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EAST BRUNSWICK, NJ (

TheStreet

) -- Efforts to sell

Savient Pharmaceuticals

(SVNT)

have failed, the company said Monday.

Savient has been seeking a buyer ever since U.S. regulators approved the company's gout drug Krystexxa last month.

Following rumors Monday morning that sent Savient shares falling rapidly, the company acknowledged in a statement that the planned "strategic transaction for the sale of the company did not result in a sale of the company at this time."

Savient shares plunged 49% to $11.18. In advance of the statement, trading in Savient was halted with the stock down $1.65, or 7.6%, to $20.05.

Savient's stock price could fall to the $10-12 range if the company is forced to hire a sales force and market Krystexxa on its own, according to several buyside analysts.

--Written by Adam Feuerstein in Boston.

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Adam Feuerstein writes regularly for TheStreet.com. In keeping with TSC's editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet.com. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback;

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