SCHEDULE 14A INFORMATION
Proxy Statement Pursuant To Section 14(a) Of
The Securities Exchange Act Of 1934
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ICN Pharmaceuticals, Inc.
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N/A
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ICN Pharmaceuticals, Inc. issued the following press release on April 17, 2002.
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ICN COMPLETES SALE OF RIBAPHARM SHARES AND DEBT TENDER
Costa Mesa, CA, April 17, 2002 -- ICN Pharmaceuticals, Inc. (NYSE:ICN)
today announced that it has completed the sale of 26 million shares of
common stock of its subsidiary Ribapharm Inc. (NYSE:RNA) pursuant to an
underwritten public offering. ICN has also announced that it has accepted
for payment all of the Company's outstanding 8 3/4% Series B Senior Notes
due 2008 pursuant to its previously announced tender offer and consent
solicitation. The tender offer expired today as of 11:00 AM, New York City
time.
The Company today deposited funds with the trustee for the notes in an
amount sufficient to pay the total consideration required under the terms
of the tender offer and consent solicitation.
Ribapharm is a biotechnology company focused on the discovery and
commercialization of pharmaceuticals in the antiviral and anticancer areas.
Ribapharm's initial public offering was part of a previously announced
restructuring plan of ICN. This $260 million offering was the second
largest IPO in the 20 year history of biotechnology.
ICN, headquartered in Costa Mesa, California, is an innovative
research-based company. Its therapeutic focus is in anti-infectives,
including anti-virals, dermatology, and oncology.
For the year 2001, ICN posted record full year revenues of $858
million and record full year pre-tax income of $144 million. Year over year
from March 2001 through March 2002 ICN outperformed the drug industry by
42%.
Additional information is also available on the Company's website at
http://www.icnpharm.com.
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ICN stockholders are strongly advised to read the proxy statement relating
to ICN's 2002 annual meeting of stockholders when it becomes available, as
it will contain important information. Stockholders will be able to obtain
this proxy statement, any amendments to the proxy statement and other
documents filed by ICN with the Securities and Exchange Commission for free
at the Internet website maintained by the Securities and Exchange
Commission at www.sec.gov. In addition, ICN will mail the proxy statement
to each stockholder of record on April 9, 2002. ICN will also make
additional copies of the proxy statement and any amendments to the proxy
statement available for free to ICN's stockholders. Please direct your
request for the proxy statement to Investor Relations, ICN Pharmaceuticals,
Inc., 3300 Hyland Avenue, Costa Mesa, California 92626, telephone (714)
545-0100, extension 3013.
ICN, its executive officers and directors may be deemed to be participants
in the solicitation of proxies for ICN's 2002 annual meeting of
stockholders. Information regarding these participants is contained in a
filing under Rule 14a-12 filed by ICN with the Securities and Exchange
Commission on April 12, 2002.
THE 'SAFE HARBOR' STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM
ACT OF 1995. This press release contains forward-looking statements that
involve risks and uncertainties, including but not limited to, projections
of future sales, operating income returns on invested assets, regulatory
approval processes, and other risks detailed from time to time in the
Company's Securities and Exchange Commission filings.
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