OSI will acquire all outstanding shares of Eyetech common stock at a price of $20 per share in a combination of cash and OSI common stock, representing a 43% premium over Eyetech’s $13.99 closing share price on August 19, 2005. $15 per share will be paid in cash with the remaining $5 to be paid in OSI common stock. Approximately 5.7 million OSI shares will be issued in the transaction.
“The acquisition of Eyetech represents the rare opportunity to combine two inherently strong growth stories and create a dynamic new entity with real strength. The combination of OSI and Eyetech will create a substantial biopharmaceutical company with over $600 million of projected revenues in 2006 and strong growth prospects for the future,” commented Dr Colin Goddard, CEO of OSI Pharmaceuticals.