AGREEMENT

AGREEMENT made this 21^st day of May, 2004 (hereinafter referred to as the Agreement), by and between Sim Fass, an individual residing at  8 Hamlin Road, Edison, New Jersey 08817 (hereinafter referred to as Executive or Dr. Fass), and Savient Pharmaceuticals, Inc., a Delaware corporation (formerly known as Bio-Technology General Corp.) with an office at One Tower Center, 14^th Floor, East Brunswick, New Jersey 08816 (hereinafter referred to as Savient or the Company).

W I T N E S S E T H :

WHEREAS, Executive has been an executive officer of the Company since August 1983 and the Chief Executive Officer of the Company since May 1984;

WHEREAS, Executive and the Company are party to an employment agreement dated January 1, 2002 (the Employment Agreement);

WHEREAS, Executive now desires to retire from all positions with the Company and to end his employment relationship with the Company effective upon the conclusion of the Companys 2004 Annual Meeting of Stockholders;

WHEREAS, the Company, in recognition of the services provided by Executive to the Company since August 1983, desires to provide Executive with certain retirement benefits.

NOW, THEREFORE, in consideration of the promises and of the representations, agreements and obligations herein contained, the parties hereto agree as follows:

1.             Executive hereby retires as Chairman of the Board and Chief Executive Officer of the Company effective upon the conclusion of the Companys 2004 Annual Meeting of Stockholders (the Retirement Date) and the Employment Agreement shall be terminated and no longer be of any force or effect as of the Retirement Date, and effective as of the Retirement Date, Executive shall have no further rights under the Employment Agreement other than for the payment of accrued but unpaid salary, payment for accrued but unused vacation days and reimbursement of expenses in accordance with Article VI of the Employment Agreement through the Retirement Date.  Effective as of the Retirement Date, Executive hereby resigns as an officer and director of Bio-Technology General (Israel) Ltd., Acacia Biopharma Ltd., Rosemont Pharmaceuticals Limited and Myelos Corporation.

2.             In recognition of Executives services to the Company since August 1983, the Company agrees to pay Executive a special retirement award of $1,928,000 (the Retirement Payment).  The Retirement Payment shall be paid in cash to Executive in equal bi-weekly installments, less any applicable tax withholding, over a period of thirty months. Such payments shall be made on the same dates that the Company pays its employees, commencing on the first such date following the Retirement Date.  Executive may elect, upon written notice to the Company given at least twenty (20) days prior to the Retirement Date, to

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