How to -replace text which contains > ?

Why next script doesn't work correctly? :

	$S = [String]
	$S = '00 05:57:14.763,115,<?query --FETCH API_CURSOR0000000001D5D546--?>,DMRWP,NULL,0,0,NULL,39,'
	Write-Host "## Before: $S"
	$S = $S -replace ('--?>,' , '--?>",')
	Write-Host "## After : $S"

Because it produces next output:

## Before: 00 05:57:14.763,115,<?query --FETCH API_CURSOR0000000001D5D546--?>,DMRWP,NULL,0,0,NULL,39,
## After : 00 05:57:14.763,115,<?query --FETCH API_CURSOR0000000001D5D546--?>,DMRWP,NULL,0,0,NULL,39,

But correct output should be:

## Before: 00 05:57:14.763,115,<?query --FETCH API_CURSOR0000000001D5D546--?>,DMRWP,NULL,0,0,NULL,39,
## After : 00 05:57:14.763,115,<?query --FETCH API_CURSOR0000000001D5D546--?>",DMRWP,NULL,0,0,NULL,39,

__________________________________________________________ If isn't above described anything, the following applies: Technical details: * OS: Windows Server v2008-R2, English, Enterprise Edition, x64, SP1 ** My User-Account is member of 'Administrators' local security group. * MS-SQL-Server: v2008-R2, English, Enterprise Edition, x64, SP1 ** My User-Account is member of 'SysAdmin' db-role.