Filed by: Eyetech Pharmaceuticals, Inc.
Pursuant to Rule 425 under the Securities Act of 1933
Subject Company: Eyetech Pharmaceuticals, Inc.
Commission File No.: 333-128446

(OSI)(TM) pharmaceuticals

eyetech

NEWS RELEASE

Contacts:
For OSI Pharmaceuticals: For Eyetech:
Kathy Galante Chris Smith
631-962-2000 212-824-3175
Burns McClellan (Representing OSI) Edelman Financial (Representing Eyetech)
Justin Jackson (Media) 212-213-0006 ext. 327 Doug Donsky (Media) 212-704-4473
Lisa Burns (Investors) 212-213-0000 Judith Flynn (Investors) 212-819-4809
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OSI Pharmaceuticals and Eyetech Pharmaceuticals Confirm
November 14th Closing

MELVILLE, N.Y.; and NEW YORK, N.Y., November 12, 2005 - OSI Pharmaceuticals,
Inc. (NASDAQ: OSIP) and Eyetech Pharmaceuticals, Inc. (NASDAQ: EYET) today
announced that the closing of the OSI acquisition of Eyetech will occur on
Monday, November 14, 2005.

About OSI Pharmaceuticals
OSI Pharmaceuticals is committed to "shaping medicines and changing lives" by
discovering, developing and commercializing high-quality and novel
pharmaceutical products that extend life or improve the quality of life for
cancer and diabetes patients worldwide. The company operates through two
business teams, (OSI) Oncology and (OSI) Prosidion. (OSI) Oncology is focused
on developing molecular targeted therapies designed to change the paradigm of
cancer care. (OSI) Prosidion is committed to the generation of novel, targeted
therapies for the treatment of type 2 diabetes and obesity. OSI's flagship
product, Tarceva(R) (erlotinib), is the first drug discovered and developed by
OSI to obtain FDA approval and the only EGFR inhibitor to have demonstrated the
ability to improve survival in both non-small cell lung cancer and pancreatic
cancer patients. OSI markets Tarceva through partnerships with Genentech, Inc.
in the U.S. and with Roche throughout the rest of the world. For additional
information about OSI, please visit http://www.osip.com.
--------------------

In addition to Tarceva, (OSI) Oncology exclusively markets Novantrone(R)
(mitoxantrone concentrate for injection) for its approved oncology indications
and markets Gelclair(R) Bioadherent Oral Gel for the relief of pain associated
with oral mucositis. The research and development pipeline consists of novel
molecularly targeted anti-cancer agents focused on signal transduction pathways
involved in cell proliferation, apoptosis and angiogenesis. The most advanced
of these programs, targeting the co-inhibition of c-kit/KDR, has two candidates
in development.

(OSI) Prosidion is the diabetes and obesity business team within OSI
Pharmaceuticals, dedicated to the discovery and development of novel drugs for
the treatment of type 2 diabetes and obesity. (OSI) Prosidion's lead compound,
PSN9301, is a Dipeptidyl Peptidase IV (DPIV) inhibitor currently in Phase II
clinical trials. Other product candidates include a glycogen phosphorylase
inhibitor currently in a Phase I clinical trial and a glucokinase activator
scheduled to enter clinical trials in 2005. (OSI) Prosidion owns or has
licensing rights to a portfolio of DPIV medical use patents with claims covering
DPIV as a target for anti-diabetes therapy and the use of combinations of DPIV
inhibitors with other anti-diabetes drugs such as metformin. A number of
non-exclusive licenses to the patent estate have been granted to major
pharmaceutical companies. (OSI) Prosidion operates through OSI's wholly-owned
subsidiary, Prosidion Limited, in Oxford, U.K. For additional information about
Prosidion, please visit http://www.prosidion.com.
------------------------

About Eyetech
Eyetech Pharmaceuticals, Inc. is a biopharmaceutical company that specializes in
the development and commercialization of novel therapeutics to treat diseases of
the eye. Eyetech's initial focus is on diseases affecting the back of the eye.
Eyetech is commercializing and further developing Macugen(R) (pegaptanib sodium
injection) with Pfizer Inc for the treatment of neovascular AMD. Macugen is
also being studied for other indications, including DME and RVO.

Additional Information About the Merger And Where To Find It

OSI and Eyetech have entered into a definitive merger agreement whereby OSI has
agreed to acquire Eyetech. OSI filed a registration statement on Form S-4 with
the Securities and Exchange Commission (SEC) containing a proxy
statement/prospectus in connection with the proposed merger. The registration
statement has been declared effective and Eyetech's stockholders have approved
the adoption of the merger agreement at a special meeting held on November 10,
2005. Investors and stockholders are urged to carefully read the proxy
statement/prospectus and other relevant materials filed with the SEC because
they contain important information about OSI, Eyetech, the merger, and other
related matters. Investors and stockholders may obtain free copies of these
documents (when they are available) and other documents filed with the SEC at
the SEC's web site at www.sec.gov. These documents can also be obtained for
free from OSI by directing a request to OSI Investor Relations at 631-962-2000
and for free from Eyetech by directing a request to Eyetech Investor Relations
at 212-824-3100.

Participants in the Merger

OSI, Eyetech and their respective executive officers, directors and other
members of management or employees may be deemed to be participants in the
solicitation of proxies from Eyetech stockholders with respect to the
transactions contemplated by the merger agreement. Information regarding OSI's
executive officers and directors is available in OSI's Annual Report on Form
10-K for the year ended September 30, 2004 and its proxy statement dated
February 2, 2005 for its 2005 Annual Meeting of Stockholders, which are filed
with the SEC. Information regarding Eyetech's executive officers and directors
is available in Eyetech's Annual Report on Form 10-K for the year ended December
31, 2004, its proxy statement dated April 11, 2005 for its 2005 Annual Meeting
of Stockholders and its Current Report on Form 8-K dated June 15, 2005, which
are filed with the SEC. You can obtain free copies of these documents from OSI
and Eyetech using the contact information above. Additional information
regarding interests of such participants is included in the registration
statement containing the proxy statement/prospectus that has been filed with the
SEC and available free of charge as indicated above.

In addition, in connection with the execution of the merger agreement, Dr. David
Guyer, Eyetech's Chief Executive Officer, Paul G. Chaney, Eyetech's Chief
Operating Officer, and Dr. Anthony P. Adamis, Eyetech's Chief Scientific
Officer, have entered into letter agreements with OSI setting forth the terms
under which these individuals will continue their employment with OSI following
the merger. Furthermore, in connection with the execution of the merger
agreement, Eyetech's Board of Directors authorized the payment of transaction
completion bonuses in the aggregate amount of $350,000. The recipients of these
bonuses, and the amounts they may receive, have been determined by Eyetech's
Board of Directors based on the recommendation of its Compensation Committee.
Such recipients include executive officers of Eyetech.

This news release contains forward-looking statements. These statements are
subject to known and unknown risks and uncertainties that may cause actual
future experience and results to differ materially from the statements made.
Factors that might cause such a difference include, among others, the FDA review
process and other governmental regulation, OSI's and its collaborators'
abilities to successfully develop and commercialize drug candidates, competition
from other pharmaceutical companies, the ability to effectively market products,
and other factors described in OSI Pharmaceuticals' filings with the Securities
and Exchange Commission.