ICN Raises $50 Million

ICN Pharmaceuticals Inc. said it privately sold $50 million in preferred stock to fund acquisitions in the U.S., Eastern Europe and Asia.

The drug company said the purchases could eventually add more than $150 million in annual sales. Last year, the company posted sales of about $500 million.

The new issue of preferred stock pays a 6% annual dividend in cash or stock, and is convertible into common shares.