Ever heard of a little something called "stock options"?
Ever heard of a little something called "stock options"?
Anonymous
Guest
Anonymous
Guest
Savient is an option for individuals that are looking for a risky proposition. It is apparently not for many of those posting in this thread.
In today's market, if I was the hiring manager/director I would go to the bench of individuals that "successfully" launched biologics previously...that I know!!! I would not grab pharmaceutical reps that "think" they are successful because they worked in their pods and now take ownership for a great launch of a "me-to".
Take a step back and look at the big picture ... Currently Amgen, J&J and others are in need of potential block-busters and yes they will overpay for a "bet". You may be with Savient for a year or two and then you will get picked off by one of the big shops. IF YOU DEMONSTRATE VALUE (sell the most) they will keep you.
The industry is purging and there is TONS of talent in the market. If you continue bitching, you will not be selected and if you didn't make an impression on the hiring manager, you will not be asked back for an interview.
By the way, if you didn't get a call back, you didn't make a good impression and will not get a call back. Like I said before, there is too much talent in the market and you did not separate from the masses. You should move on to a pharma company that needs an order taker!
In today's market, if I was the hiring manager/director I would go to the bench of individuals that "successfully" launched biologics previously...that I know!!! I would not grab pharmaceutical reps that "think" they are successful because they worked in their pods and now take ownership for a great launch of a "me-to".
Take a step back and look at the big picture ... Currently Amgen, J&J and others are in need of potential block-busters and yes they will overpay for a "bet". You may be with Savient for a year or two and then you will get picked off by one of the big shops. IF YOU DEMONSTRATE VALUE (sell the most) they will keep you.
The industry is purging and there is TONS of talent in the market. If you continue bitching, you will not be selected and if you didn't make an impression on the hiring manager, you will not be asked back for an interview.
By the way, if you didn't get a call back, you didn't make a good impression and will not get a call back. Like I said before, there is too much talent in the market and you did not separate from the masses. You should move on to a pharma company that needs an order taker!
Anonymous
Guest
Anonymous
Guest
EAST BRUNSWICK, N.J., Jan. 7, 2011 /PRNewswire/ -- Savient Pharmaceuticals, Inc. (Nasdaq: SVNT) today provided an update on its business activities related to the U.S. launch and commercialization of KRYSTEXXA, a PEGylated uric acid specific enzyme indicated for the treatment of chronic gout in adult patients refractory to conventional therapy. Savient continues to believe that it is on track for the promotional launch of KRYSTEXXA in the first quarter of 2011.
The Company announced that:
* KRYSTEXXA became commercially available in the U.S. by prescription on December 1, 2010 with the commencement of sales and shipments by the Company to its network of specialty distributors and to its wholesale distributors.
* The first chronic gout patient received treatment with KRYSTEXXA in December.
* The Company has built out much of its planned sales, marketing, managed care, medical affairs and pharmacovigilance teams, including hiring the full team of six regional business directors and more than 60% of the planned territory sales representatives. As a group, these hires bring additional rheumatology and biologics experience to Savient's commercial team.
* In early December, the Company activated its pharmacovigilance hotline and comprehensive reimbursement support services hotline and internet portal through its third party service providers PPD and Covance.
* To date, several large private managed care organizations have added medical benefits coverage for KRYSTEXXA, and others are actively evaluating medical benefits coverage. The Company has also filed for a temporary "C" code and a permanent "J" code application with the Centers for Medicare & Medicaid Services in December of 2010.
* In support of the commercial launch of KRYSTEXXA, the Company has in inventory at its third party logistics warehouse in the United States, supplies of finished KRYSTEXXA product that is packaged and labeled for distribution and additional supplies of bulk product which are scheduled to be packaged and labeled in the coming months which it believes are, based on the Company's current projections, adequate to supply market demand through the first quarter of 2012.
