Exhibit 1
[Letterhead of SSP-SPECIAL SITUATIONS PARTNERS INC.]
PRESS RELEASE
7th November 2000 - for immediate release
SSP-Special Situations Partners, Inc. issued the following statement today with
respect to yesterday's Third Quarter Earnings Conference Call of ICN
Pharmaceuticals, Inc. (NYSE: ICN):
"We listened with interest to ICN's third quarter earnings call and are very
pleased with the financial results reported by the company, which serve only to
confirm our perception of the company's underlying values. We were also pleased
to hear Mr. Panic again confirm publicly his management team's commitment to
proceed quickly and diligently with the restructuring of ICN into three
independent companies, including not only the planned public offerings of both
Ribapharm and International, but also the distribution of the remaining
interests in both those businesses to ICN's shareholders that SSP has urged upon
the company. Finally, we also noted with approval Mr. Panic's acknowledgement
that the ICN board of directors has a fiduciary duty actively to consider, as an
alternative to the current restructuring plan, any proposals or expressions of
interest for an acquisition of the company and as well as his intention to
pursue whatever transaction will bring more value to ICN's shareholders. SSP
will continue actively to monitor the situation."
Enquiries:
Eric Knight
SSP-Special Situations Partners, Inc.
Tel. + (377) 93 50 41 23
