Citadel Securities Reiterates Neutral Rating On Savient Pharmaceuticals

According to Citadel Securities, Savient Pharmaceuticals SVNT Neutral rating is reiterated. Citadel Securities said that the FDA's Arthritis Drugs Advisory Committee voted 11-1 against approval of Novartis' Ilaris for the treatment of gout flares in patients with an inadequate response to non-steroidal anti-inflammatory drugs (NSAIDs) and colchicine. “We view this decision as a modest positive for SVNT as the panel's decision removes a potential on-label competitor to Krystexxa. Although we believe physicians may be currently using Ilaris off-label (the drug was approved for cryopyrin-associated periodic syndromes (CAPS) in June 2009), negative commentary from the panel and FDA briefing documents could curtail any off-label use.” Savient Pharmaceuticals closed yesterday at $6.87.