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FOR IMMEDIATE RELEASE Contact: David Calef
Tel: (714) 545-0100 ext. 3048
SPI PHARMACEUTICALS WINS BID
FOR STAFF IN LEADING HUNGARIAN DRUG MANUFACTURER
COSTA MESA, Calif., January 3, 1994 -- SPI Pharmaceuticals, Inc. of the
United States, today announced that it reached an agreement with the Hungarian
government to acquire a 30% ownership in Alkaloida, a leading pharmaceutical
manufacturer in Hungary.
As part of its continuing program of worldwide expansion and as part of
the tender offer, SPI said it intends to increase its percentage ownership in
Alkaloida to controlling interest of over 50%. Actual closing of the
transaction is subject to due diligence, auditing and normal terms and
conditions relating to closing.
According to Adam Jerney, President of SPI Pharmaceuticals, "This
partnership will strengthen the role of SPI Pharmaceuticals as a leader in
marketing and manufacturing in Eastern Europe and around the world." According
to Laszlo Dupcsak, General Manager of Alkaloida, "This is a major transaction
for Hungary. We are pleased to have such a successful American pharmaceutical
company for a partner."
Based in the city of Tiszavasvari, 100 miles northeast of the capital city
of Budapest, near the Russian border, Alkaloida is a diversified pharmaceutical
and chemical manufacturer established in 1927. Alkaloida is one of only 5
facilities worldwide for the production of medicinal morphine. Annual sales of
Alkaloida are approximately $90 million, with almost two-thirds of the sales in
foreign currency. The company makes and markets 60 products including
morphine, cardiovasculars, non-steroid anti-rheumatics, antacids,
anti-asthmatics and anti-malarials. It employs 2,100 people and sells products
in Hungary and over 80 foreign countries, including the United States. The
company recently completed construction on a state of the art pharmaceutical
production facility which will add further to capacity.
SPI Pharmaceuticals (AMEX:SPI), headquartered in Costa Mesa, California,
manufactures, markets and distributes more than 600 pharmaceutical products in
over 60 countries throughout the world. SPI has facilities in the United
States, Canada, Mexico, Western Europe, Eastern Europe and the former Soviet
Union. SPI is 42% owned by ICN Pharmaceuticals, Inc. (NYSE:ICN).
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