ICN Raises $50 Million
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COSTA MESA — ICN Pharmaceuticals Inc. said it privately sold $50 million in preferred stock to fund acquisitions in the U.S., Eastern Europe and Asia.
The drug company said the purchases could eventually add more than $150 million in annual sales. Last year, the company posted sales of about $500 million.
The new issue of preferred stock pays a 6% annual dividend in cash or stock, and is convertible into common shares.
