The last part of August was a typically slow period for neurotechnology stocks and for the market in general. The biggest mover was Eyetech Pharmaceuticals (EYET) which gained on news of a $935 million acquisition by OSI Pharmaceuticals (OSIP), a 43% premium for EYET shareholders. Investors bought EYET and sold OSIP on concerns about emerging competition for Eyetech’s macular degeneration product, Macugen. Medtronic Inc. (MDT) acquired Image-Guided Neurologics, a private firm specializing in precision navigation and delivery technologies for brain surgery. IGNs products can be used to improve procedures for implantation of Medtronics neurostimulation devices (ie: Activa), which are used to treat Parkinson’s disease, essential tremor and dystonia.
