O. C. BUSINESS PLUS : ORANGE COUNTY BRIEFLY : ICN Buys Chain of Pharmacies in Russia
ICN Pharmaceuticals Inc., the largest drug maker in Eastern Europe, said it bought a chain of 88 pharmacies in Russia to set up a nationwide retail network, increase sales and cut costs.
Costa Mesa-based ICN bought Belgium’s Groupe Multipharma SC for $7.35 million, including 51 pharmacies and 37 pharmacy kiosks in Moscow and St. Petersburg, boosting its retail network to 131 pharmacies and four regional distribution centers. ICN also has five Russian factories.
Imports of drugs to Russia slumped after the ruble plunged, driving up prices and leaving customers unable to pay. ICN, which opened its first pharmacy in Moscow in January, hopes to make its locally produced drugs more widely available with a national retail chain.
ICN shares closed at $20.63, down 6 cents.
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