424B3 1 e19683e424b3.htm FILED PURSUANT TO RULE 424(B)(3) FILED PURSUANT TO RULE 424(B)(3)
 

PROSPECTUS SUPPLEMENT NO. 4 DATED JUNE 5, 2006 Filed Pursuant to Rule 424(b)(3) and (c)
(To Prospectus dated March 24, 2006) Registration No. 333-132718

$115,000,000
(OSI PHARMACEUTICALS LOGO)
2% Convertible Senior Subordinated Notes due 2025
and 3,908,241 Shares of Common Stock
Issuable Upon Conversion of the Notes
       This Prospectus Supplement relates to resales by selling securityholders of our 2% Convertible Senior Subordinated Notes due 2025 and shares of our common stock into which the notes are convertible.
      This Prospectus Supplement must be read in conjunction with the Prospectus dated March 24, 2006 (the “Prospectus”).
      SEE “RISK FACTORS” BEGINNING ON PAGE 5 OF THE PROSPECTUS, AS THEY MAY BE MODIFIED AND INCORPORATED BY REFERENCE, TO READ ABOUT FACTORS YOU SHOULD CONSIDER BEFORE BUYING THE NOTES OR OUR COMMON STOCK.
      NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR DETERMINED IF THIS PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.
The date of this Prospectus Supplement is June 5, 2006

 

SELLING SECURITYHOLDERS
      The information in the table appearing in the Prospectus under the heading “Selling Securityholders” is superseded by the information appearing in the following table based on information provided to us by the selling securityholders as of June 2, 2006:
                                                 
    Principal                    
    Amount of       Number of            
    Notes   Number of   Shares of            
    Beneficially   Shares of   Common   Principal   Number of    
    Owned Prior   Common   Stock Issuable   Amount of   Shares of   Percentage of
    to the   Stock   Upon   Notes   Common Stock   Common Stock
    Offering and   Beneficially   Conversion of   Beneficially   Beneficially   Outstanding
    That May   Owned Prior   the Notes That   Owned Upon   Owned Upon   Upon
    be   to the   May be   Completion of   Completion of   Completion of
Selling Securityholder(1)   Offered(1)   Offering(2)   Offered(3)   the Offering(4)   the Offering(4)   the Offering(5)
                         
Allstate Insurance Company(6)
   $ 1,500,000       50,977       50,977       —       —       —  
Aristeia International Limited
   $ 11,000,000       373,831       373,831       —       —       —  
Aristeia Partners LP
   $ 1,500,000       50,977       50,977       —       —       —  
Citadel Equity Fund Ltd.(6) 
   $ 15,000,000       509,770       509,770       —       —       —  
CNH CA Master Account, L.P.
   $ 2,500,000       84,961       84,961       —       —       —  
Credit Suisse Securities LLC(7)
   $ 5,000,000       169,923       169,923       —       —       —  
DBAG London(6)
   $ 60,000,000       2,039,082       2,039,082       —       —       3.58 %
Duetsche Bank Securities Inc.(7)
   $ 7,501,000       254,919       254,919       —       —       —  
Fore Convertible Master Fund, Ltd. 
   $ 15,000,000       509,770       509,770       —       —       —  
Fore Erisa Fund, Ltd. 
   $ 2,500,000       84,961       84,961       —       —       —  
Fore Multi Strategy Master Fund, Ltd. 
   $ 6,000,000       203,908       203,908       —       —       —  
Forest Fulcrum Fund, LP(7)
   $ 229,000       7,782       7,782       —       —       —  
Forest Global Convertible Fund, Limited, Class A-5
   $ 655,000       22,259       22,259       —       —       —  
Forest Multi-Strategy Master Fund SPC, on behalf of its Multi-Strategy Segregated Portfolio
   $ 345,000       11,724       11,724       —       —       —  
Grace Convertible Arbitrage Fund, Ltd. 
   $ 3,250,000       110,450       110,450       —       —       —  
HFR CA Global Opportunity Master Trust
   $ 579,000       19,677       19,677       —       —       —  
HFR RVA Select Performance Master Trust
   $ 155,000       5,267       5,267       —       —       —  
Inflective Convertible Opportunity Fund, Ltd. 
   $ 2,100,000       71,367       71,367       —       —       —  
Inflective Convertible Opportunity Fund, LP
   $ 850,000       28,886       28,886       —       —       —  
Institutional Benchmarks Series — Ivan Segregated Acct. Ltd. 
   $ 600,000       20,390       20,390       —       —       —  
JMG Capital Partners, LP
   $ 7,750,000       263,381       263,381       —       —       —  
JMG Triton Offshore Fund, Ltd. 
   $ 7,750,000       263,381       263,381       —       —       —  
Lyxor/ Forest Fund Ltd. 
   $ 878,000       29,838       29,838       —       —       —  
Lyxor/ Inflective Convertible Opportunity Fund, Ltd. 
   $ 750,000       25,488       25,488       —       —       —  
Man Mac 1, Ltd. 
   $ 6,000,000       203,908       203,908       —       —       —  
MSS Convertible Arbitrage c/o TQA Investors
   $ 70,000       2,378       2,378       —       —       —  
Nomura Securities International(7)
   $ 4,000,000       135,938       135,938       —       —       —  

