ICN Raises Share in Swiss Firm, Says It’s Buying More

ICN Pharmaceuticals Inc., confirmed Thursday that it has increased its ownership share of the huge Swiss pharmaceutical company of F. Hoffman-La Roche and is continuing to buy more voting shares in the company.

ICN spokesman Jack Scholl said the Costa Mesa firm has enlarged the 7.3% stake in F. Hoffman-La Roche that it reported in January. But he declined to say how much voting stock the company has bought. Nor would he identify who sold the stock to ICN.

Scholl said the company has U.S. regulatory permission to acquire up to a 25% interest in the Swiss drug and chemical conglomerate.

“We do intend to continue our purchases,” he added.

Hoffman-La Roche officials could not be reached for comment Thursday. In previous interviews, they said it would be unfeasible for ICN to gain a controlling interest in Hoffman-La Roche because much of the company’s voting stock is held by members of the Hoffman family who are not inclined to sell.

ICN figures that Hoffman family members control about 50% of the Hoffman-LaRoche voting stock, he said Thursday.

“Hoffman-La Roche has been quoted as saying the family will not sell its shares. Basically we would like the opportunity to test that theory. And we are going to do it,” Scholl said.

Hoffman La Roche stock has been slipping since early January. It dropped from $133,855 a share Monday to $127,440 a share Thursday.

Scholl said that because of the stock drop, “it has been rumored in the Swiss market that ICN has been selling off its position in the company.”

Instead, he said, “the opposite is the case.”

ICN, maker of the anti-viral drug ribavirin, reported a $16.6-million net loss in its 1987 fiscal year ended Nov. 30. It blamed money-losing investments in government and corporate bonds for the loss.

ICN officials have been saying the company wants to buy a stake in a major pharmaceutical company that can help distribute ICN’s ribavirin drug, Viratek, which is used to treat fatal respiratory viruses in babies.

ICN is trying to win approval from the Food and Drug Administration to sell it in the United States to treat acquired immune deficiency syndrome in its early stages.