PHARMACONTROL <PHAR.O> ACQUIRES REVCO UNIT
PharmaControl Corp said it
acquired Private Formulations Inc from <Revco D.S. Inc> for six
mln dlrs in cash, a 13,550,000 dlr promissory note and warrants
to buy 200,000 PharmaControl common shares.
    PharmaControl said the purchase price was financed, along
with one mln dlrs in working capital, through secured
institutional financing.
    The company said betweenm 11,550,000 dlrs and 12,550,000
dlrs f the principal amount of the Revco note, plus accrued
interest, is payable June 30. The balance is payable over three
years.
    PharmaControl said it expects to make the payment due to
Revco from proceeds of a proposed offering of units consisting
of convertible subordinated debenturers and common stock
currently on file with the Securities and Exchange Commission.
    Upon closing of the public offering, the company said, it
expects the secured institutional financing to increase to a
total of 12 mln dlrs.
    Private Formulations is primarily engaged in the
manufacture and distribution of vitamins and private label
over-the-counter pharmaceutical products.
 Reuter
