ICN Pharmaceuticals Inc. said its SPI Pharmaceuticals Inc. subsidiary has acquired a 71% stake in a pharmaceuticals company owned by the Spanish government and will acquire the balance over the next decade.
The acquisition of Laboratorios Hubber S.A. by the Costa Mesa-based company's marketing arm will be paid for in Spanish pesetas and the cost will not exceed $8 million over the 10-year purchase period, said Lawrence Panitz, ICN's chief operating officer. ICN owns 87% of SPI Pharmaceuticals.
Laboratorios Hubber, which manufactures and markets plasma derivatives, antibiotics, and gamma globulins among other pharmaceutical products, had about $20 million in sales during 1986, Panitz said.
The acquisition of a controlling stake in the Spanish company, Panitz said, is "a small step" in ICN's plan to acquire worldwide distribution channels for its drug Virazole, which is used overseas for a variety of ailments.