ICN Lowers Its Stake in Sylmar-Based Firm

ICN Pharmaceuticals Inc. said that it has lowered its stake in Syncor International Inc., a Sylmar-based radio pharmaceuticals distributor, from slightly more than 5% to 4.8% of its common shares.

In a filing with the U.S. Securities and Exchange Commission, ICN said it holds 533,000 Syncor shares.

The company characterized its holdings in the company as “purely an investment” and said the recent sales were designed to balance ICN’s stock portfolio. Costa Mesa-based ICN is a pharmaceutical manufacturer and distributor.