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. Last Updated: 07/27/2016

JV Partner Under Cloud

COSTA MESA, California -- ICN Pharmaceuticals, which is being investigated by federal authorities for alleged insider stock trading, has announced a joint venture to convert a former Soviet Union biological weapons facility into a vitamin factory.

The company, run by former Yugoslavian prime minister Milan Panic, said Tuesday it will invest about $3 million to convert the Biomedpreparat complex in Kazakhstan to produce vitamins and pharmaceuticals.

ICN said the conversion should be completed by September and the plant will employ about 250 people.