Savient Pharma (SVNT) Spikes in Takeover Rumor

Shares of Savient Pharmaceuticals Inc (SVNT) just spiked $1 in recent trade on rumors it could be the subject of a takeover.

It is not known at this point who the potential acquirer could be, but according to a Reuters article posted yesterday Abbott Laboratories (ABT), Pfizer (PFE) and Amgen (AMGN) are seen as the most likely acquirers given their existing rheumatology franchises, while Bristol-Myers Squibb (BMY), Roche and J&J (JNJ) are also potential bidders.

Shares of SVNT rose 0.96 cents, or 4.73 percent, to $21.24 in midday trading.

The East Brunswick, New Jersey-based Savient is a specialty bio company that focuses on developing KRYSTEXXA, a biologic PEGylated uricase in the US.

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About Ron Haruni 1064 Articles
Ron Haruni is the Co-Founder & Editor in Chief of Wall Street Pit.

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