OSI Pharmaceuticals board affirms approval of Eyetech acquisition

By Jennifer Chiou

New York, Sept. 2 - OSI Pharmaceuticals, Inc. announced its board again voted in favor of a proposed definitive merger agreement with Eyetech Pharmaceuticals, Inc.

Based on shareholder concern and questions, the board reconvened and confirmed its approval of the potential transaction, under which Eyetech will become a wholly owned subsidiary of OSI, a Melville, N.Y., biotechnology company.

According to the filing, OSI's board evaluated the transaction and found it to be "advisable and in the best interests of OSI stockholders as part of a strategy to create long-term value by building a strong, viable and sustainable biopharmaceutical business."

The agreement is conditioned upon, among other requirements, approval from Eyetech stockholders.

Also, Eyetech's board has approved a $350,000 transaction completion bonus if the merger is executed. The company has yet to designate who will receive the funds.

OSI develops oncology products and its flagship product is Tarceva, a small-molecule inhibitor of the epidermal growth factor receptor.

Based in New York, Eyetech is a biopharmaceutical company that develops therapeutics to treat eye diseases. It has Macugen, a pegaptanib sodium injection, for the treatment of neovascular age-related macular degeneration.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.