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SMALL BUSINESS
Savient Pharma expects $52.9M from stock offer
AP
EAST BRUNSWICK, N.J. -Savient Pharmaceuticals Inc. expects to raise $52.9 million through a stock sale.
The company expanded a stock offering late Thursday, saying it will sell at least 4.3 million shares at $13.29 per share. That matches Thursday's closing price for the stock.
The underwriters of the offer will have the option to buy 645,000 more shares over the next 30 days. Savient announced its offer on Wednesday, saying the proceeds will be used to fund regulatory applications for its chronic gout drug candidate Krystexxa. Savient originally said it would sell up to 4.6 million shares.
The offer is scheduled to close Thursday.
In Friday morning trading, Savient shares rose 98 cents, or 7.4 percent, to $14.27.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-09 10:19:20
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