ICN Plans to Make and Market Drugs in Bosnian Serb Republic
ICN Pharmaceuticals Inc., in an effort to expand its growing business in Eastern Europe, has signed a letter of intent with the Bosnian Serb Republic’s health minister to make and distribute drug products there.
The drug company said Tuesday that the official, Dragan Kalinic, and ICN Chairman Milan Panic signed a letter providing for the republic to help ICN form a company there to produce and sell medicines and medical supplies. Panic, a native of Yugoslavia, briefly served as the country’s prime minister shortly after civil war broke out four years ago.
ICN currently distributes products in the republic from a Belgrade-based subsidiary. The company plans to establish its Bosnian headquarters in the northern city of Banja Luka.
Its proposed agreement with the Serb Republic doesn’t include the area in Bosnia controlled by the Muslim-Croatian Federation since peace was reached last year. Teodor Olic, ICN’s group vice president for Eastern Europe, noted, however, that ICN supplied drugs as humanitarian aid to that area during the war and hopes to expand into that market as well.
Terms of the deal weren’t disclosed.
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