It’s not nearly as big as ICN Pharmaceuticals was, but Milan Panic says he’s having a blast with his self-initialed MP Biomedicals, a maker and distributor of medical diagnostic kits headquartered in Santa Ana. “I’m making more money than I made at ICN.” Panic turned 81 last week in full stride. In recent weeks he’s partnered with Russia’s Corporation of Nanotechnologies, (known as Rusnano), purchased a New Zealand biologics company, rolled out a test for detecting Hand, Foot and Mouth Disease that afflicts children in Singapore, and got FDA approval to do clinical trials of a test that screens blood donors for viruses. MP, which lists annual sales of about $60 million, is the latest chapter in the Panic saga—an Olympic cyclist, political refugee, entrepreneur, exec and onetime prime minister of Yugoslavia who has battled Nazis, communists, the FDA, the SEC, Wall Street and Slobodan Milosevic. Yes, he’s writing an autobiography. Things didn’t end well at his biggest creation, Costa Mesa-based ICN. Criticized for his autocratic rule, he was forced out in 2002 and incurred “hundreds of millions” of dollars in paper losses as the stock price plunged. “The Wall Street people would have jumped out a window. But I started with $200, and I won’t die poor.” Indeed, he owns a 125-foot yacht, is married to opera singer Milena Kitic and is worth at least $100 million by the OCBJ’s estimate. And Panic says he retained some stock in ICN’s successor, Aliso Viejo-based Valeant Pharmaceuticals, which recently was bought by Canada’s Biovail Corp. for $3.2 billion. Panic sounds vindicated. He was ahead of his time—and investor sentiment—in putting ICN into China, Russia and Brazil, countries where MP also has offices. He says the financial crisis has confirmed his view of things, too: “There are more criminals on Wall Street than in government, and there are plenty of them in government.” Panic says he won’t take MP public, just grow it as “big as possible” and leave it to his four children; a grandson has joined the company. Panic says he got rock-star treatment when he spoke at Peking University; a Chinese newspaper article shows his face projected on a wall, Chairman Mao-style. And the longtime Democratic supporter has a friend taking charge in Sacramento: Panic says Jerry Brown called him the day before and after the election …
Brea-bred Eric Affeldt, CEO of Dallas-based country club owner/operator ClubCorp, tops Golf Inc.’s list of The Most Powerful People in Golf. Affeldt is a member of OC’s California Coast chapter of the Young Presidents’ Organization …
Calling Larry Thomas: Citing family needs, Smooch Repovich Reynolds is leaving the Irvine Company just six months after hiring on as senior veep for communications. She was the fourth person to oversee the department in three years. Serving as interim head is Reynolds recruit Erin Freeman, who previously ran PR for failed mortgage lender New Century Financial.
