ICN's Acquisition Of Alkaloida Finalized
A definitive agreement has been signed by ICN Pharmaceuticals of the USA to acquire a majority stake in the Hungarian pharmaceutical company Alkaloida (Marketletter July 8).
ICN's initial holding will be 50.02%, and the firm will increase this over the coming months to 60%. ICN won the right to acquire the majority interest and privatize the company in a competitive bidding process sponsored by the Hungarian government in June. The latter will retain a 25% stake in the company.
"The acquisition of Alkaloida is part of our eastern European expansion strategy," commented Milan Panic, chairman, president and chief executive of ICN. He added that it is "a significant addition to our pharmaceutical network in this region."
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