ICN Pharmaceuticals announced the sale of its Research Products and Diagnostic businesses of the ICN Biomedicals division to MP Global Enterprises. The businesses sold were previously reported by ICN as discontinued operations, and included related manufacturing facilities. The remaining corporate jet was also included in the transaction. The entire transaction was valued at approximately $15 million and was paid for with ICN shares.

Robert W. O'Leary, ICN's chairman and chief executive officer, commented, "We are pleased to have completed the sale of these businesses ahead of schedule and to have executed a transaction that will benefit shareholders. Structuring the transaction to receive ICN shares as consideration reflects our continued belief in the value of ICN and provides flexibility to pursue the company's strategic growth initiatives. This is another milestone in our previously announced divestiture plans, which we expect to complete by the end of the year."

In the transaction, Milan Panic, MP Global Enterprises' chairman, surrendered shares of ICN stock owned either directly or indirectly by Panic. In conjunction with the transaction, a $2.7 million loan to Panic and related interest was also paid off using ICN shares. The ICN shares received in the transaction and the payoff of the loan reduced ICN's total shares outstanding by approximately 1.1 million shares. Panic was a former chairman and chief executive officer of ICN.