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OSI Pharmaceuticals, Inc. (OSIP) Completes Its Acquisition Of Eyetech Pharmaceuticals, Inc. (EYET)



11/14/2005 2:24:38 PM

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.

Read at BioSpace.com

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