ICN PHARMACEUTICALS <ICN> SEEKING ACQUISITION
ICN Pharmaceuticals Inc  has
about 500 mln dlrs in cash and another 1.50 billion dlrs in
available credit, which it intends to use to buy a
pharmaceutical company, Chairman Milan Panic said.
    At the company's annual meeting, he said an acquisition
could take place in the next 24 months.
    "The company has nearly two billion dlrs available for
acquisition today," Panic said, adding, "We are investigating a
number of companies." One company being studied could possibly
be acquired on a friendly basis, he said.
    Panic also said he intends to seek board approval today to
repurchase up to three mln ICN common shares.
    Discussing the possibility of an acquisition, Panic said
the such a purchase is necessary because ICN's current
marketing capability would not be sufficient to support
distribution of the company's products, given ICN's
expectations for market growth worldwide.
    ICN's principal product is ribavirin, also known as
Virazole. The drug is marketed in a number of countries and
described as a broad-based anti-viral.
    The company has said its possible applications include
treatment of some types of hepatitis, herpes, influenza,
childhood diseases and hemorrhagic fevers.
    ICN has been the focus of consirable investor attention in
recent months because of Virazole, which has undergone clinical
trials as a possible treatment of some AIDS-related diseases.
    Panic said today he would not discuss the drug with regard
to AIDS until the Food and Drug Administration completes its
review of data submitted by the company.
    He said an investigation of the drug being conducted by a
House Subcommittee is continuing.
    The subcommittee and the FDA have acknowledged they are
conducting separate investigations to determine whether or not
ICN witheld data from the FDA on adverse reactions to the drug.
    Virazole is approved for marketing in the U.S. in aerosol
form as a treatment for an infection that strikes infants,
called respiratory syncytial virus.
 Reuter