* The Company has also been advancing its plans to submit a marketing authorization application (MAA) for centralized review in the EU. In this regard, in December 2010 the Pediatric Committee (PDCO) of the European Medicines Agency approved the Company's pediatric investigation plan for the treatment and prevention of hyperuricemia, which is a condition to filing for marketing approval in the EU. While the Company has made significant progress in preparing the MAA for KRYSTEXXA, the Company is revising its projected timing for this filing to the end of the first quarter of 2011.
The Company further announced that its third party contractor manufacturing organizations (CMO) in Israel and Indianapolis, Indiana have commenced regularly scheduled commercial manufacturing campaigns to build inventory of pegloticase and KRYSTEXXA. In connection with this process, the Company's third party CMO in Israel and Merck Biomanufacturing Network, formerly known as Diosynth ("Merck"), which the Company is working to qualify as a secondary contract manufacturer, have experienced some batch failures based on one manufacturing specification. While the Company believes these batch failures are within normal industry failure rates experienced for the commencement of biologic commercial manufacturing, this failure rate is above the level that the Company believes to be acceptable for normal ongoing operations. Savient personnel, assisted by an outside manufacturing and quality consulting firm, have completed a review of these batch failures and believe they have identified the root cause of the batch failures at both the Company's third party CMO in Israel and Merck. Under the Company's direction, the Company's CMO in Israel and Merck are in the process of implementing remediation steps that the Company and its outside consulting firm believe will minimize or eliminate these failures moving forward. Prior to implementing these remediation steps, the Company's CMO in Israel, under the close supervision and direction of the Company, has continued to manufacture pegloticase and has recently manufactured two batches of pegloticase which have met all specifications.
As a result of the batch failures at Merck, the Company has determined that the manufacturing validation campaign at Merck was unsuccessful. The Company plans to repeat its validation campaign batches at Merck in 2011, which the Company expects will result in incremental additional costs of approximately $9 to $10 million over a two-year period.
The Company also announced that it has met all post-marketing and REMS commitments required to be completed to date. The Company believes that it is on schedule to provide the protocol for the post-marketing observational study in February 2011 and to commence the study according to the timeline provided in the September 2010 FDA action letter approving KRYSTEXXA.
See full article from DailyFinance: http://srph.it/eOzIZD
The Company announced that:
* KRYSTEXXA became commercially available in the U.S. by prescription on December 1, 2010 with the commencement of sales and shipments by the Company to its network of specialty distributors and to its wholesale distributors.
* The first chronic gout patient received treatment with KRYSTEXXA in December.
* The Company has built out much of its planned sales, marketing, managed care, medical affairs and pharmacovigilance teams, including hiring the full team of six regional business directors and more than 60% of the planned territory sales representatives. As a group, these hires bring additional rheumatology and biologics experience to Savient's commercial team.
* In early December, the Company activated its pharmacovigilance hotline and comprehensive reimbursement support services hotline and internet portal through its third party service providers PPD and Covance.
* To date, several large private managed care organizations have added medical benefits coverage for KRYSTEXXA, and others are actively evaluating medical benefits coverage. The Company has also filed for a temporary "C" code and a permanent "J" code application with the Centers for Medicare & Medicaid Services in December of 2010.
* In support of the commercial launch of KRYSTEXXA, the Company has in inventory at its third party logistics warehouse in the United States, supplies of finished KRYSTEXXA product that is packaged and labeled for distribution and additional supplies of bulk product which are scheduled to be packaged and labeled in the coming months which it believes are, based on the Company's current projections, adequate to supply market demand through the first quarter of 2012.
* The Company has also been advancing its plans to submit a marketing authorization application (MAA) for centralized review in the EU. In this regard, in December 2010 the Pediatric Committee (PDCO) of the European Medicines Agency approved the Company's pediatric investigation plan for the treatment and prevention of hyperuricemia, which is a condition to filing for marketing approval in the EU. While the Company has made significant progress in preparing the MAA for KRYSTEXXA, the Company is revising its projected timing for this filing to the end of the first quarter of 2011.
