SPI Pharmaceuticals

Executive Summary

ICN subsidiary establishes a 75/25 joint venture with Galenika Pharmaceuticals, the largest drug company in Yugoslavia. SPI, which will have the controlling interest, says the new company will have consolidated sales of $370 mil., with 7,400 employees and 18 manufacturing and distribution facilities in six countries. Subject to final approval by the Yugoslavian government, the deal calls for SPI to invest $50 mil. in cash plus properties, equipment and other technological and intellectual properties, bringing the total to $360 mil. ICN Chairman Milan Panic was born in Yugoslavia and later emigrated to the U.S.