UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
September 16, 1998
Date of Report (Date of earliest event reported)
ICN PHARMACEUTICALS, INC.
(exact name of registrant as specified in its charter)
DELAWARE 001-11397 33-0628076
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(State or other jurisdiction Commission File Number (I.R.S. Employer
of incorporation or Identification
organization) Number)
3300 HYLAND AVENUE, COSTA MESA, CALIFORNIA 92626
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(Address of Principal Executive Offices) (Zip Code)
(714) 545-0100
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(Registrant's telephone number, including area code)
NOT APPLICABLE
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(Former name or former address, if changed
since last report.)
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ITEM 5. OTHER EVENTS
The following updates certain matters relating to legal proceedings
contained in the Company's most recent filings with the United States Securities
and Exchange Commission (the "Commission") with respect to the Commission's
Order Directing Private Investigation and Designating Officers to Take
Testimony, entitled In the Matter of ICN Pharmaceuticals, Inc. (P-177).
On August 27, 1998, the Company's counsel was informed by the
Commission's Philadelphia District Office ("District Office") that (i) the
District Office had withdrawn its request to the Commission for authorization to
commence an enforcement action against Mr. Panic with respect to allegations of
illegal insider trading and the remedies of disgorgement, interest, and monetary
penalties attendant thereto; and (ii) the Commission had granted the District
Office's request for authorization to commence an enforcement action against the
Company, Mr. Panic and a former senior executive of the Company alleging false
or misleading statements or omissions with respect to the status and disposition
of the 1994 New Drug Application for the use of ribavirin for monotherapy
treatment of chronic hepatitis C, including the remedies of injunctive relief
and a civil penalty not to exceed $500,000 against the Company, and injunctive
relief and a director and officer bar against Mr. Panic.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
ICN PHARMACEUTICALS, INC.
Date: September 16, 1998
By: /s/ Clifford R. Saffron
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Clifford R. Saffron
Assistant Secretary and
Senior Vice President
ii
