Pfizer terminates Macugen agreement: OSIP, up after hours on decent earnings, quietly filed this 8-K, too:
>>Form 8-K for OSI PHARMACEUTICALS INC
26-Apr-2007
Entry into a Material Definitive Agreement
ITEM 1.01. Entry into a Material Definitive Agreement.
On April 20, 2007 (the "Effective Date"), (OSI) Eyetech, Inc., a wholly-owned subsidiary of OSI Pharmaceuticals, Inc. (the "Company"), and Pfizer Inc. agreed to terminate a Collaboration Agreement, dated as of December 17, 2002, between the parties with respect to the co-promotion of Macugen® (pegaptanib sodium injection) in the United States. (OSI) Eyetech and Pfizer also agreed to amend and restate a License Agreement, dated as of December 17, 2002 (as amended and restated, the "Amended and Restated License Agreement"), pursuant to which (OSI) Eyetech had originally granted to Pfizer a number of exclusive licenses or sublicenses to patents and other intellectual property related to Macugen on a world-wide basis. Under the terms of the Amended and Restated License Agreement, Pfizer has agreed to return to (OSI) Eyetech all rights to develop and commercialize Macugen in the United States, and (OSI) Eyetech has granted to Pfizer an exclusive right to develop and commercialize Macugen in the rest of the world. The parties have also agreed to provide each other with certain transitional services following the Effective Date. As previously disclosed by the Company, (OSI) Eyetech has restructured its relationship with Pfizer to help facilitate a successful divestiture of the Company's eye disease business.
The foregoing description of the Amended and Restated License Agreement does not purport to be complete and is qualified in its entirety by reference to the Amended and Restated License Agreement, a copy of which will be filed with the United States Securities and Exchange Commission as an exhibit to the Company's next quarterly report on Form 10-Q. <<
I guess this gives OSI all the parts needed to sell the whole. But good luck finding a buyer. Eyetech being carried on the balance sheet as a discontinued operation. Once again, Dr. Goddard, nice going on that deal! Sarcasm intended.
Cheers, Tuck |
