UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
SAVIENT PHARMACEUTICALS, INC.
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, Par Value $0.01 Per Share
--------------------------------------------------------------------------------
(Title of Class of Securities)
80517Q100
---------
(CUSIP Number)
December 31, 2007
-----------------
(Date of Event which Requires Filing
of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
Page 1 of 10
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CUSIP No. 80517Q100 13G Page 2 of 10 Pages
---------------------------- ------------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Advisors, LLC
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER FO SHARES
BENEFICIALLY OWNED 2,029,812 (1) (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,029,812 (1) (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,029,812 (1) (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.8% (1) (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 2 of 10
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CUSIP No. 80517Q100 13G Page 3 of 10 Pages
---------------------------- ------------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Management, LLC
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER FO SHARES
BENEFICIALLY OWNED 2,029,812 (1) (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,029,812 (1) (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,029,812 (1) (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.8% (1) (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 3 of 10
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CUSIP No. 80517Q100 13G Page 4 of 10 Pages
---------------------------- ------------------------
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Sigma Capital Management, LLC
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER FO SHARES
BENEFICIALLY OWNED 2,400,000 (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,400,000 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,400,000 (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
4.5% (1) (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 4 of 10
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CUSIP No. 80517Q100 13G Page 5 of 10 Pages
---------------------------- ------------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Steven A. Cohen
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER FO SHARES
BENEFICIALLY OWNED 4,429,812 (1) (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
4,429,812 (1) (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,429,812 (1) (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.3% (1) (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 5 of 10
Item 1(a) Name of Issuer:
--------------
Savient Pharmaceuticals, Inc.
Item 1(b) Address of Issuer's Principal Executive Offices:
-----------------------------------------------
One Tower Center, East Brunswick, New Jersey 08816
Items 2(a) Name of Person Filing:
---------------------
This statement is filed by: (i) S.A.C. Capital Advisors, LLC
("SAC Capital Advisors") with respect to shares of common
stock, $0.01 par value per share ("Shares"), of the Issuer
beneficially owned by S.A.C. Capital Associates, LLC ("SAC
Capital Associates"), S.A.C. MultiQuant Fund, LLC ("SAC
MultiQuant Fund") and S.A.C. Select Fund, LLC ("SAC Select
Fund"); (ii) S.A.C. Capital Management, LLC ("SAC Capital
Management") with respect to Shares beneficially owned by
SAC Capital Associates, SAC MultiQuant Fund and SAC Select
Fund; (iii) Sigma Capital Management, LLC ("Sigma
Management") with respect to Shares beneficially owned by
Sigma Capital Associates, LLC ("Sigma Capital Associates");
and (iv) Steven A. Cohen with respect to Shares beneficially
owned by SAC Capital Advisors, SAC Capital Management, SAC
Capital Associates, SAC MultiQuant Fund, SAC Select Fund,
Sigma Management and Sigma Capital Associates.
Item 2(b) Address of Principal Business Office:
------------------------------------
The address of the principal business office of (i) SAC
Capital Advisors and Mr. Cohen is 72 Cummings Point Road,
Stamford, Connecticut 06902 and (ii) SAC Capital Management
and Sigma Management is 540 Madison Avenue, New York, New
York 10022.
Item 2(c) Citizenship:
-----------
SAC Capital Advisors, SAC Capital Management and Sigma
Management are Delaware limited liability companies. Mr.
Cohen is a United States citizen.
Item 2(d) Title of Class of Securities:
----------------------------
Common Stock, par value $0.01 per share
Page 6 of 10
Item 2(e) CUSIP Number:
------------
80517Q100
Item 3 Not Applicable
Item 4 Ownership:
---------
The percentages used herein are calculated based upon the
Shares issued and outstanding as of November 9, 2007 as
reported on the Issuer's quarterly report on Form 10-Q filed
with the Securities and Exchange Commission for the
quarterly period ended September 30, 2007.
