ICN Pharmaceuticals Inc.: The Costa Mesa drug...

ICN Pharmaceuticals Inc.: The Costa Mesa drug maker said it has become the majority owner of Oktyabr, a Russian pharmaceutical company with annual sales of $20 million. ICN raised its stake to 75% from 41%, purchasing the shares from a private party for an undisclosed amount. Oktyabr employs 2,000 workers and operates three facilities in St. Petersburg.

ICN said the transaction paves the way for construction of a $40-million plant starting next year in St. Petersburg. Milan Panic, ICN’s chairman, said the move is part of a long-term plan to take advantage of emerging markets in Eastern Europe, where the company hopes to collect $15 billion in sales by the year 2000. ICN also has production facilities in Belgrade, Yugoslavia.