Costa Mesa's ICN Buys Micromedic for $10.7 Million

ICN Pharmaceuticals Inc. of Costa Mesa said Wednesday that it has bought Micromedic Systems Inc., a subsidiary of Philadelphia-based Rohm and Haas Co., for $10.725 million in cash and stock.

ICN said it paid $5.5 million in cash and issued approximately 521,848 shares of its common stock to pay for the marketer of diagnostic testing supplies. Micromedic Systems, which has 196 employees, posted sales of $17 million in 1984.

Micromedic Systems will become a division of ICN Biomedicals Inc., a subsidiary of ICN Pharmaceuticals that produces biochemicals, radiochemicals and ultra-pure research chemicals.

Copyright © 2019, Los Angeles Times
EDITION: California | U.S. & World