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IN BRIEF / PHARMACEUTICALS

Ribapharm Raises Estimate of Severances

January 03, 2003|From Bloomberg News

Ribapharm Inc. increased its severance-package estimates for three executives to $4.9 million from $4.6 million if they quit over majority shareholder ICN Pharmaceuticals Inc.'s plan to replace all but one of Ribapharm's directors.

Ribapharm also may owe the executives extra payments to cover taxes, the firm said in a filing with the Securities and Exchange Commission.

ICN, which owns 80% of Ribapharm, objects to cash bonuses and stock options awarded to management after Ribapharm's initial stock sale in April.

Both companies are based in Costa Mesa.

Ribapharm shares were unchanged at $6.55 on the NYSE, while ICN shares rose 58 cents to $11.49, also on the NYSE.

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