May 23, 2003 |
ICN Pharmaceuticals Inc. paid its founder and former Chief Executive Milan Panic a lot of money last year, and now the company wants some of it back. At ICN's annual meeting in Costa Mesa on Thursday, Chairman Robert W. O'Leary, Panic's successor, said the company planned to reclaim the $47.8 million that Panic and other former officers were paid as bonuses for completing a spinoff. Panic collected $33 million for selling 20% of Ribapharm Inc.
March 7, 2003 |
ICN Pharmaceuticals Inc. on Thursday reported a fourth-quarter loss versus a year-earlier profit as it took charges to consolidate after years of geographic expansion spearheaded by retired founder Milan Panic. ICN, based in Costa Mesa, had a loss of $100.7 million, or $1.20 a share, compared with a profit of $33.5 million, or 40 cents a share, a year ago. Excluding one-time items, ICN reported a profit of 11 cents a share for the latest quarter. Wall Street analysts on average had expected a profit of 10 cents, according to Thomson First Call.
November 8, 2002 |
Investors boosted ICN Pharmaceuticals Inc.'s shares by 30% Thursday after the Costa Mesa company announced a new management team, a restructuring plan and better-than-expected earnings. The company said Robert O'Leary, who had been serving as interim chief executive, will take the position permanently. ICN also named Timothy Tyson, an executive at British drug maker GlaxoSmithKline, as president and chief operating officer, and Bary G.
September 6, 2002 |
ICN Pharmaceuticals Inc.'s former chairman, Milan Panic, is adding to his investment in the Costa Mesa drug company he founded, buying almost $8 million worth of its convertible bonds on the open market, a regulatory filing shows. The 72-year-old executive, who founded ICN in a Los Angeles garage in 1959, resigned as chairman and chief executive in June after dissident shareholders won a proxy fight to gain control of the company's board.
August 15, 2002 |
ICN Pharmaceuticals Inc. said it paid $12 million in severance to company founder Milan Panic, who resigned as chairman and chief executive in June after years of battling shareholders and regulators. Panic remains a director of the company, which makes the hepatitis drug ribavirin. Costa Mesa-based ICN disclosed the payment in a regulatory filing.
June 26, 2002 |
Milan Panic, the mercurial former chief executive of ICN Pharmaceuticals, has wasted little time in opening up his latest venture, MP Enterprises, which he said would focus on international business and humanitarian issues. Panics' new offices are just blocks away from the company he founded 42 years ago, in the Orange County Performing Arts Center commercial and cultural complex in Costa Mesa. As chairman of ICN, Panic initiated a $1-million pledge of support to the center.