Savient Pharmaceuticals completes sale of Rosemont subsidiary
US speciality pharmaceutical company Savient Pharmaceuticals has completed the sale of its wholly owned UK-based subsidiary, Rosemont Pharmaceuticals, to an entity affiliated with Close Brothers Private Equity for US$176m. Rosemont is a leading developer, manufacturer and marketer of high quality oral liquid medicines.
US speciality pharmaceutical company Savient Pharmaceuticals has completed the sale of its wholly owned UK-based subsidiary, Rosemont Pharmaceuticals, to an entity affiliated with Close Brothers Private Equity for US$176m. Rosemont is a leading developer, manufacturer and marketer of high quality oral liquid medicines.
According to Christopher Clement, president and ceo of Savient Pharmaceuticals, the sale follows an extensive examination of the alternatives available for the Rosemont business. "This transaction is consistent with our strategy of bolstering the specialty pharmaceutical focus of Savient," he said.
The proceeds from this transaction will allow Savient to focus its efforts and resources on the full development and commercialisation of its lead drug candidate, Puricase (PEG-uricase), for treatment failure gout.
"It also affords us the flexibility to devote additional resources to the exploration of clinical outcomes for Puricase in the areas of reduction of gout flares and elimination of gout tophi. We also plan to evaluate the potential use of Puricase in other uric acid mediated diseases," Clement continued.
"In parallel, our business development efforts will be focused on the identification and consummation of an appropriate partnering alliance for the clinical development and commercialisation of Puricase outside the US, as well as on exploring highly selective opportunities to expand our clinical pipeline."