BIOMEDICINE : ICN Sells Its Interest After Syncor Adopts ‘Poison Pill’ Plan

ICN Pharmaceuticals has sold its 8.3% stake in Syncor International, ending months of speculation that it might try to take over the tiny San Fernando Valley drug company.

The Costa Mesa-based firm said in a filing with the Securities and Exchange Commission that it sold 640,000 shas in Syncor during early January for between $7.75 and $8 per share.

Syncor recently adopted a shareholder rights plan, a common takeover defense often referred to as a “poison pill.” If any party acquired 20% or more of Syncor’s stock without the consent of the company’s directors, shareholders would have the option of buying Syncor shares at half price.

“I think it became apparent that the chances of ICN acquiring Syncor were becoming increasingly remote,” said Stephen Gerber, an analyst with Bateman Eichler, Hill Richards in Los Angeles. “I believe they ultimately had wanted to acquire the company.”

ICN spokesman Jack Sholl refused to comment.

Syncor is a Chatsworth-based operator of 84 pharmacy service centers that provide radioactive pharmaceuticals to hospitals and doctors.

ICN originally acquired an interest in Syncor three years ago and said at the time that its purchase was for investment purposes only and that it had “no present plans to participate in the management or control of the company.”

Subsequent purchases, however, fueled speculation that ICN might try to buy the company.

ICN has regularly acquired smaller companies. Last September, ICN Biomedicals bought the biomedical business of Flow General Inc. of McLean, Va., for approximately $41.5 million.

Flow Laboratories makes biomedical products for research laboratories, universities, pharmaceutical and biotechnology companies, and government research laboratories.