Panic offer seals ICN Bio deal
been at the helm of ICN Pharmaceuticals for 42 years, has bought
the ICN Biomedicals division for $15 million.
Milan Panic, the former Yugoslav prime minister who until recently had been at the helm of ICN Pharmaceuticals for 42 years, has bought the ICN Biomedicals division for $15 million in the parent company's stock.
Panic was ousted as chief executive of ICN, a company originated in Yugoslavia but now headquartered in the USA, by a group of dissident shareholders last year. However, he remained on the board of directors.
The purchase of ICN Biomedicals, which supplies research products and diagnostics, was carried out by MP Global Enterprises, a company set up by Panic specifically for this purpose. "I have every confidence that we will be able, by constantly enlarging the biotechnology field which we serve, to build another highly successful business", he commented.
The unit had sales in 2002 of over $42 million, and the company sells a catalogue of chemicals to academic institutions and to industry. It is headquartered in Irvine, with facilities in New York, Ohio and several international locations.
