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SPI PHARMACEUTICALS SIGNS LETTER OF INTENT WITH RUSSIAN PHARMACEUTICAL COMPANY AS PART OF ITS PLANNED EXPANSION IN THE U.S.S.R.

SPI PHARMACEUTICALS SIGNS LETTER OF INTENT WITH RUSSIAN PHARMACEUTICAL
 COMPANY AS PART OF ITS PLANNED EXPANSION IN THE U.S.S.R.
 COSTA MESA, Calif., Dec. 5 /PRNewswire/ -- SPI Pharmaceuticals Inc. (AMEX: SPI), of the United States, announced today it has signed a letter of intent to create a new pharmaceutical venture company with Oktyabr Pharmaceutical Factories of St. Petersburg (Leningrad), one of the largest pharmaceutical companies in Russia.
 The announcement was made by Milan Panic, chairman and chief executive officer of SPI, and Leonid Seleznev, general manager of Oktyabr.
 The proposed transaction would be the first of its type between a U.S. pharmaceutical company and a pharmaceutical company in the Soviet Union.
 Panic said the proposed agreement is part of SPI's plan to expand its pharmaceutical operations in Eastern Europe and the Soviet Union.
 "This proposed agreement arises from the opportunities created by the political and economic changes occurring throughout all of Eastern Europe and the Soviet Union," Panic said. "The cooperation between our companies will increase the availability of needed pharmaceuticals in Russia and elsewhere throughout the Soviet Union, and will help stimulate the economic development of Russia."
 According to Seleznev, "We expect to see an increase in the assortment of drugs available in Russia and expanded export opportunities."
 Oktyabr is one of the largest and oldest pharmaceutical companies in Russia, having been established by Emperor Peter I in 1714. In addition to serving Russia, it markets its products throughout the Soviet Union and in other Eastern European countries. Major product lines include analgesics, vitamins, anesthetics and cardiovascular products. The company has 3,300 employees.
 Terms were not disclosed. The completion of a definitive agreement is subject to approval by the board of directors of SPI and governmental authorities in Russia, as well as customary closing conditions, including due diligence by the company and its consulting experts.
 The company cautioned that until an audit conducted in accord with Generally Accepted Accounting Principles is concluded, the financial impact of the proposed transaction cannot be determined.
 SPI Pharmaceuticals, headquartered in Costa Mesa, makes, markets and distributes some 600 pharmaceuticals in over 60 countries in North and Latin America, Western and Eastern Europe and the Far East. It has 6,100 employees. Sales for the third quarter of 1991 totaled $97 million. SPI is an operating subsidiary of ICN Pharmaceuticals Inc. (NYSE: ICN).
 -0- 12/5/91
 /CONTACT: Jack Sholl of SPI Pharmaceuticals, 714-545-0100, ext. 3013/
 (SPI ICN) CO: SPI Pharmaceuticals Inc.; Oktyabr Pharmaceutical Factories ST: California IN: MTC SU:


CH -- NYON2 -- 9501 12/05/91 09:03 EST
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Publication:PR Newswire
Date:Dec 5, 1991
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