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Savient Pharmaceuticals Management Discusses Q3 2010 Results - Earnings Call Transcript

Savient Pharmaceuticals Management Discusses Q3 2010 Results - Earnings Call Transcript

Savient Pharmaceuticals Inc. (



Q3 2010 Earnings Call

October 26, 2010 08:30 am ET


Philip Yachmetz - SVP & General Counsel

Paul Hamelin - President


Kim Lee - Global Hunter Securities

Laura Ekas - Collins Stewart

Cory Kasimov - JPMorgan

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Katherine Xu - Wedbush Securities

Laura Ekas - Collins Stewart

Gene Mack - Soleil Securities

Liisa Bayko - JMP Securities

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Good day ladies and gentlemen and welcome to the Savient Pharmaceuticals conference call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. As a reminder this conference may be recorded.

I would now like to turn your conference over to your host for today, Mr. Philip Yachmetz, Senior Vice President and General Counsel for Savient Pharmaceuticals.

Philip Yachmetz

Thank you and good morning. Welcome to this morning’s conference call. Last evening we issued a press release providing an update regarding our efforts to identify a strategic transaction for the sale of Savient.

This press release is available on our website at Before today’s call, I would like to read our safe harbor statement. Comments made during this conference call will contain forward-looking statements that involve risks and uncertainties regarding the operations and future results of Savient Pharmaceuticals.

In particular, we need to stress that when we discuss information regarding our efforts to identify strategic alternatives for the company, our preparations and plans to commercially launch KRYSTEXXA and our preparations for regulatory submissions for KRYSTEXXA outside the United States, our work with our primary and potential secondary supply sources and our beliefs with respect to our ability to gain and maintain market acceptance with KRYSTEXXA by physicians, patients, healthcare payers and others in the medical community as well as related matters. No inference of the overall success with respect to these matters can be implied as they are subject to a number of risks and uncertainties.

We encourage you to review our press release dated October 25, 2010 and our company’s filings with the Securities and Exchange Commission including without limitation, our quarterly reports on Form 10-Q and 10-K which identify important factors that may cause actual results or events to defer materially from those described in the forward-looking statements.

Furthermore, the content of this conference call contains time sensitive information that is accurate only as of the date of this live broadcast October 26, 2010. We undertake no obligation to revise or update our statements to reflect events or circumstances that occur after the date of this conference call.

Joining me on the call this morning is Paul Hamelin, our President. However before I turn the call over to Paul, I would like to take a moment to review the announcement made last night in our press release. We are in the process we have engaged in directed towards identifying a strategic transaction for the sale of Savient.

As we stated in last night’s press release, this process did not result in the sale of the company at this time. We can confirm that we conducted a broad process open to all companies that we consider to be potential acquirers of Savient and ultimately that process did not result in the sale of the company at this time.

Our Board of Directors will continue to evaluate strategic alternatives available to the company to maximize value. However, we believe would not be in the best interest of Savient’s shareholders to discuss in detail beyond what we have stated, the process that we have conducted.

Therefore, we will have no further comment on the sale process. What is important is that we have an FDA approved product in KRYSTEXXA and it is our belief that it is in the best interest of our shareholders to rapidly advance the launch of KRYSTEXXA in the US. Thus on this conference call, we intend to focus exclusively on providing some further details around our launch plans and again, we'll not provide further comments on the sale process and related matters.

At this time I would like to turn the call over to Paul Hamelin.

Paul Hamelin

Thank you Philip and good morning everyone. Thank you for joining us. As Philip mentioned the purpose of this morning’s call is to discuss the progress we’ve been making in our preparations for the commercial launch of KRYSTEXXA.

I’d like to remind everyone that in our September 15th conference call, immediately after approval, we stated that the company’s plan was to continue preparations for launch while in parallel we were pursuing a strategic transaction. By following this parallel or dual path, we have made significant strides in our launch preparation and implementation work which I will highlight this morning in the call.

As you are aware the FDA approved KRYSTEXXA last month was an indication for the treatment of chronic gout in adult patients who are refractory to conventional therapy. These patients are desperate for a therapy that can transform their lives by reducing the crippling flares, eliminating the disabling, disfiguring chronic inflammation associated with tophaceous deposits of uric crystals in their joints and soft tissues.

We’ve been moving air commercialization plans forward and look forward to bringing these desperate patients the treatment that they deserve and that they have been waiting for, for decades. Towards that end I am pleased to announce that we intend to commence shipments of KRYSTEXXA to specialty distributors in December of 2010 in order that these deserving patients for the first time ever have access to a life changing new therapy. This was not an incremental benefit that KRYSTEXXA provides; it is a life transforming benefit.

In December, rheumatologists and nephrologists will then be able to write prescriptions for KRYSTEXXA and access the product for the treatment of their patients. We will also announce the price for KRYSTEXXA at the time we commence our shipments to the specialty distributors which we’re planning for December.

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