Citadel Securities Reiterates Neutral Rating On Savient Pharmaceuticals

According to Citadel Securities, Savient Pharmaceuticals

Neutral rating is reiterated. Citadel Securities said that the FDA's Arthritis Drugs Advisory Committee voted 11-1 against approval of Novartis' Ilaris for the treatment of gout flares in patients with an inadequate response to non-steroidal anti-inflammatory drugs (NSAIDs) and colchicine. “We view this decision as a modest positive for SVNT as the panel's decision removes a potential on-label competitor to Krystexxa. Although we believe physicians may be currently using Ilaris off-label (the drug was approved for cryopyrin-associated periodic syndromes (

) in June 2009), negative commentary from the panel and FDA briefing documents could curtail any off-label use.” Savient Pharmaceuticals closed yesterday at $6.87.