July 2, 2003 |
ICN Pharmaceuticals Inc. of Costa Mesa said it sold its biomedical research and diagnostic business to its former chairman and founder, Milan Panic, for about $15 million. Panic purchased the division through his newly formed private company, MP Global of Irvine, using the approximately 1 million shares of ICN stock he owned. As part of the deal, MP Global will get a Boeing 737 jet that was converted for corporate use. A smaller ICN jet was sold in November.
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.
CALIFORNIA | LOCAL
February 2, 2003 |
Orange Coast College's School of Sailing's fleet just got bigger and quite a bit more luxurious thanks to a donation from businessman Milan Panic. The school, which has a fleet of five dozen boats, now has Panic's 88-foot, $2-million motor yacht, Bella. The sailing school, an independent, self-supporting program at the Costa Mesa community college, has a national reputation for teaching about 5,000 people annually in courses ranging from beginning sailing to the intricacies of diesel engines.
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.