ICN to Invest $300 Million in Russia

ICN Pharmaceuticals Inc. said it will invest $300 million in Russia over the next five years. ICN, which draws more than half its revenue from East European operations, has invested $120 million in Russia in the last three years to operate five pharmaceutical businesses. The additional investment includes $47 million to build a pharmaceutical plant as part of an ongoing modernization of the St. Petersburg division, which should be completed in 2000. Milan Panic, chairman of the Costa Mesa pharmaceutical maker, has proclaimed Russia the most promising market for medicines and is moving his European headquarters to Russia. ICN’s stock gained $2.31 a share to close at $57.56 on the New York Stock Exchange.