Shares in

Savient Pharmaceuticals

(SVNT)

jumped Wednesday after the company announced it had received approval from the U.S. Food and Drug Administration for its osteoarthritis treatment.

Savient's Nuflexxa is used to treat knee pain in osteoarthritis patients who have failed to respond adequately to conservative nonpharmacologic therapy and simple analgesics. The drug has also been approved in Europe.

The New Jersey-based company said it is in late-stage negotiations with a global marketing partner for the drug.

Nuflexxa is a product of Bio-Technology General, Savient's wholly-owned Israeli subsidiary.

Shares rose 36 cents, or 13.5%, to $3.02. About 1.1 million shares traded, around four times the average daily volume.