As of the close of business on December 31, 2007:
1. S.A.C. Capital Advisors, LLC
(a) Amount beneficially owned: 2,029,812 (1)
(b) Percent of class: 3.8% (1)
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 2,029,812 (1)
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
2,029,812 (1)
2. S.A.C. Capital Management, LLC
(a) Amount beneficially owned: 2,029,812 (1)
(b) Percent of class: 3.8% (1)
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 2,029,812 (1)
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
2,029,812 (1)
3. Sigma Capital Management, LLC
(a) Amount beneficially owned: 2,400,000 (1)
(b) Percent of class: 4.5% (1)
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 2,400,000 (1)
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
2,400,000 (1)
4. Steven A. Cohen
(a) Amount beneficially owned: 4,429,812 (1)
Page 7 of 10
(b) Percent of class: 8.3% (1)
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 4,429,812 (1)
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
4,429,812 (1)
(1) Includes 75,000 Shares subject to call options held by
SAC Capital Associates.
SAC Capital Advisors, SAC Capital Management, Sigma
Management and Mr. Cohen own directly no Shares. Pursuant to
investment management agreements, each of SAC Capital
Advisors and SAC Capital Management share all investment and
voting power with respect to the securities held by SAC
Capital Associates, SAC MultiQuant Fund and SAC Select Fund.
Pursuant to an investment management agreement, Sigma
Management maintains investment and voting power with
respect to the securities held by Sigma Capital Associates.
Mr. Cohen controls each of SAC Capital Advisors, SAC Capital
Management and Sigma Management. By reason of the provisions
of Rule 13d-3 of the Securities Exchange Act of 1934, as
amended, each of (i) SAC Capital Advisors, SAC Capital
Management and Mr. Cohen may be deemed to own beneficially
2,029,812 (1) Shares (constituting approximately 3.8% (1) of
the Shares outstanding) and (ii) Sigma Management and Mr.
Cohen may be deemed to own beneficially 2,400,000 Shares
(constituting approximately 4.5% of the Shares outstanding).
Each of SAC Capital Advisors, SAC Capital Management, Sigma
Management and Mr. Cohen disclaim beneficial ownership of
any of the securities covered by this statement.
Item 5 Ownership of Five Percent or Less of a Class:
--------------------------------------------
If this statement is being filed to report the fact that as
of the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following. [ ]
Item 6 Ownership of More than Five Percent on Behalf of Another
--------------------------------------------------------
Person:
------
Not Applicable
Page 8 of 10
Item 7 Identification and Classification of the
----------------------------------------
Subsidiary Which Acquired the Security Being
--------------------------------------------
Reported on By the Parent Holding Company:
-----------------------------------------
Not Applicable
Item 8 Identification and Classification of Members
--------------------------------------------
of the Group:
------------
Not Applicable
Item 9 Notice of Dissolution of Group:
------------------------------
Not Applicable
Item 10 Certification:
-------------
By signing below the signatory certifies that, to the best of his knowledge
and belief, the securities referred to above were not acquired and are not held
for the purpose of or with the effect of changing or influencing the control of
the issuer of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having that purpose or
effect.
Page 9 of 10
SIGNATURE
---------
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: February 14, 2008
S.A.C. CAPITAL ADVISORS, LLC
By: /s/ Peter Nussbaum
----------------------------------
Name: Peter Nussbaum
Title: Authorized Person
S.A.C. CAPITAL MANAGEMENT, LLC
By: /s/ Peter Nussbaum
----------------------------------
Name: Peter Nussbaum
Title: Authorized Person
SIGMA CAPITAL MANAGEMENT, LLC
By: /s/ Peter Nussbaum
----------------------------------
Name: Peter Nussbaum
Title: Authorized Person
STEVEN A. COHEN
By: /s/ Peter Nussbaum
----------------------------------
Name: Peter Nussbaum
Title: Authorized Person
Page 10 of 10