ICN Completes Purchase of 84% of Moxie Industries
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ICN Pharmaceuticals Inc. of Costa Mesa has completed its previously announced plan to buy an 84% stake in Moxie Industries Inc., an ailing Anaheim vitamin maker.
ICN bought the stock from Eckes Beteiligungs-GmbH, a West German partnership, for $4.15 million in cash.
Moxie officials said they understood that ICN intends to acquire the remaining 16% of Moxie stock from shareholders either by buying them with cash or ICN stock. Moxie officials said the stock price to Moxie’s remaining shareholders would not be lower than the approximately 47 cents per share paid to Eckes.
ICN officials could not be reached for comment Thursday on the deal.
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