The Company further announced that its third party contractor manufacturing organizations (CMO) in Israel and Indianapolis, Indiana have commenced regularly scheduled commercial manufacturing campaigns to build inventory of pegloticase and KRYSTEXXA. In connection with this process, the Company's third party CMO in Israel and Merck Biomanufacturing Network, formerly known as Diosynth ("Merck"), which the Company is working to qualify as a secondary contract manufacturer, have experienced some batch failures based on one manufacturing specification. While the Company believes these batch failures are within normal industry failure rates experienced for the commencement of biologic commercial manufacturing, this failure rate is above the level that the Company believes to be acceptable for normal ongoing operations. Savient personnel, assisted by an outside manufacturing and quality consulting firm, have completed a review of these batch failures and believe they have identified the root cause of the batch failures at both the Company's third party CMO in Israel and Merck. Under the Company's direction, the Company's CMO in Israel and Merck are in the process of implementing remediation steps that the Company and its outside consulting firm believe will minimize or eliminate these failures moving forward. Prior to implementing these remediation steps, the Company's CMO in Israel, under the close supervision and direction of the Company, has continued to manufacture pegloticase and has recently manufactured two batches of pegloticase which have met all specifications.
As a result of the batch failures at Merck, the Company has determined that the manufacturing validation campaign at Merck was unsuccessful. The Company plans to repeat its validation campaign batches at Merck in 2011, which the Company expects will result in incremental additional costs of approximately $9 to $10 million over a two-year period.
The Company also announced that it has met all post-marketing and REMS commitments required to be completed to date. The Company believes that it is on schedule to provide the protocol for the post-marketing observational study in February 2011 and to commence the study according to the timeline provided in the September 2010 FDA action letter approving KRYSTEXXA.
See full article from DailyFinance: http://srph.it/eOzIZD
Anonymous
Guest
Anonymous
Guest
Great to see someone came on this board with an understanding of the market. Most people entering these positions should recognize risk and embrace it. Or they should get out of the mix and not interview, they are wasting the time of the RBD and those that are interested to make a move from their current position. If the Board of Directors are serious about the new CEO, then there will be more significant changes in the near future. Also it looks like the goal of the company is to be acquired and they need hunter/gathers rather than order takers.
Savient is an option for individuals that are looking for a risky proposition. It is apparently not for many of those posting in this thread.
In today's market, if I was the hiring manager/director I would go to the bench of individuals that "successfully" launched biologics previously...that I know!!! I would not grab pharmaceutical reps that "think" they are successful because they worked in their pods and now take ownership for a great launch of a "me-to".
Take a step back and look at the big picture ... Currently Amgen, J&J and others are in need of potential block-busters and yes they will overpay for a "bet". You may be with Savient for a year or two and then you will get picked off by one of the big shops. IF YOU DEMONSTRATE VALUE (sell the most) they will keep you.
The industry is purging and there is TONS of talent in the market. If you continue bitching, you will not be selected and if you didn't make an impression on the hiring manager, you will not be asked back for an interview.
By the way, if you didn't get a call back, you didn't make a good impression and will not get a call back. Like I said before, there is too much talent in the market and you did not separate from the masses. You should move on to a pharma company that needs an order taker!
Anonymous
Guest
Anonymous
Guest
Great to see someone came on this board with an understanding of the market. Most people entering these positions should recognize risk and embrace it. Or they should get out of the mix and not interview, they are wasting the time of the RBD and those that are interested to make a move from their current position. If the Board of Directors are serious about the new CEO, then there will be more significant changes in the near future. Also it looks like the goal of the company is to be acquired and they need hunter/gathers rather than order takers.
YOU miss the biggest point of this entire discussion. Savient tried like the mad-hatter to be bought out and auctioned themselves off for a buyout very aggressively, but their were no takers and the suiters called their bluff. Savient was left holding their balls in the wind. This bag they are now left with is less than desirable and they had no plan to go solo into this market and have a proven history of lay offs, abortions of sales forces and products and failure due to ego's and over zealous poor marketing and business decisions..... this is no different this go around, except that their hand is being forced to do so without a partner, the one thing they so feverishly needed. This is a catastrophe. IF you are one of these reps trying to find stability or savior in a career move, this is clearly not it, be smarter than a fifth grader.....this is all fact not opinion. ARe you unemployed and have no prospects or need a filler paycheck, then consider it, but this is a short term stop, play with fire you will get burnt.
