OSI Pharmaceuticals, Inc. (OSIP) is a biotechnology company focused on the discovery, development and commercialization of high-quality, next-generation oncology products that both extend and improve the quality of life for patients worldwide. The company's leading drug is Tarceva, which it has developed in collaboration with Genentech (DNA) and Roche Holdings. Tarceva (erlotinib HCl), a small molecule inhibitor of the epidermal growth factor receptor (EGFR), is designed to specifically block the activity of the HER1/EGFR protein, which is often over-expressed or mutated in many solid cancerous tumors. OSI Pharmaceuticals believes the drug may be useful in treating a wide range of cancer patients. During the fourth quarter of 2005, OSI Pharmaceuticals completed its planned acquisition of Eyetech Pharmaceuticals. Since that time the eye business and sales of Macugen have tanked. The acquisition of Eyetech has been a complete failure and significant shareholder value has been destroyed. Just over a year after the deal closed, OSI now records the Eyetech business as discontinued operations. Management plans to exit the eye business altogether in 2008.