SCHEDULE 14A INFORMATION
Proxy Statement Pursuant To Section 14(a) Of
The Securities Exchange Act Of 1934
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ICN Pharmaceuticals, Inc.
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N/A
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ICN Pharmaceuticals, Inc. issued the following press release on April 10, 2002.
Press Release
SOURCE: ICN Pharmaceuticals, Inc.
RIBAPHARM OPTION PACKAGE FOR ICN MANAGEMENT AND
DIRECTORS DROPPED
Costa Mesa, Calif., April 10 /PRNewswire-FirstCall/ -- ICN
Pharmaceuticals (NYSE: ICN - news) announced today that its board of
directors voted to drop the granting of Ribapharm stock options to ICN
directors and management. A cash bonus pool payable upon completion of the
pending IPO was approved unanimously by the board of directors, including
the shareholder representatives on the Board.
ICN management and directors had been slated to receive options of
Ribapharm on the grounds that ICN leadership deserved a reward for years
spent in building the company. The board's compensation committee chaired
by former First Interstate Bank chairman Norman Barker, reviewed this
option package after consultation with compensation consultants
Towers-Perrin and recommended a cash bonus instead. After looking at all
the facts and receiving the advice of Towers-Perrin, the committee
recommended that the bonus pool be set at $50 million and the committee's
recommendation was unanimously approved by the board of directors.
"This IPO has come about as a result of the diligence and perseverance
of ICN's leaders, management and board," said ICN spokesman Alan Charles,
"and yet these same individuals will have no future association with the
spin-off they created." The board of directors unanimously decided that
their dedication should be recognized and rewarded."
The ICN directors and management who are not going with Ribapharm will
be entitled to cash bonuses from the bonus pool in the same proportion as
the proposed Ribapharm options. This change will eliminate the dilution the
options would have and removed the concern expressed by shareholders from
the Ribapharm IPO. ICN, headquartered in Costa Mesa, California, is an
innovative research-based company. Its therapeutic focus is in
anti-infectives, including anti-virals, dermatology, and oncology.
ICN said it would continue to pursue its long-term goals by proceeding
with its planned restructuring and with continued healthy performance. For
the year 2001, ICN posted record revenues of $858 million and record
pre-tax income of $144 million. Year over year from March 2001 to March
2002, ICN stock outperformed the drug industry by 42%.
Additional information is also available on the Company's website at
http://www.icnpharm.com.
ICN stockholders are strongly advised to read the proxy statement relating
to ICN's 2002 annual meeting of stockholders when it becomes available, as
it will contain important information. Stockholders will be able to obtain
this proxy statement, any amendments to the proxy statement and other
documents filed by ICN with the Securities and Exchange Commission for free
at the Internet website maintained by the Securities and Exchange
Commission at www.sec.gov. In addition, ICN will mail the proxy statement
to each stockholder of record on April 9, 2002. ICN will also make
additional copies of the proxy statement and any amendments to the proxy
statement available for free to ICN's stockholders. Please direct your
request for the proxy statement to Investor Relations, ICN Pharmaceuticals,
Inc., 3300 Hyland Avenue, Costa Mesa, California 92626, telephone (714)
545-0100, extension 3013.
ICN, its executive officers and directors may be deemed to be participants
in the solicitation of proxies for ICN's 2002 annual meeting of
stockholders. Information regarding these participants is contained in a
filing under Rule 14a-12 filed by ICN with the Securities and Exchange
Commission on April 4, 2002.
THE `SAFE HARBOR' STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM
ACT OF 1995. This press release contains forward-looking statements that
involve risks and uncertainties, including but not limited to, projections
of future sales, operating income returns on invested assets, regulatory
approval processes, and other risks detailed from time to time in the
Company's Securities and Exchange Commission filings.
For further information, please contact investors, Joseph Schepers,
+1-212-754-4422, or media, Alan Charles, +1-212-355-3100, both of ICN
Pharmaceuticals, Inc.
SOURCE: ICN Pharmaceuticals, Inc.