ICN Calls Off Effort to Buy Bioglan Pharma

Costa Mesa-based ICN Pharmaceuticals Inc. said Tuesday that it halted negotiations to buy debt-ridden British drug maker Bioglan Pharma Plc.

“These negotiations have terminated without an agreement having been reached,” ICN chairman and chief executive Milan Panic said in a statement.

The British company has been selling some smaller businesses in an attempt to hold off receivership and manage debt.