Goddard is setting records here. I thought he said many times, worst case scenario the acquisition still made financial sense!!
Press Release Source: OSI Pharmaceuticals, Inc.
OSI Pharmaceuticals Updates Status of Pending Acquisition of Eyetech Pharmaceuticals
Thursday November 10, 12:22 pm ET
MELVILLE, N.Y.--(BUSINESS WIRE)--Nov. 10, 2005--OSI Pharmaceuticals, Inc. (Nasdaq: OSIP - News) provided an update today on the status of its pending acquisition of Eyetech Pharmaceuticals, Inc. (Nasdaq:EYET - News).
Eyetech held its special meeting of stockholders today to consider adoption of the merger agreement with OSI. At that meeting, the majority of Eyetech's outstanding shares of common stock were voted in favor of adoption of the merger agreement.
OSI has advised Eyetech that OSI's board of directors wants to assess, prior to closing of the acquisition, the possible impact of Genentech, Inc.'s November 7, 2005 announcement of preliminary data from a Phase III clinical study called ANCHOR of Genentech's Lucentis(TM) (ranibizumab) product candidate. Under the terms of the merger agreement, OSI and Eyetech need to mutually agree on a closing date for the merger, which must be within two business days of all conditions of the merger agreement being satisfied. OSI has further advised Eyetech that OSI has made no decision at this time not to proceed with the closing, and that OSI wants the additional time as called for in the merger agreement to allow OSI's board of directors to fulfill its fiduciary obligation to assess the implications of the Lucentis data. |
