OSI Pharmaceuticals, Inc. and Eyetech Pharmaceuticals, Inc. have entered into a definitive merger agreement whereby OSI has agreed to acquire Eyetech, a biopharmaceutical company that focuses on the development and commercialization of novel therapeutics to treat eye diseases.

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 Colin Goddard, Ph.D., Chief Executive Officer of OSI Pharmaceuticals.

Their leading products are Tarceva, the first EGFR inhibitor to demonstrate improved survival in both non-small cell lung cancer (NSCLC) and pancreatic cancer; and Macugen, a therapeutic that selectively binds to the pathological isoform of Vascular Endothelial Growth Factor (VEGF) to treat all forms of neovascular AMD including occult, minimally classic and predominantly classic lesion subtypes. Both Tarceva and Macugen are expected to be launched in the European Union by early 2006.

Read the announcement or participate in the webcast here.