OSI Pharmaceuticals (OSIP) Announces Consolidation of U.S. Operations
OSI Pharmaceuticals, Inc. (NASDAQ: OSIP) announced plans to consolidate its U.S. operations onto a single campus located in Ardsley, a community located in the town of Greenburgh in Westchester County, New York.
OSI Pharmaceuticals has signed an agreement to purchase a 43 acre site, which consists of ~400,000 sq.ft. of existing 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.
The Company announced that it expects to realize in excess of $15 million in yearly operating synergies upon completion of the consolidation, which is anticipated by the fourth quarter of 2010.
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