OSI Buys Eyetech, Market Rubs Eyes

Not the most obvious of biotech-biotech combinations. OSI thinks it can make money from Eyetech's lone product pegaptanib (Macugen), a breakthrough new treatment for age-related macular degeneration. The market has reacted poorly to the deal, worried that Macugen will be made obsolete by Genentech's Lucentis, due to be launched in late 2006.