"the oracle"
Anonymous
Guest
Anonymous
Guest
Ever heard of a little something called "stock options"?
Other biotechs and startups offer options too, but those companies recruit sales forces with the intent of remaining in business for a while. Sav had been trying to sell itself off, and may still be trying to do so, adding to the risk for anyone taking on this role: Options package should factor in the added risk in case this turns out to be a short term gig, or a very, very short term gig.
Anonymous
Guest
Anonymous
Guest
YOU miss the biggest point of this entire discussion. Savient tried like the mad-hatter to be bought out and auctioned themselves off for a buyout very aggressively, but their were no takers and the suiters called their bluff. Savient was left holding their balls in the wind. This bag they are now left with is less than desirable and they had no plan to go solo into this market and have a proven history of lay offs, abortions of sales forces and products and failure due to ego's and over zealous poor marketing and business decisions..... this is no different this go around, except that their hand is being forced to do so without a partner, the one thing they so feverishly needed. This is a catastrophe. IF you are one of these reps trying to find stability or savior in a career move, this is clearly not it, be smarter than a fifth grader.....this is all fact not opinion. ARe you unemployed and have no prospects or need a filler paycheck, then consider it, but this is a short term stop, play with fire you will get burnt.
"the oracle"
concise, and smart post. Most of us get it, however a few are late to the party and buy the propaganda and shit being shoveled by the RBD's. They will learn the hard way. I personally am still in the process but my concerns are valid and mirror the thoughts on this board. Number of real end user of product is small, minute and orphan disease products always garner more cost for patients. This is not the economy or market and doctors have wised up to the snake oil. IMO take the job as a last alternative, purely based on facts and history of instability and failure of Savient to find a partner to offset and market the product with industry savvy and experience is a detriment and a factor making this company more on the risker and short term side of the ball. Insurance companies will assess their payer influence only once they see the true cost analysis and upside if their is any for "them".... this is how it works. 30,000 per yr is unrealistic, this is a pure roll of dice type position and the incentive stock is worthless and basically is toilet paper. Check out the way they are written, do your diligence on the "type of grant" they are and how this applies to you. Very often this is smoke and mirrors and rarely will an eager beaver sales rep every bank on incentive stock options, less than 1% of time are these truly worth anything and with the prediction rate for Savient and this product and companies balance sheet with now having to raise more private capital, the writing is on the wall......2 cents from someone who has been there done that with biotech buy and bill's.....
Anonymous
Guest
Anonymous
Guest
Anonymous
Guest
...this guy posting all of this crap is one sick SOB. A true meglomaniac, sociopath psycho.
This guy thinks he knows all the inside scoop. Face the facts man, anyone who has such a vendetta against a corporation is plain sick. Post after post of inane ramblings, convinced he actually knows what he is talking about. For those of us actually involved, we know the risks, we know the company needs to raise some more capital, we know the "batch failures" were no big deal in the world of biologic manufacturing, we know there is plenty of drug already produced and packaged, we know the quality of the people on board, we know this drug does what no gout drug has ever done...modify the disease in the worst patients, we know a number of payers that have already added it and more are coming on board, we know it won't be easy but that's OK...it's why they call it "work", but we are going to have fun. There is a lot more we know, but you will never know because you are on the outside looking in.
See ya.
This guy thinks he knows all the inside scoop. Face the facts man, anyone who has such a vendetta against a corporation is plain sick. Post after post of inane ramblings, convinced he actually knows what he is talking about. For those of us actually involved, we know the risks, we know the company needs to raise some more capital, we know the "batch failures" were no big deal in the world of biologic manufacturing, we know there is plenty of drug already produced and packaged, we know the quality of the people on board, we know this drug does what no gout drug has ever done...modify the disease in the worst patients, we know a number of payers that have already added it and more are coming on board, we know it won't be easy but that's OK...it's why they call it "work", but we are going to have fun. There is a lot more we know, but you will never know because you are on the outside looking in.
