ICN Stock Rises on Acquisition
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COSTA MESA — ICN Pharmaceuticals Inc. shares rose 7.3% Tuesday after the company said it acquired a fifth Russian drug maker, expanding its presence in the emerging market.
The stock rose $3.56 a share to $52.56 on the New York Stock Exchange.
ICN Pharmaceuticals said it bought a 75% stake in AO Tomsk Chemical pharmaceutical plant for $3 million. As part of the agreement, it also must invest $8 million in the company during the next two years.
AO Tomsk, in the western Siberian city of Tomsk, makes antiseptics, analgesics, antibiotics and other pharmaceuticals. It had 1996 sales of $33 million, employs 771 and operates three plants.
ICN also owns plants in Yugoslavia, Hungary and Poland.
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