OSI Pharmaceuticals, Inc. Completes Its Acquisition Of Eyetech Pharmaceuticals, Inc.

MELVILLE, N.Y.--(BUSINESS WIRE)--Nov. 14, 2005--OSI Pharmaceuticals, Inc. (Nasdaq: OSIP) announced today that it has completed its acquisition of Eyetech Pharmaceuticals, Inc., a biopharmaceutical company focused on the development and commercialization of novel therapeutics to treat eye diseases. OSI acquired Eyetech for approximately $685 million in cash and approximately 5.7 million shares of OSI's common stock. Net of Eyetech's cash and net operating loss carryforwards, OSI valued the acquisition at approximately $650 million. Eyetech stockholders will receive $15 per share in cash and 0.12275 of OSI shares for each share of Eyetech owned as of the closing date.