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OSI PHARMACEUTICALS SAYS IT WILL BUY EYETECH

August 22, 2005

OSI Pharmaceuticals Inc., the drug maker that sells the Tarceva cancer treatment, agreed to pay about $935 million in cash and stock to buy Eyetech Pharmaceuticals Inc. to enter the eye-treatment market. OSI's offer is 43% higher than Eyetech's closing share price on Friday. Melville, N.Y.-based OSI said Sunday that it would pay $20 for each Eyetech share, $15 of it in cash and the rest in stock. The purchase would enable OSI to expand beyond cancer and diabetes to eye-disease treatments, OSI Chief Executive Colin Goddard said.

The Los Angeles Times (http://www.latimes.com/business/la-fi-eyetech22aug22,1,3590684.story?coll=la-headlines-business)