ICN Reports Plans to Buy Vitamin Company

ICN Pharmaceuticals Inc. said it has agreed to acquire Faraday Laboratories Inc., a New Jersey manufacturer and distributor of vitamins, for $10 million in ICN common stock. Faraday, which had $12 million in revenue last year, will augment ICN’s existing vitamin business, according to Milan Panic, the Costa Mesa company’s chairman and chief executive. Faraday said the merger will require the approval of a majority of its shareholders.