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ICN Pharmaceuticals, Inc.
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Following is the text of a press release issued on May 21, 2001:
[LOGO - ICN]
ICN PHARMACEUTICALS, INC.
International Headquarters
ICN Plaza
3300 Hyland Avenue
Costa Mesa, California 92626
Telephone: (714) 545-0100 X3230
FAX: (714) 641-7215
Telex: 67-0413
NEWS RELEASE
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Media: Investors:
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Peter Murphy Joe Schepers
714-545-0100 ext. 3213 212-754-4422
ICN QUESTIONS TITO'S SLATE
Costa Mesa, Calif. - May 21, 2001 - ICN Pharmaceuticals, Inc. (NYSE:ICN)
today questioned the independence and qualifications of the slate of
directors proposed by Swiss/Monte Carlo money manager Tito Tettamanti and
the investment group he controls, Special Situations Partners (SSP).
ICN questioned whether the dissident slate of nominees for ICN's May 30
annual meeting is independent. As SSP itself concedes, the slate of
nominees was hand picked by Herbert Denton of Providence Capital, whose
firm is a member of Tettamanti's group.
ICN stated that two of Tettamanti's nominees have questionable corporate
records. The records of Burkhardt and Lee show significant loss in
shareholder value. Burkhardt was ousted from his company after a 59%
decline in shareholder value and then launched a proxy fight to regain
control, assisted by Denton and Providence Capital. He failed. Lee's
company's stock declined by over 50% in one day regarding rumors of an
investigation into healthcare fraud. The latest records show a short
position in the stock of Lee's company of over 60% of the outstanding
shares.
Based on these track records, ICN said that its shareholders must ask
themselves if they want these nominees as directors of their corporation.
ICN'S STRONG FINANCIAL PERFORMANCE:
In contrast, ICN noted that Institutional Shareholder Services, in a just
released report, highlighted ICN's historically "strong financial results."
Cumulative returns in ICN stock have been 21% in calendar 2000, 59% over
the last five years and 967% over the last ten years. In 1999, the Wall
Street Journal named ICN the best performing stock in the pharmaceutical
industry with the highest five-year return. The current 2001 issue of
Pharmaceutical Economics lists ICN as one of the "Top 25 Healthcare Stocks
of the Future."
Milan Panic, chairman and chief executive officer of ICN said, "ICN
shareholders need to take a close look at Tito and his nominees. The issue
at stake is not the performance of the company and its management and the
progress of the corporate restructuring plan now underway. It's Tettamanti
and the qualifications and corporate records of his nominees."
ICN is an innovative, research-based global pharmaceutical company that
manufactures markets and distributes a broad range of prescription and
non-prescription pharmaceuticals under the ICN brand name. Its therapeutic
focus is on anti-infectives, including anti-virals, dermatology and
oncology. Additional information is also available on the company's website
at http://www.icnpharm.com.
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.
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