SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 8, 2003
Savient Pharmaceuticals, Inc.
(Exact name of issuer as specified in its charter)
Delaware | | 0-15313 | | 13-3033811 |
(State or Other Jurisdiction of
Incorporation) | | (Commission File Number) | | (IRS Employer
Identification No.) |
| | | | |
One Tower Center, 14th Floor
East Brunswick, New Jersey | | | 08816 | | |
(Address ofPrincipal Executive Offices) | | | (Zip Code) | | |
Registrant’s telephone number, including area code: (732) 418-9300
None.
(Former Name or Former Address, if Changed Since Last Report.)
ITEM 5. | OTHER EVENTS AND REGULATION FD DISCLOSURE. |
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Savient Pharmaceuticals, Inc. (the "Company") reacquired commercial rights to the Company's sodium hyaluronate product for treatment of pain associated with osteoarthritis of the knee from DePuy Orthopaedics, Inc. ("Depuy"). Under Staff Accounting Bulletein No. 101 (“SAB 101”), contract fee revenues of $5 million paid by DePuy Orthopaedics to the Company for distribution rights to the osteoarthritis product were being recognized over the estimated term of the license agreement. However, as a result of the reacquisition, in the third quarter of 2003, the Company will recognize non-cash contract fee revenue of $3.4 million, representing the unamortized balance of milestone fees that had previously been deferred in accordance with SAB No. 101. |
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ITEM 7. | FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. |
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| (c) | Exhibits. |
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| 99.1 | Press release issued by Savient Pharmaceuticals, Inc. on October 8, 2003. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
| SAVIENT PHARMACEUTICALS, INC. |
| (Registrant) |
| |
| By: | /s/ Whiteny K. Stearns, Jr. |
| | Whitney K. Stearns, Jr. |
| | Senior Vice President—Chief Financial Officer and Treasurer |
Dated: October 9, 2003
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