ICN Joins China Venture: ICN Pharmaceuticals said...

ICN Joins China Venture: ICN Pharmaceuticals said it has signed a letter of intent to enter into a joint venture with the China National Medical Corp. to build and operate a drug-manufacturing plant in Shanghai. The joint venture between ICN and the Chinese government-owned company is valued at up to $25 million. Panic said the project has the blessing of Chinese Premier Li Peng, who met with him and the project’s prospective bankers earlier this week. Under the tentative agreement, a factory designed by ICN and built by the Chinese will produce the ICN drug Ribavirin.