sell ctic all in svnt you will rich this month. buy out
Monday after Teva Pharmaceutical Industries backed out of talks to buy the small, specialty pharmaceutical company.BOSTON (CBS.MW) -- Shares of Savient Pharmaceuticals Inc. tumbled on Monday after Teva Pharmaceutical Industries backed out of talks to buy the small, specialty pharmaceutical company.
Shares of East Brunswick, N.J.-based Savient /quotes/zigman/90527/quotes/nls/svnt SVNT +2.71% dropped 81 cents, or 13.5 percent, to $5.17. U.S.-listed shares of Israel-based Teva /quotes/zigman/10294855/quotes/nls/teva TEVA +0.43% nudged down 1 cent to $57.08.
Teva, the world's largest generic drugmaker, said late Friday that it had "mutually" agreed with Savient to break off talks about a possible buyout. The companies said they weren't able to reach agreement on the terms of a potential deal.
Savient had said in early October that it was in "preliminary" discussions about selling itself to Teva. Savient, which markets Oxandrin, a drug used to combat weight loss in severely ill patients, cautioned then that there was no guarantee Teva's interest would lead to an acquisition agreement.
Teva on Oct. 31 said that it planned to acquire Sicor /quotes/zigman/12243180/quotes/nls/scri SCRI 0.00% , maker of injectable generic drugs, for $3.4 billion in stock and cash. That deal is expected to close in the first quarter. See full story.
Separately, Savient reported on Monday its third-quarter net profit declined more than 20 percent to $4.36 million, or 7 cents per share, compared with $5.65 million, or 10 cents per share, in the 2013 post