Savient sells UK subsidiary Rosemont Pharmaceuticals

Pharmaceutical Company Restructures

Savient has announced it has sold Rosemount Pharmaceuticals, its UK-based subsidiary, to an entity affiliated with Close Brothers, an equity group.

Leeds-based Rosemont manufactures liquid medicines for patients who have difficulty swallowing or ingesting solid medicines. Rosemont, sold for $176 million (93.4 million pounds) has been sold because Savient said it wished to focus on becoming a speciality pharmaceutical company.

Savient also revealed it wished to use the funds freed up from the sale towards furthering the development of Puricase, a treatment for gout.

Christopher Clement, Savient's chief executive officer, stated: "We are pleased to have successfully completed this transaction and achieved another milestone in building shareholder value.

"The sale follows an extensive examination of the alternatives that were available for the Rosemont business and we believe that this transaction is in the best interests of shareholders."

Mr Clement concluded: "We extend our best wishes to our colleagues at Rosemont as they continue to advance their development of the oral liquid pharmaceutical business."

Rosemont lists 27 liquid-based pharmaceutical products, including forms of aciclovir and tamoxifen. The company was created in 1967 after two Leeds pharmacists collaborated to form RP Drugs. It now employs approximately 170 people.

One of Rosemont's business areas is "specials" - the creation of specially prepared unlicensed medicines, used when a licensed product is unavailable.

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