FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

MEHTA VIREN 		2. Issuer Name and Ticker or Trading Symbol

OSI PHARMACEUTICALS INC [ OSIP ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

C/O OSI PHARMACEUTICALS, INC., 420 SAW MILL RIVER RD. 		3. Date of Earliest Transaction (MM/DD/YYYY)

6/3/2010
(Street)

ARDSLEY, NY 10502
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   6/3/2010     U    80001   D $57.50   6250   D    
Common Stock   6/3/2010     D    1500   (1) D $57.50   4750   D    
Common Stock   6/3/2010     D    4375   (2) D $57.50   375   D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy)   $41.38   6/3/2010     D         20000      (3) 3/12/2012   Common Stock   20000   $57.50   0   D    
Stock Option (Right to Buy)   $15.02   6/3/2010     D         2769      (3) 3/18/2013   Common Stock   2769   $57.50   0   D    
Stock Option (Right to Buy)   $38.61   6/3/2010     D         15000      (3) 3/16/2014   Common Stock   15000   $57.50   0   D    
Stock Option (Right to Buy)   $45.60   6/3/2010     D         15000      (3) 3/15/2015   Common Stock   15000   $57.50   0   D    
Stock Option (Right to Buy)   $30.39   6/3/2010     D         3000      (3) 6/13/2013   Common Stock   3000   $57.50   0   D    
Stock Option (Right to Buy)   $36.25   6/3/2010     D         3000      (3) 6/12/2014   Common Stock   3000   $57.50   0   D    
Stock Option (Right to Buy)   $38.63   6/3/2010     D         7500      (3) 6/10/2015   Common Stock   7500   $57.50   0   D    
Stock Option (Right to Buy)   $28.65   6/3/2010     D         7500      (3) 6/16/2016   Common Stock   7500   $57.50   0   D    

Explanation of Responses:
( 1)  Represents the number of Deferred Stock Units that were canceled in exchange for a cash payment of $57.50 per unit in accordance with the Agreement and Plan of Merger, dated as of May 16, 2010, among OSI Pharmaceuticals, Inc., Astellas Pharma Inc., Astellas US Holding, Inc. and Ruby Acquisition, Inc.
( 2)  Represents the number of unvested Restricted Stock Units that were canceled in exchange for a cash payment of $57.50 per unit in accordance with the Agreement and Plan of Merger, dated as of May 16, 2010, among OSI Pharmaceuticals, Inc., Astellas Pharma Inc., Astellas US Holding, Inc. and Ruby Acquisition, Inc.
( 3)  These stock options were canceled in exchange for a cash payment in accordance with the Agreement and Plan of Merger, dated as of May 16, 2010, among OSI Pharmaceuticals, Inc., Astellas Pharma Inc., Astellas US Holding, Inc. and Ruby Acquisition, Inc. The cash payment made with respect to each stock option equals the product of (x) the number of shares issuable upon the exercise of such option multiplied by (y) the excess, if any, of $57.50 over the exercise price per share for such option.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
MEHTA VIREN
C/O OSI PHARMACEUTICALS, INC.
420 SAW MILL RIVER RD.
ARDSLEY, NY 10502 		X



Signatures
/s/ Pierre Legault, attorney-in-fact for Dr. Mehta 6/7/2010
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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