ICN Pharmaceuticals Inc announced the divestiture of its US and international Photonics businesses. The divestitures were completed as a part of the company's previously announced plans to refocus its operations on its core specialty pharmaceuticals business.
ICN completed the disposition of its U.S. Photonics business, including the sale of CoolTouch assets in North America, to New Star Lasers Inc. As part of the agreement, New Star Lasers, Inc. agreed to assume the U.S. warranty and service obligations related to the domestic installed base of CoolTouch, VARIA, and N-Lite lasers effective immediately. Financial details of the agreement were not disclosed.
Additionally, ICN completed the sale of 100 percent of its interest in Draig Ltd., the holding company for ICN Photonics Ltd. in Wales, owner of the N-Lite brand, to EU Photonics Ltd. Financial details of the agreement were not disclosed.
"We are very pleased to have completed the divestiture of our Photonics business," said Robert W. O'Leary, ICN Chairman and Chief Executive Officer. "In addition to being an important step in our repositioning efforts, the divestiture helped ICN to avoid significant future commitments and obligations. Our other divestiture programs are on schedule and proceeding according to plan."