals, Inc. (NASDAQ:SVNT) jumped up over 6.88% to $14.20 on massive volume of 3.10 million shares after it announced the pricing of an underwritten offering of 4,300,000 shares of its common stock at a price of $13.29 per share. After underwriting discounts and commissions and estimated offering expenses, Savient Pharmaceuticals, Inc. expects to receive net proceeds of approximately $52.9 million. All of the shares are being sold by Savient Pharmaceuticals, Inc. In addition, Savient Pharmaceuticals, Inc. has granted the underwriters a 30-day option to purchase up to an additional 645,000 shares of the Company's common stock to cover over-allotments. The offering is expected to close on October 15, 2009.

Savient Pharmaceuticals, Inc. is a specialty biopharmaceutical company focused on developing and marketing pharmaceutical products that target unmet medical needs in both niche and specialty markets. During the year ended December 31, 2008, the Company developed KRYSTEXXA (pegloticase), a therapy for patients with treatment-failure gout (TFG) to control hyperuricemia and to manage the signs and symptoms of gout, including the improvement of tophi, improvement in chronic pain, improved physical functioning and decreased frequency of flares.