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news.OSI Pharmaceuticals has completed its acquisition of Eyetech Pharmaceuticals for approximately $685 million in cash and approximately 5.7 million shares of OSI's common stock.
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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.
OSI completed the transaction on schedule despite recently informing Eyetech that it wished to delay the deal whilst it assessed the possible impact of Genentech’s investigational drug Lucentis which, if approved, will be in direct competition with Eyetech’s lead product Macugen as a treatment of age related macular degeneration (AMD).
Preliminary results from a phase III trial evaluating the Genentech drug showed that Lucentis maintained or improved vision in 96% of AMD patients.
Eyetech shares jumped nearly 10% in value on the deal whereas OSI shares fell just over 1%.
“This transaction positions OSI as a scientifically strong and financially diversified biotechnology company,” said OSI in a statement.