Savient Pharmaceuticals, Inc. Announces Exploration of Strategic Alternatives for Rosemont Pharmaceuticals Subsidiary; Company to Focus on the Full Clinical Development of Puricase(R) (PEG-Uricase)

Expected Stock Repurchase Plan Underscores Company’s Commitment to Creating Shareholder Value

Savient Pharmaceuticals (NASDAQ: SVNT) today announced that its Board of Directors has engaged Citigroup Corporate and Investment Banking to explore strategic alternatives for its wholly-owned subsidiary, Rosemont Pharmaceuticals, including the potential spin out or sale of the business. Rosemont is a leading developer, manufacturer and marketer of high quality oral liquid medicines in the United Kingdom.

Consistent with the Company’s previously announced product development strategy, Savient will continue to focus its full efforts and resources on the completion of the current clinical development program for Puricase (PEG-uricase), the Company’s phase 3 compound for the treatment of symptomatic gout. Beyond supporting the current clinical program for product registration and approval, the Company is devoting efforts to developing the commercialization plan, including identification of potential phase 4 studies, and the bolstering of long-term manufacturing activities. In addition, the Company will also begin to evaluate other potential indications for Puricase beyond the treatment of symptomatic gout. In parallel, Savient expects to concentrate its business development efforts principally on completing a transaction with a partner for the clinical development and commercialization of Puricase outside of the United States.

“In addition to our clinical and business development efforts related to Puricase, we expect that following completion of a Rosemont transaction, which we anticipate could be concluded this year, a significant portion of the net proceeds would be earmarked for a stock repurchase plan,” said Christopher Clement, Savient’s CEO and President. “The Board’s decision to launch this process and, if completed, its related commitment to deploying a significant portion of the capital made available to buy back shares underscores its confidence in Savient’s long-term growth prospects and the enormous potential of Puricase.”

The Company noted that there can be no assurances that the exploration of strategic alternatives for Rosemont will result in a consummated transaction, which will impact the ability of the Company to advance its intention to execute the stock repurchase plan. The Company does not intend to disclose developments with respect to the exploration of strategic alternatives unless and until the Board of Directors has approved a specific transaction or course of action.

ABOUT SAVIENT

Based in East Brunswick, New Jersey, Savient Pharmaceuticals, Inc., is an emerging specialty pharmaceuticals company and is engaged in developing, manufacturing and marketing pharmaceutical products that address unmet medical needs in both niche and broader markets. The Company’s lead product development candidate, Puricase(R) (PEG-uricase), for the treatment of refractory gout has reported positive Phase 1 and 2 clinical data. Savient’s experienced management team is committed to advancing its pipeline and expanding its product portfolio by in-licensing late stage compounds and exploring co-promotion and co-development opportunities that fit the Company’s expertise in specialty pharmaceuticals and initial focus in rheumatology. Savient markets its product Oxandrin(R) (oxandrolone, USP) in the United States. The Company’s subsidiary, Rosemont Pharmaceuticals Ltd., develops, manufactures, and markets through its own sales force oral liquid formulations of prescription products for the UK pharmaceutical market. Rosemont’s product portfolio includes over 90 liquid formulations primarily targeting the geriatric population. Savient’s product Mircette(R) (desogestrel/ethinyl estradiol and ethinyl estradiol), an oral contraceptive, is marketed by its licensee, Duramed Pharmaceuticals, Inc. Puricase is a registered trademark of Mountain View Pharmaceuticals, Inc. Further information on the Company can be accessed by visiting www.savientpharma.com.

FORWARD LOOKING LANGUAGE

This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this report regarding the Company’s strategy, expected future financial position, results of operations, cash flows, financing plans, discovery and development of products, strategic alliances, competitive position, plans and objectives of management are forward-looking statements. Words such as “anticipate,”"believe,”"estimate,”"expect,”"intend,”"plan,”"will” and other similar expressions help identify forward-looking statements, although not all forward-looking statements contain these identifying words. In particular, the statements regarding a potential transaction involving Rosemont Pharmaceuticals, clinical development of Puricase, business development efforts relating to Puricase, and a stock repurchase are forward-looking statements. These forward-looking statements involve substantial risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the Company’s business and the biopharmaceutical and specialty pharmaceutical industries in which the Company operates. Such risks and uncertainties include, but are not limited to, the Company’s ability to find a buyer for Rosemont Pharmaceuticals and to negotiate and consummate a sale of Rosemont at an attractive price; delay or failure in developing Puricase and other product candidates; difficulties of expanding the Company’s product portfolio through in-licensing; introduction of generic competition for Oxandrin; fluctuations in buying patterns of wholesalers; potential future returns of Oxandrin or other products; the Company’s continuing to incur substantial net losses for the foreseeable future; difficulties in obtaining financing; potential development of alternative technologies or more effective products by competitors; reliance on third-parties to manufacture, market and distribute many of the Company’s products; economic, political and other risks associated with foreign operations; risks of maintaining protection for the Company’s intellectual property; risks of an adverse determination in on-going or future intellectual property litigation; and risks associated with stringent government regulation of the biopharmaceutical and specialty pharmaceutical industries. The Company may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and you should not place undue reliance on the Company’s forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that the Company makes. The Company’s forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments that the Company may make. The Company does not assume any obligation to update any forward-looking statements.