Savient Pharmaceuticals Adopts Stockholder Rights Plan

Savient Pharmaceuticals

announced Monday that its Board of Directors has adopted a stockholder rights plan. Pursuant to the Rights Plan and in accordance with Savient's certificate of incorporation, Savient's Board of Directors designated a new series of preferred stock titled "Series A Junior Participating Preferred Stock" and declared a dividend of one right to buy one one-thousandth of a share of such newly authorized Series A Junior Participating Preferred Stock for each share of Savient's common stock outstanding on August 17, 2012. Under the Rights Plan, the Rights in general become initially exercisable if a person or group (i) acquires beneficial ownership of 15% or more of Savient's common stock or (ii) commences a tender or exchange offer the consummation of which would result in such person or group owning 15% or more of Savient's common stock. In that situation, each holder of a Right (other than the acquiring person or group of acquiring persons, whose Rights will become void and will not be exercisable) will be entitled to purchase a number of shares of Savient's common stock equal to the exercise price of the Right divided by one-half of the current market price of such common stock as of the date of the event that resulted in the Rights becoming exercisable.