ICN Sells Biomed Unit to Founder Panic
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ICN Pharmaceuticals Inc. of Costa Mesa said it sold its biomedical research and diagnostic business to its former chairman and founder, Milan Panic, for about $15 million.
Panic purchased the division through his newly formed private company, MP Global of Irvine, using the approximately 1 million shares of ICN stock he owned.
As part of the deal, MP Global will get a Boeing 737 jet that was converted for corporate use. A smaller ICN jet was sold in November. The diagnostics division, based in Irvine, employs 350 people and had 2002 sales of $42 million.
ICN shares fell 6 cents to $16.70 on the NYSE.
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