See ya.
Anonymous
Guest
Anonymous
Guest
OK.....back to the original question. Has anyone received an offer? If so, does it look like what Leaders had initially promised? Keep to the point!!!
Anonymous
Guest
Anonymous
Guest
I have. I'm reluctant to give specifics because it might give me away. But here goes base is in the high 120's they gave me 6000 options (everyone gets that) and everyone has a target bonus of 40,000 of which 35,000 is garanteed in year 1. I'm getting 700/month for car. I got sign on and can't disclose that. Flew in met with the Head, he's pretty strong and great guy. My RBD has been in the industry for years and seems well balanced and very knowledgeable. There it is. Good Luck. I'm in. I want start-up! Thanks all
Anonymous
Guest
Anonymous
Guest
...this guy posting all of this crap is one sick SOB. A true meglomaniac, sociopath psycho.
This guy thinks he knows all the inside scoop. Face the facts man, anyone who has such a vendetta against a corporation is plain sick. Post after post of inane ramblings, convinced he actually knows what he is talking about. For those of us actually involved, we know the risks, we know the company needs to raise some more capital, we know the "batch failures" were no big deal in the world of biologic manufacturing, we know there is plenty of drug already produced and packaged, we know the quality of the people on board, we know this drug does what no gout drug has ever done...modify the disease in the worst patients, we know a number of payers that have already added it and more are coming on board, we know it won't be easy but that's OK...it's why they call it "work", but we are going to have fun. There is a lot more we know, but you will never know because you are on the outside looking in.
See ya.
Please see a doctor and put down that jug of koolaid....you sound so delusional it is frightening.
Anonymous
Guest
Anonymous
Guest
I have. I'm reluctant to give specifics because it might give me away. But here goes base is in the high 120's they gave me 6000 options (everyone gets that) and everyone has a target bonus of 40,000 of which 35,000 is garanteed in year 1. I'm getting 700/month for car. I got sign on and can't disclose that. Flew in met with the Head, he's pretty strong and great guy. My RBD has been in the industry for years and seems well balanced and very knowledgeable. There it is. Good Luck. I'm in. I want start-up! Thanks all
Anyone can come on here and babble fictional packages. The bottom line is that this company is a risk beyond risk, the product is very shaky, over priced, unattainable and unusable. in the modern day managed care environment. The stock "grant options" that all small floundering pharma's hand out to the suckers who come on board are never worth shit, they are grants not stock certificates, and the RBD's who are the "leadership" are some of the biggest hacks and washouts ever in this biz....sorry about your skills in assessing a winner, you lose.
Anonymous
Guest
Anonymous
Guest
I have. I'm reluctant to give specifics because it might give me away. But here goes base is in the high 120's they gave me 6000 options (everyone gets that) and everyone has a target bonus of 40,000 of which 35,000 is garanteed in year 1. I'm getting 700/month for car. I got sign on and can't disclose that. Flew in met with the Head, he's pretty strong and great guy. My RBD has been in the industry for years and seems well balanced and very knowledgeable. There it is. Good Luck. I'm in. I want start-up! Thanks all
Actually that post is pretty spot on. He/She is not kidding around. RBD great guy Base and Bonus are exactly right. And actually the Medical Benefits are pretty amazing!
Anonymous
Guest
Anonymous
Guest
When did you get the offer? Via email, phone, mail? What is your start date?
Anonymous
Guest
Anonymous
Guest
Anyone can come on here and babble fictional packages. The bottom line is that this company is a risk beyond risk, the product is very shaky, over priced, unattainable and unusable. in the modern day managed care environment. The stock "grant options" that all small floundering pharma's hand out to the suckers who come on board are never worth shit, they are grants not stock certificates, and the RBD's who are the "leadership" are some of the biggest hacks and washouts ever in this biz....sorry about your skills in assessing a winner, you lose.
