ICN’s Ribapharm Sued by Shareholder
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Ribapharm Inc., an ICN Pharmaceuticals Inc. unit that makes hepatitis C drug ribavirin, was sued by a shareholder who wants a Delaware judge to stop ICN’s planned $168-million buyout of the subsidiary. Ribapharm said ICN offered $5.60 a share for the 19.9% of the unit it doesn’t own.
Ribapharm shareholder Maxine Phillips said ICN sold the shares at $10 each last year and claimed that ICN dominates the board and wants to buy the stock “as cheaply as possible.” Her Chancery Court suit was filed Monday in Wilmington, Del.
ICN spokesman Adam Weiner said the lawsuit “has no merit” and the offering price for Ribapharm “reflects the full and fair value” of the company.”
Shares of Ribapharm fell 6 cents to $6.15, and ICN closed unchanged at $14.95, both on the NYSE.
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