ICN Pharmaceuticals Inc.'s offer to buy back the 20% publicly held stake in its Ribapharm Inc. unit was accepted by enough shareholders to allow the $186.9-million acquisition to go through, ending months of legal wrangling, ICN said Wednesday.
Ribapharm holders agreed to sell more than 69% of the shares in question by a Tuesday deadline set by ICN, which offered $6.25 a share. ICN needed 66.7% of the shares to win the agreement of the Ribapharm board.
The two-thirds margin also gave ICN the right to acquire the rest of the shares at the same price, valuing the 20% stake at $186.9 million.
Analysts said the acquisition removed a major stumbling block in ICN's ability to move forward as a company. ICN and Ribapharm, which are based in Costa Mesa, depend heavily on royalties from the sale of the hepatitis C drug, ribavirin.