Savient’s Auction Didn’t Result in Sale, Company Says
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Savient Pharmaceuticals Inc. shares fell the most in two years after the company said it failed to find a buyer.
Savient fell 44 percent, or $9.63, to $12.07 at 4:02 p.m. in Nasdaq Stock Market composite trading. Before today, shares climbed 59 percent in 2010 as investors anticipated U.S. clearance of a gout drug and a potential sale.