Exhibit 99.1

ICN ANNOUNCES PROPOSED $250 MILLION CONVERTIBLE SUBORDINATED NOTES OFFERING

COSTA MESA, Calif., Jul 2, 2001 /PRNewswire/ -- ICN Pharmaceuticals, Inc.
(NYSE: ICN), a research-focused global pharmaceutical company, announced
today, subject to market and other conditions, it intends to make a private
offering of $250 million aggregate principal amount of Convertible
Subordinated notes due 2008, with an over-allotment option to issue $50
million of notes.

ICN Pharmaceuticals intends to use the net proceeds from the sale of the
notes for redemption of certain debt obligations, general corporate
purposes, including potential future acquisitions. Refinancing of ICN's
existing debt is required for ICN's previously announced restructuring
plan.

The notes will be convertible into common stock of ICN Pharmaceuticals.
Upon spin off of Ribapharm Inc., converting noteholders would, after the
spin-off, receive ICN Pharmaceuticals common stock and the number of shares
of Ribapharm common stock the noteholders would have received had the notes
been converted. Ribapharm Inc. will comprise ICN's U.S. research and
development activities and ribavirin royalty.

The notes are being offered only to qualified institutional buyers under
Rule 144A of the Securities Act of 1933, a limited number of institutional
investors accredited within the meaning of Rule 501 (a) (1), (2), (3) or
(7) under the Securities Act of 1933, and to non-U.S. purchasers in
offshore transactions in accordance with Regulation S under the Securities
Act.

The securities being offered have not been registered under the Securities
Act of 1933, as amended, or applicable state securities laws, and unless so
registered, may not be offered or sold in the United States, except
pursuant to an applicable exemption from the registration requirements of
the Securities Act of 1933, as amended, and applicable state securities
laws.

This press release does not constitute an offer to sell or the solicitation
of an offer to buy any of these securities. This press release is being
issued pursuant to and in accordance with Rule 135c under the Securities
Act of 1933, as amended.

Except for the historical information herein, the matters discussed in this
news release include forward-looking statements that may involve a number
of risks and uncertainties. Actual results may vary significantly based
upon a number of factors which are described in the Company's Form 10-K,
10-K/A, form 10-Qs and Form 8-Ks on file with the SEC, including without
limitation, risks in obtaining and maintaining regulatory approval for
indications and expanded indications, market acceptance of and continuing
demand for ICN's products and the impact of competitive products and
pricing.

ICN is an innovative, research-focused global pharmaceutical company that
manufactures markets and distributes a broad range of prescription and non-
prescription pharmaceuticals under the ICN brand name. Its therapeutic
focus is on anti-infectives, including anti-virals, dermatology and
oncology.

For further information please contact investors, Joe Schepers,
212-754-4422; or media, Peter Murphy, 714-545-0100, ext. 3213, both for ICN
Pharmaceuticals, Inc.

SOURCE ICN Pharmaceuticals, Inc.
CONTACT:   investors, Joe Schepers, 212-754-4422; or media, Peter Murphy,
      714-545-0100, ext. 3213, both for ICN Pharmaceuticals, Inc.