ICN Pharmaceuticals and Ribapharm Inc have settled outstanding litigation involving ICN, Ribapharm and certain of their officers and directors. ICN owns approximately 80.1 percent of the outstanding Ribapharm shares.
Ribapharm also announced that Chairman and Chief Executive Officer Johnson Y.N. Lau, has resigned as an officer and director of Ribapharm, and that board members Kim Campbell, Arnold Kroll, Hans Thierstein and John Vierling have also resigned as directors. Ribapharm's Chief Financial Officer, Thomas Stankovich, and General Counsel, Roger Loomis, have resigned their positions. All of the resignations are effective immediately.
Dr. Lau stated that he and the other resigning officers and directors had determined to resign in order to let Ribapharm move on following recent differences with ICN.
ICN Chairman and Chief Executive Officer, Robert W. O'Leary, thanked the departing Ribapharm directors and officers for ending the uncertainty regarding Ribapharm's leadership.
"We recognize and appreciate the valuable contributions made by the management and board during this critical period in the company's history," said O'Leary. "I wish them every success as they pursue new opportunities going forward."
"In addition, I want to thank the dedicated staff of scientists for continuing their important work on key scientific development activities and other employees of both ICN and Ribapharm for remaining focused on their responsibilities over the past few weeks," O'Leary concluded.