ICN Pharmaceuticals Inc., a Costa Mesa drug maker and distributor, said it has bought 225,000 shares of its Viratek Inc. subsidiary from the Eastman Kodak Co., ending Kodak's association with the company. The privately negotiated transaction was valued at about $2.4 million.
The sale, approved last week, called for ICN to buy the shares from Kodak at $10.50 each, the price of the stock the day the deal was approved late last week. Viratek closed Monday at $13.25 per share in over-the-counter trading.
The transaction is part of ICN's previously announced program to repurchase shares of its Viratek subsidiary. The purchase from Kodak boosts ICN's stake in Viratek from 55% to about 56%. The sale was part of Kodak's previously announced plan to sell all of its stock holdings in both ICN and Viratek.
In June, 1984, Kodak paid about $8.4 million for 470,000 ICN shares--a 2.3% stake in that company--and 700,000 Viratek shares--a 7% stake. Kodak has now sold its entire holding in the two companies.