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CAPITALISM WINNING IN EASTERN EUROPE; ICN YUGOSLAVIAN PHARMACEUTICAL WORKERS HAIL ANNIVERSARY

 CAPITALISM WINNING IN EASTERN EUROPE; ICN YUGOSLAVIAN
 PHARMACEUTICAL WORKERS HAIL ANNIVERSARY
 BELGRADE, Yugoslavia, March 19 /PRNewswire/ -- More than 4,000 ICN Galenika employees today celebrated the one-year anniversary of the establishment of capitalism at their pharmaceutical facility with a nationally televised show featuring the country's top opera stars, dancers and musicians, including the Belgrade Philharmonic Orchestra.
 In honor of the event in Belgrade's Sava Center, the newly composed ICN Galenika Anthem was performed by The Children's Choir and The Big Choir of Belgrade Radio-Television.
 ICN Galenika commenced in early 1991 when SPI Pharmaceuticals Inc., an ICN Pharmaceutical's subsidiary, reached an agreement to form a new joint company with Galenika Pharmaceuticals, Yugoslavia's leading pharmaceutical firm.
 The joint company represents the largest privatization of industry in Yugoslavia and the biggest business transaction in that nation since World War II.
 As part of the agreement, Galenika workers became SPI Pharmaceutical shareholders, marking the first time Eastern European employees hold shares of stock in a company listed on a major stock exchange.
 "The experiment in capitalism has worked, " says Milan Panic, founder, chairman and chief executive officer of ICN and its SPI subsidiary. "These workers have more pride because they now are owners of their company. This is a true success story for our free market system," Panic says.
 SPI Pharmaceuticals (AMEX: SPI) manufactures, markets and distributes 600 prescription and nonprescription pharmaceuticals in more than 60 countries, including the United States, Canada, Mexico, Eastern and Western Europe and the Far East.
 -0- 3/19/92
 /CONTACT: Paul Knopick of SPI Pharmaceuticals, 714-545-0100, ext. 2465/
 (SPI) CO: SPI Pharmaceuticals Inc. ST: California IN: MTC SU:


DM-CH -- LA016 -- 9697 03/19/92 12:45 EST
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Publication:PR Newswire
Date:Mar 19, 1992
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