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Naming Company

Brand Institute is the premier full-service branding agency dedicated to strategic and innovative brand naming and identity solutions. We strive to exceed the expectations of every client by combining leading-edge market research with the highest levels of client service, integrity and brand management

OSI TO BUY EYETECH FOR APPROXIMATELY $935 MILLION

OSI Pharmaceuticals Inc. agreed to acquire all the outstanding shares of

Eyetech Pharmaceuticals Inc., a biopharmaceutical company that focuses on

treatments for eye diseases, for approximately $935 million.



Eyetech shareholders will receive $20 per common share, 75 percent of which

will be paid in cash and 25 percent of which will be paid in OSI common

stock.



This merger will provide Eyetech's "shareholders with good value for their

equity," according to Eyetech's chief executive officer, Dr. David Guyer,

who added that the agreement will provide its "employees with an opportunity

for an even more exciting future."



Colin Goddard, OSI's chief executive officer, said the transaction will

create a "substantial biopharmaceutical company with over $600 million of

projected revenues in 2006 and strong growth prospects for the future." He

noted that the company anticipates having three business units to focus on

oncology, eye disease and diabetes soon.



The transaction is expected to be accretive to OSI on a cumulative basis for

earnings per share over the next four years.



The transaction may complicate OSI's ties with Genentech Inc., The Wall

Street Journal said, noting that OSI co-markets its lung cancer drug,

Tarceva (erlotinib hydrochloride), with F. Hoffmann-La Roche Ltd. and

Genentech, while Pfizer Inc. and Eyetech's wet age-related macular

degeneration treatment, Macugen (pegaptanib sodium), is a direct competitor

of Genentech's investigational drug Lucentis (ranibizumab), which is being

co-developed with Novartis Ophthalmics Business Unit.



In May, Genentech released study results showing that approximately 95

percent of patients treated with Lucentis maintained or improved their

vision at one year. The news sent Eyetech shares down 46 percent since

Macugen has been shown to maintain or improve vision in 70 percent of

patients, according to The Journal, which noted that the company's shares

never quite recovered.



OSI shares were trading at $32.17, down $8.60, or 21.1 percent, while

Eyetech shares were trading at $18.13, up $4.14, or 29.6 percent, both in

heavy midday trading on the Nasdaq.

 

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