Roche Sells Plant And Products To ICN
Swiss firm Roche has agreed to sell its pharmaceuticals plant in PuertoRico and nine prescription products to ICN Pharmaceuticals.
ICN is acquiring the worldwide rights for seven drugs as well as rights outside the USA for two more products, with an option to acquire the outstanding US rights at a later date. The deal is valued at $145 million. Payment will be partly made in ICN shares, making Roche a significant shareholder in ICN.
Under the terms of the agreement, ICN will receive the product rights in exchange for $90 million, to be payable in a combination of 1.6 million shares of common stock and two million shares of preferred stock, each valued at $25 per share.
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