ICN Buys Holding In China's Tuobin

California, USA-based ICN Pharmaceuticals has reached agreement with the Tuobin Chemicals & Pharmaceuticals General Corp of China to acquire a 75% stake in the company. Terms of the deal are not disclosed, but according to a report in the US Journal of Commerce, it includes the transfer of stock, technology and assets, including equipment from ICN's Mississippi plant.

Tuobin, which was set up in 1985 as a state-owned company, is among the largest drugmakers in China, and has annual sales of around $31 million and more than 600 employees. It develops and produces pharmaceuticals, fine chemicals and biotechnology and related products.