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ICN PHARMACEUTICAL MERGING AFFILIATES TO REDUCE COSTS

Executive Summary

ICN PHARMACEUTICAL MERGING AFFILIATES TO REDUCE COSTS, simplify corporate structure, streamline management and eliminate duplicate functions, the firm announced Aug. 2. ICN and its three affiliates -- Viratek, SPI Pharmaceuticals and ICN Biomedicals -- will consolidate into a single entity under the name ICN Pharmaceuticals. In addition to lowering general and administrative expenses, the Costa Mesa, Calif.-based company expects the new combination will "reduce significantly certain income taxes.... [by permitting] the use of net operating loss carry-forwards."
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