ICN PHARMACEUTICALS &lt;ICN> SEEKING ACQUISITION

  ICN Pharmaceuticals Inc  has
  about 500 mln dlrs in cash and another 1.50 billion dlrs in
  available credit, which it intends to use to buy a
  pharmaceutical company, Chairman Milan Panic said.
      At the company's annual meeting, he said an acquisition
  could take place in the next 24 months.
      "The company has nearly two billion dlrs available for
  acquisition today," Panic said, adding, "We are investigating a
  number of companies." One company being studied could possibly
  be acquired on a friendly basis, he said.
      Panic also said he intends to seek board approval today to
  repurchase up to three mln ICN common shares.
      Discussing the possibility of an acquisition, Panic said
  the such a purchase is necessary because ICN's current
  marketing capability would not be sufficient to support
  distribution of the company's products, given ICN's
  expectations for market growth worldwide.
      ICN's principal product is ribavirin, also known as
  Virazole. The drug is marketed in a number of countries and
  described as a broad-based anti-viral.
      The company has said its possible applications include
  treatment of some types of hepatitis, herpes, influenza,
  childhood diseases and hemorrhagic fevers.
      ICN has been the focus of consirable investor attention in
  recent months because of Virazole, which has undergone clinical
  trials as a possible treatment of some AIDS-related diseases.
      Panic said today he would not discuss the drug with regard
  to AIDS until the Food and Drug Administration completes its
  review of data submitted by the company.
      He said an investigation of the drug being conducted by a
  House Subcommittee is continuing.
      The subcommittee and the FDA have acknowledged they are
  conducting separate investigations to determine whether or not
  ICN witheld data from the FDA on adverse reactions to the drug.
      Virazole is approved for marketing in the U.S. in aerosol
  form as a treatment for an infection that strikes infants,
  called respiratory syncytial virus.
  

