Eyetech shareholders back acquisition by OSI Pharma; OSI to assess Genentech's Lucentis data

By Angela McDaniels

Seattle, Nov. 10 - OSI Pharmaceuticals Inc. said Eyetech Pharmaceuticals Inc.'s shareholders have backed the merger of the two companies - but OSI said that it wants to assess trial results for a rival product before closing the deal.

Shareholders who represent a majority of Eyetech's outstanding shares of common stock voted in favor of the merger agreement between the two companies, OSI said.

But prior to acquiring Eyetech, OSI's board of directors wants to assess the possible impact of preliminary data from a phase-3 clinical study of Genentech's Lucentis product candidate, the company added.

Under the terms of the merger agreement, OSI and Eyetech must agree on a closing date for the merger that must be within two business days of all conditions of the merger agreement being satisfied.

OSI has reassured Eyetech that it has made no decision not to proceed with the closing, and that OSI wants the additional time to allow OSI's board of directors to "fulfill its fiduciary obligation to assess the implications of the Lucentis data," OSI said.

Eyetech is based in New York and develops therapeutics to treat diseases of the eye.

OSI is based in Melville, N.Y. and develops drugs for the treatment of cancer and diabetes.

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