Exhibit 99.1

     ICN ANNOUNCES $400 MILLION CONVERTIBLE SUBORDINATED NOTES OFFERING

NEW YORK, July 13 /PRNewswire/ -- ICN Pharmaceuticals, Inc. (NYSE: ICN), a
research-focused global pharmaceutical company, announced today, that it
has entered into an agreement to sell in a private offering $400 million
aggregate principal amount of 6.5% Convertible Subordinated notes due 2008,
with an over-allotment option. The offering is expected to close on July
18, 2001.

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

The notes are convertible into ICN Pharmaceutical common stock at a
conversion price of approximately $34.25 per share (a 23% premium to the
closing price of July 12, 2001). Upon spin off of Ribapharm Inc.,
converting note holders would, after the spin-off, receive ICN
Pharmaceuticals common stock and the number of shares of Ribapharm common
stock the note holders 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.

SOURCE: ICN Pharmaceuticals, Inc.

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