Exhibit 99.1

Savient Pharmaceuticals, Inc. Announces Results of Annual Meeting of
Stockholders; Christopher Clement Assumes CEO Post and Joins Board of
Directors

    EAST BRUNSWICK, N.J.--(BUSINESS WIRE)--July 13, 2004--At its
annual meeting of stockholders yesterday, Savient Pharmaceuticals,
Inc. (NASDAQ:SVNT) announced the election of Christopher Clement to
the Company's Board of Directors. Stockholders also re-elected all
other members of the Board: Herbert J. Conrad, President (retired),
Roche Pharmaceuticals Division, Hoffmann La-Roche, Ltd.; Sim Fass,
(who retired as Chairman and Chief Executive Officer of the Company
effective at the adjournment of the Annual Meeting); Jeremy
Hayward-Surry, President (retired), Pall Corporation; Stephen O.
Jaeger, Chairman, Chief Executive Officer, President, eBT
International, Inc; Carl E. Kaplan, Esq., Senior Partner, Fulbright &
Jaworski LLP; David Tendler, Partner, Tendler Beretz LLC; Virgil
Thompson, President and Chief Executive Officer, Angstrom
Pharmaceuticals, Inc.; Faye Wattleton, President, Center for the
Advancement of Women; and Herbert Weissbach, Ph.D., Distinguished
Research Professor, Director, Center for Molecular Biology and
Biotechnology, Florida Atlantic University. All Directors were elected
for a one-year term.
    Stockholders also approved the Savient Pharmaceuticals, Inc. 2004
Incentive Plan, which amends, restates, and consolidates the Company's
2001 Stock Option Plan and Stock Compensation Plan for Outside
Directors. The 2004 Incentive Plan enables us to remain competitive
with current compensation trends by allowing us to make additional
types of equity-based compensation awards to our employees that are
not permitted under the 2001 Plan and to make automatic awards of
shares of our common stock and options to our non-employee directors.
These additional forms of equity-based compensation will increase our
ability to create effective short and long term incentive programs for
our employees while controlling the dilutive effects to our existing
shareholders. This plan, which does not increase the total number of
our shares of common stock previously approved by our shareholders for
issuance under the 2001 Plan, will also allow us to provide long-term
incentive compensation that is more in line with developing trends,
particularly in light of the anticipated requirement to expense stock
options.
    Effective at the close of the annual meeting and as previously
announced, Sim Fass retired as Chairman and Chief Executive Officer of
Savient, and Christopher Clement, who joined the Company in May 2002
as President and Chief Operating Officer, succeeded him as Chief
Executive Officer. Mr. Clement now serves as President and CEO. He was
also appointed to the position of Acting Chairman, pending the
completion of recommendations from the Nominating and Corporate
Governance Committee of the Board as to a permanent Chairperson.
    At the annual meeting, Mr. Clement announced that Savient and its
Board are engaged in a comprehensive review of Savient's business
operations and strategic plan in order to refine its focus to maximize
the Company's assets and shareholder value.
    "I look forward to working closely with our staff and the Board of
Directors as we refine our focus and determine how best to realize the
promise and opportunities represented by our portfolio of products and
exciting drug candidates in clinical development," said Mr. Clement.
"In the coming weeks and months, we expect to communicate to our
stockholders the decisions and actions that will stem from our current
strategic review."

    About Savient Pharmaceuticals, Inc.

    Savient Pharmaceuticals, Inc. is engaged in developing,
manufacturing, and marketing pharmaceutical products that address
unmet medical needs in both niche and wider markets. Products marketed
by Savient in the United States are Oxandrin(R) (oxandrolone, USP) and
Delatestryl(R) (testosterone enanthate). The Company's subsidiary,
Rosemont Pharmaceuticals Limited, develops, manufactures, and markets
through its own sales force oral liquid formulations of prescription
products for the UK pharmaceutical market. The Company's Israeli
subsidiary, Bio-Technology General (Israel) Ltd., manufactures and
markets in Israel Bio-Tropin(TM) (recombinant human growth hormone),
BioLon(R) (sodium hyaluronate), Bio-Hep-B(R) (hepatitis B vaccine),
and Arthrease(TM) (sodium hyaluronate for osteoarthritis). Products
marketed by Savient's licensees are Mircette(R) (oral contraceptive),
and BioLon(R) in the United States, and Bio-Tropin(TM), BioLon(R),
Bio-Hep-B(R), Silkis(R) (vitamin D derivative), and recombinant human
insulin, in international markets. Savient's news releases and other
information are available on the Company's website at
www.savientpharma.com.

    Arthrease is a trademark of DePuy Orthopaedics, Inc., except in
Israel, where it is owned by Bio-Technology General (Israel) Ltd.,
Savient's wholly owned subsidiary; Mircette is a registered trademark
of Organon, Inc.; Silkis is a registered trademark of Galderma S.A.

    Statements in this news release concerning the Company's business
outlook or future economic performance, anticipated profitability,
revenues, expenses or other financial items; and statements concerning
assumptions made or expectations as to any future events, conditions,
performance or other matters, are "forward-looking statements" as that
term is defined under the Federal Securities Laws. Forward-looking
statements are subject to risks, uncertainties and other factors that
could cause actual results to differ materially from those stated in
such statements. Such risks, uncertainties and factors include, but
are not limited to, the timing of the introduction of a generic
version of Oxandrin, changes and delays in product development plans
and schedules, changes and delays in product approval and
introduction, customer acceptance of new products, development,
introduction, or consumer acceptance of competing products, changes in
pricing or other actions by competitors, patents owned or licensed by
the Company and its competitors, changes in healthcare reimbursement,
risk of operations in Israel, risk of product or other litigation
liability, governmental regulation, dependence on third parties to
manufacture products and commercialize products, and general economic
conditions, as well as other risks detailed in the Company's filings
with the Securities and Exchange Commission.

    CONTACT: Investor Relations:
             Wolfe Axelrod Weinberger Assoc.
             Don Weinberger, 212-370-4500
              or
             Savient Pharmaceuticals, Inc.
             Leah Berkovits, 732-418-9300