HEALTH

ICN Loans $3.5 Million to Panic: ICN Pharmaceuticals Inc. made the loan to company Chairman Milan Panic to meet some personal obligations, then agreed to guarantee a bank loan that he obtained to reimburse the Costa Mesa drug maker, according to securities reports and a company spokesman. David Watt, the drug company’s legal counsel, said the company made the loan because “we felt it was necessary to enable the chairman to devote his full attention to the business.” According to the company’s financial statement, Panic’s stock options provided collateral for the company’s guarantee of the bank loan. It provided no further details on Panic’s intended use of the funds but Panic recently has faced sizable legal obligations.