ICN Agrees to Buy 40% Stake in Private SeaLite Sciences

ICN Pharmaceuticals Inc. said Tuesday it has agreed to acquire 40% of SeaLite Sciences Inc., a Georgia-based privately held company that develops high-technology diagnostic tests and research products used to detect hormone abnormalities and other diseases.

Under the agreement, ICN will produce and distribute SeaLite’s products and will place two directors on SeaLite’s five-member board. ICN will also have the option to purchase the remaining 60% of SeaLite at a future date. Terms of the agreement were not disclosed.

ICN said the deal is part of the Costa Mesa company’s plan to expand through acquisitions and licensing agreements.

Currently, ICN manufactures and markets prescription and over-the-counter pharmaceuticals, medical diagnostics and biotechnology research products in more than 60 countries.