ICN Pharmaceuticals Inc.: Shares of ICN and...
ICN Pharmaceuticals Inc.: Shares of ICN and two of its subsidiaries rose sharply Monday after the company said it expected to announce “big news” today.
The Costa Mesa pharmaceutical company’s stock closed at $10.50, up $1.375, on heavy trading on the New York Stock Exchange. Two other firms in which ICN Pharmaceuticals owns substantial stakes also surged.
Shares of SPI Pharmaceuticals Inc. shot up $2.125 to close at $21 per share. Meanwhile, Viratek Inc. was up $1 to finish at $10.75. A third subsidiary, ICN Biomedicals Inc., closed at $3.50, up 18.75 cents.
ICN Pharmaceuticals did not elaborate on its expected announcement, and officials were not immediately available for comment about Monday’s stock gains.