ICN Sells Biomed Unit to Founder Panic

ICN Pharmaceuticals Inc. of Costa Mesa said it sold its biomedical research and diagnostic business to its former chairman and founder, Milan Panic, for about $15 million.

Panic purchased the division through his newly formed private company, MP Global of Irvine, using the approximately 1 million shares of ICN stock he owned.

As part of the deal, MP Global will get a Boeing 737 jet that was converted for corporate use. A smaller ICN jet was sold in November. The diagnostics division, based in Irvine, employs 350 people and had 2002 sales of $42 million.

ICN shares fell 6 cents to $16.70 on the NYSE.

-- Ronald D. White