Law Offices of Howard G. Smith Announces Investigation On Behalf of Shareholders of OSI Pharmaceuticals, Inc.

Law Offices of Howard G. Smith announces that it is investigating potential claims against the board of directors of OSI Pharmaceuticals, Inc. (“OSI Pharmaceuticals” or the “Company”) (Nasdaq:OSIP) related to an offer from Astellas Pharma Inc. (“Astellas”) to acquire OSI Pharmaceuticals for $52.00 per share. The all-cash offer is valued at approximately $3.5 billion in the aggregate.

OSI Pharmaceuticals rejected a previous offer from Astellas to purchase the Company for $52.00 per share. Astellas announced it will commence a tender offer on March 2, 2010, to purchase all outstanding common stock of OSI. The current offer represents a premium of approximately 40% over the $37.02 per-share closing price of OSI's common stock on February 26, 2010. The investigation concerns possible breaches of fiduciary duty and other violations of law related to consideration of the offer by the OSI Pharmaceuticals board of directors.

If you own shares of OSI Pharmaceuticals, if you have information or would like to learn more about these claims, or if you wish to discuss these matters or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at [phone], Toll Free at [phone], or by email to [e-mail], or visit our website at http://www.howardsmithlaw.com.