MCDOWELL &lt;ME> TO MERGER WITH &lt;INTERPHARM INC>

  McDowell Enterprises Inc said
  it has signed a definitive agreement to acquire an 80 pct
  interest in privately held Interpharm Inc for a 19.9 pct
  interest in McDowell.
      The company said subject to contigencies, including future
  sales and profit levels, McDowell could over a four-year period
  acquire 100 pct of Interpharm in exchange for up to 51 pct of
  McDowell's voting stock.
      It said the transaction is expected to be completed within
  60 days, at which time the McDowell board would be restructured
  to include Interpharm management. 
  

