ICN Taking Control of Hungarian Company
COSTA MESA —
ICN Pharmaceuticals Inc. said it has agreed to buy a majority stake in Alkaloida Chemical Company Ltd. of Hungary as part of the drug company’s plans to expand in Eastern Europe. Financial terms were not disclosed.
In June, ICN won an auction sponsored by the Hungarian government to acquire a majority interest and privatize Alkaloida, which has annual sales of about $66 million.
Under the definitive agreement announced Tuesday, ICN said it will acquire an initial stake of just over 50% but will increase that holding to more than 60% over the next several months. The Hungarian government will retain a 25% interest in the maker of pharmaceutical products, ICN said.
