About 350 employees will move from four facilities into a 43-acre campus in Greenburgh, NY.

OSI Pharmaceuticals is consolidating U.S. operations into a new campus located in Greenburgh, NY. The company expects to realize over $15 million in annual operating synergies once the move is complete, which is anticipated by the fourth quarter of 2010.

The company will purchase a 43-acre site, which consists of about 400,000 sq. ft. of office and laboratory space, for $27 million. Additional capital and one-time expenses will be incurred mainly during the latter part of 2009 and first half of 2010.

OSI anticipates the consolidation of approximately 350 U.S. employees currently at Melville and Farmingdale, NY, Boulder, CO, and Cedar Knolls, NJ, during the second half of this year. OSI will continue to operate its diabetes and obesity franchise in Oxford, U.K.

OSI markets Tarceva in second- and third-line non-small-cell lung cancer (NSCLC) and pancreatic cancer. It is also studying the compound as a first-line maintenance and adjuvant therapy in NSCLC as well as in ovarian and colorectal cancers. All these label-expanding investigations are at the Phase III stage. Additionally, OSI has three Phase I anticancer agents in development.

“We have recognized that we will only truly capture the full strategic value of our oncology franchise if we simplify our business by bringing together all the elements of our U.S. operations onto a single site,” remarks Colin Goddard, Ph.D., CEO of OSI. “After an extensive and highly competitive process involving the exploration of options in multiple different states, we have identified a campus that will represent a first-rate facility for our company and provide for all foreseeable expansion needs over the next several years.”

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