1

 

                                                 
    Principal                    
    Amount of       Number of            
    Notes   Number of   Shares of            
    Beneficially   Shares of   Common   Principal   Number of    
    Owned Prior   Common   Stock Issuable   Amount of   Shares of   Percentage of
    to the   Stock   Upon   Notes   Common Stock   Common Stock
    Offering and   Beneficially   Conversion of   Beneficially   Beneficially   Outstanding
    That May   Owned Prior   the Notes That   Owned Upon   Owned Upon   Upon
    be   to the   May be   Completion of   Completion of   Completion of
Selling Securityholder(1)   Offered(1)   Offering(2)   Offered(3)   the Offering(4)   the Offering(4)   the Offering(5)
                         
SG Cowen, LLC(7)
   $ 2,000,000       67,969       67,969       —       —       —  
Sphinx Convertible Arbitrage SPC
   $ 242,000       8,224       8,224       —       —       —  
Sphinx Fund c/o TQA Investors
   $ 275,000       9,345       9,345       —       —       —  
TQA Master Fund, Ltd. 
   $ 2,836,000       96,380       96,380       —       —       —  
TQA Master Plus Fund, Ltd. 
   $ 1,000,000       33,984       33,984       —       —       —  
UBS Securities LLC(7)(8) 
   $ 1,724,000       58,589       58,589       —       —       —  
Zurich Institutional Benchmark Master Fund
   $ 553,000       18,793       18,793       —       —       —  
 
(1)  Amounts indicated may be in excess of the total amount registered due to sales or transfers exempt from the registration requirements of the Securities Act of 1933, as amended, since the date upon which the selling securityholders provided to us the information regarding their notes.
 
(2)  Shares in this column include shares of common stock issuable upon conversion of the notes.
 
(3)  Assumes conversion of all of the securityholders’ notes at a conversion rate of 33.9847 shares of common stock per $1,000 principal amount of notes. This conversion rate is subject to adjustment, however, as described under “Description of the Notes — Conversion Rights.” As a result, the number of shares of common stock issuable upon conversion of the notes may increase or decrease in the future.
 
(4)  Assumes that each selling securityholder will sell all of the notes and common stock owned by the selling securityholder and covered by this prospectus.
 
(5)  Based upon 56,904,624 shares of common stock which is the number of shares of common stock outstanding as of May 5, 2006.
 
(6)  With respect to selling securityholders that are affiliates of broker-dealers, such entities have represented to us that they acquired their notes or underlying common stock in the ordinary course of business and, at the time of the purchase of the notes or the underlying common stock, such selling securityholders had no agreements or understandings, directly or indirectly, with any person to distribute the notes or underlying common stock. To the extent that we become aware that such entities did not acquire their notes or underlying common stock in the ordinary course of business or did have such an agreement or understanding, we will file a supplement to the prospectus to designate such affiliate as an “underwriter” within the meaning of the Securities Act.
 
(7)  This selling securityholder has identified itself as a registered broker-dealer and, accordingly, it is deemed to be, under the interpretations of the SEC, an “underwriter” within the meaning of the Securities Act. Please see “Plan of Distribution” for required disclosure regarding these selling securityholders.
 
(8)  UBS Securities LLC was the initial purchaser of the notes; however, the notes registered herein were acquired from a qualified institutional buyer following the initial issuance by the Company.

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