ICN Pharmaceuticals Inc., the Costa Mesa drug maker, agreed Wednesday to purchase 84% of ailing Moxie Industries Inc. of Anaheim, a vitamin maker and marketer, for $4.25 million in cash.
In a separate action, Moxie officials Wednesday reported a fiscal 1987 first-quarter loss of $489,000 and said that losses through May have totaled nearly $1 million.
Moxie officials would not comment on the reason for the sale. ICN released a terse written statement, but officials could not be reached to comment on why they are buying the bulk of the ailing vitamin company's shares.
ICN intends to buy the Moxie shares from a West German limited partnership called Peter Eckes.
"After completion of the acquisition, Moxie's operations will be transferred to SPI Pharmaceuticals Inc., ICN's 89%-owned subsidiary," said ICN's written statement.