So true, anytime you see a poster make reference to an RBD being "Strong and a good guy" you know it is the RBD posting. We did not fall of the truck this morning douche bag. The offers are bullshit, the stock is a scam and do just a tiny bit of research on how Savient is trying to abort and sell and how they were fanatically trying to do everything possible to avoid having to hire temporary sales misfits to appease the board and save the product from being moth balled!
Anonymous
Guest
Anonymous
Guest
So true, anytime you see a poster make reference to an RBD being "Strong and a good guy" you know it is the RBD posting. We did not fall of the truck this morning douche bag. The offers are bullshit, the stock is a scam and do just a tiny bit of research on how Savient is trying to abort and sell and how they were fanatically trying to do everything possible to avoid having to hire temporary sales misfits to appease the board and save the product from being moth balled!
Wow I think the only douche bag is the one that can't stop spewing hate out of their mouth. Nothing is solid anymore in this industry. You probably will be shooting yourself in the foot when you get laid off in 6 months and were wishing you had pursued this.
Legitimate offer!!! Contacted by Leaders and Manager. Start date end of January.
Anonymous
Guest
Anonymous
Guest
So true, anytime you see a poster make reference to an RBD being "Strong and a good guy" you know it is the RBD posting. We did not fall of the truck this morning douche bag. The offers are bullshit, the stock is a scam and do just a tiny bit of research on how Savient is trying to abort and sell and how they were fanatically trying to do everything possible to avoid having to hire temporary sales misfits to appease the board and save the product from being moth balled!
2 questions for you there poster:
1) who is the WE that you are referring to?
2) did you listen to the investor webcast ? if not, then you DID fall off the truck this morning. that is the same truck that is rolling over your ignorance.
Anonymous
Guest
Anonymous
Guest
Wow I think the only douche bag is the one that can't stop spewing hate out of their mouth. Nothing is solid anymore in this industry. You probably will be shooting yourself in the foot when you get laid off in 6 months and were wishing you had pursued this.
Legitimate offer!!! Contacted by Leaders and Manager. Start date end of January.
What makes you think that this band aid Savient sales force will be around in 6 months time? That sounds like a very unlikely prospect. You need to do some research, and not kool aid mongering crap about this being some elite product and sf. This is a crap shoot, smart money and the people who matter, the investor community are calling this to come up 'snake eyes".... the "legitimate" data is simply that Savient is in over their heads, had to find a partner to launch this product- failed to do so- and now are left with no sales experience, launch experience, FUNDING, and behind the curtains are still trying like maniacs to find someone, anyone, anything to bail them out of the financial drain that will exist for cost, marketing, sales overhead, private insurance rebates, manufacturing (which already set them back 10mm on the blunder from the supplier last week), bloated salaries of senior leadership etc...... you need to shake those cobwebs from in between your ears. There is no future for a Savient based salesforce with this orphan disease product within the current cost strategies and scenarios. Out priced itself, garnered no support from the big houses and players in this bucket, and are hiring temporary rent a reps for a 3 month stint. This is obvious to anyone "we" who have been in this game for more than a few rodeo's. The need for private capital is real, the need for a partner and buyer is something that the board and senior mgmt. team is burning the midnight oil on, and trust me the stability or well being of any of the "new" reps brought on during this transition is the LAST priority to this company....wise up and grow up!
Anonymous
Guest
Anonymous
Guest
I have. I'm reluctant to give specifics because it might give me away. But here goes base is in the high 120's they gave me 6000 options (everyone gets that) and everyone has a target bonus of 40,000 of which 35,000 is garanteed in year 1. I'm getting 700/month for car. I got sign on and can't disclose that. Flew in met with the Head, he's pretty strong and great guy. My RBD has been in the industry for years and seems well balanced and very knowledgeable. There it is. Good Luck. I'm in. I want start-up! Thanks all
Why would you share that type of information here? Not everybody Flew in met with the Head, down to 14. My RBD has been in the industry for years, so you are on the east coast. I got a sign on which was only given to about 15. They know who you are. You really are stupid! Keep your luck, you are going to need it. You were in.