Eyetech adopts poison pill

Eyetech has adopted a poison pill plan aimed at warding off any possible hostile takeover. In the event anyone acquires 15 percent of the company's stock, the poison pill allows shareholders the right to buy preferred shares in the company. The biotech's stock has slid to a 52-week low as investors bet that Genentech's new drug for macular degeneration will best Eyetech in the marketplace.

"The board believes the rights agreement is a sound and reasonable method for safeguarding stockholders' interests," said Eyetech CEO David R. Guyer in a statement. "It is not intended to prevent an acquisition of the Eyetech on terms that are favorable, fair and in the best interests of all Eyetech stockholders, but rather to encourage any person seeking to acquire Eyetech to negotiate with the board and to give the board sufficient time to study and respond to any unsolicited attempts to acquire Eyetech."

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