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May 30, 1996|Times Staff and Wire Reports

ICN More Closely Links Pay, Stock Performance: Under the plan, ICN Pharmaceuticals Inc. executives will be rewarded with stock if the Costa Mesa drug company's shares outperform the Standard & Poor's index of 500 stocks over a three-year period. Bob Back, an analyst with BackFocus, a Chicago consulting firm, said the plan should make the company more attractive to institutional investors and help prevent such controversies as that over Chairman Milan Panic's alleged insider sale of $1.24 million in company stock in November 1994, which triggered shareholder lawsuits and federal investigations. Panic sold the stock after the company learned that the Food and Drug Administration would not approve its star drug Virazole as a stand-alone treatment for the liver ailment hepatitis C. When the company disclosed the FDA's decision to investors three months later, ICN stock lost 42% of its value in six days of trading. Panic and ICN have denied any wrongdoing.

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