Ribapharm Says ICN Order Is Retaliation
Biotechnology company Ribapharm Inc. lashed back against parent company ICN Pharmaceuticals Inc. as the two waged a war of words over a proposed spinoff.
ICN, which owns 80% of Ribapharm, obtained a temporary restraining order Tuesday from the Delaware Chancery Court restricting the board of Ribapharm from taking actions outside the “ordinary course of business” pending ICN’s removal of five of six Ribapharm directors.
Ribapharm called the court action retaliation for attempts by Ribapharm to clarify ICN’s plans regarding the spinoff, as well as a related tax-sharing arrangement between the two Costa Mesa-based companies.
Shares of Ribapharm closed up 21 cents at $6.03 on the NYSE, and shares of ICN rose 33 cents to $11.36, also on the NYSE.
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