SOURCE: The Bedford Report

The Bedford Report

September 15, 2010 16:00 ET

Analyst Research on Savient Pharmaceuticals (NASDAQ: SVNT) & Arena Pharmaceuticals (NASDAQ: ARNA) -- Biotech Overview

Note to Editors: The Following Is an Investment Opinion Being Issued by The Bedford Report

TORONTO--(Marketwire - September 15, 2010) -  The Bedford Report examines the outlook for companies in the Biotechnology Industry and provides research reports on Savient Pharmaceuticals, Inc. (NASDAQ: SVNT) and Arena Pharmaceuticals, Inc. (NASDAQ: ARNA). Access to the full company reports can be found at

Biotech companies haven't been impervious to the economic downturn, but they have endured better than most. This is partly due to the fact that demand for pharmaceuticals remains fairly constant even during recession. At the moment there is plenty of optimism regarding the Biotech Industry as firmer pricing and new products have improved sales and earnings trends this year.

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Shares of Savient are on the upswing on news that the FDA approved "Krystexxa" as a treatment for adult patients with a type of chronic gout. With patent exclusivity a major concern among investors, the news that Krystexxa will have seven years of patent exclusivity certainly comes as welcomed news. On average, analysts forecast US Krystexxa sales of around $230 million. The FDA approval of Krystexxa has resurrected talk about a Savient buyout. In May, Savient's board said it planned to sell the company if regulators approved Krystexxa.

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During the summer, one of the hottest trends in Biotech had been obesity drugs. Due to the overwhelming percentage of overweight Americans, an effective and safe weight loss drug could have astronomical earnings potential. Arena Pharmaceuticals anti-obesity drug, Lorcaserin was considered the most likely anti-obesity drug to receive FDA approval due to its mild side effects. While Lorcaserin is undoubtedly the safest anti-obesity drug presently in development, its efficiency has been called into question. In fact, shares of ARNA had been sent plummeting this week after a memo from the FDA stated that the drug did not satisfy the mean efficacy requirements that the FDA has laid down for obesity therapies, and only satisfied the categorical efficacy requirement by a slim margin.

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