Costa Mesa Firm Sells Off Syncor International Stock
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A Costa Mesa drug manufacturer has sold its 8.3% stake in Syncor International Corp., a Chatsworth company that supplies radioactive pharmaceuticals to hospitals and doctors. ICN Pharmaceuticals said in a Securities and Exchange Commission filing that it sold the 868,000 shares between Jan. 3 and Jan. 8 for between $7.75 and $8 each.
ICN had been rumored to be interested in a possible buyout of Syncor. In November, Syncor adopted a shareholder rights plan--a common takeover defense often referred to as a “poison pill.” However, Syncor said the move was not in response to any specific takeover threat.
Syncor’s stock closed Friday at $8.125, up 12.5 cents.
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