ICN May List a Spinoff With Swiss

ICN Pharmaceuticals Inc. is in talks about a possible listing of yet-to-be-formed ICN International on the Swiss stock exchange, chief executive Milan Panic said Thursday.

In October, Costa Mesa-based ICN said it planned to split into three publicly held companies to wring out value for disgruntled shareholders.

ICN posted record earnings in 2000, but the share price rose only about 15%.

Shares fell almost 16% on Jan. 19 after the company issued a profit warning for 2000 and 2001, blaming increased investment in research and development, a higher tax rate and a temporary slowdown in royalties for its hepatitis drug.

In addition to ICN International, the company is planning ICN Americas and Ribapharm, which will have the rights to hepatitis C drug Ribavirin.

Ribavirin is currently being marketed by Schering-Plough Corp., along with its own hepatitis C drug, Intron, an injectable form of interferon.

Asked when Ribapharm was going to be listed on the Nasdaq, Panic said the public offering will be launched “when the market is right. . . . We’re not under pressure, and we have very good advisors.”

UBS Warburg is advising the company on the Nasdaq listing.