How to find out the summarized text for a given URL?

What do i mean by summarized text?

Merck $41.1 Billion Schering-Plough Bid Seeks Science

Link Descrption

Merck & Co.’s $41.1 billion purchase of Schering-Plough Corp. adds experimental drugs for blood clots, infections and schizophrenia and allows the companies to speed research on biotechnology drugs.

For the above URL the below three lines is the summary text.
A short 2 to 3 line description of the URL which we usually obtain by fetching that page , examining the content thereafter figuring out short description from that html markup.

Are there any good algorithm which does this? (or)
Are there any good libraries in python/django which does this?

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