Drug Firm’s Offer Brings $134 Million
ICN Pharmaceuticals Inc. in Costa Mesa said it raised more than $134 million in a public offering of 2.1 million shares of its common stock and $100 million in debentures.
The proceeds will be used for acquisitions, but the company said it has no specific plans now to acquire any company.
The stock, which sold at $17.50 a share, and the debentures were oversubscribed.
ICN’s stock rose sharply a month ago over rumors of a possible takeover by Eastman Kodak Co., which has wanted to buy into the pharmaceutical business. Kodak, however, denied the report.
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