Biovail Announces Withdrawal of Legal Action by Eugene Melnyk

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Thu Apr 10, 2008 10:10am EDT 

TORONTO--(Business Wire)--
Biovail Corporation (NYSE,TSX: BVF) today announced that former
Chairman and Chief Executive Officer Eugene Melnyk has withdrawn an
application to the Ontario Superior Court of Justice (Commercial List)
naming the Company and its current interim Chairman and CEO, Dr.
Douglas Squires, as respondents.

   Mr. Melnyk announced the filing of the application on March 20,
2008.

   The application sought, among other things, a declaration and
orders related to Mr. Melnyk's allegation that Biovail and Dr. Squires
had improperly solicited proxies for the Company's June 25, 2008
Annual Meeting on the day Biovail announced its financial results for
2007.

   Biovail's consistent position has been that the application was
without merit.

   About Biovail Corporation

   Biovail Corporation is a specialty pharmaceutical company, engaged
in the formulation, clinical testing, registration, manufacture, and
commercialization of pharmaceutical products utilizing advanced
drug-delivery technologies. For more information about Biovail, visit
the Company's Web site at www.biovail.com.

   For further information, please contact Nelson F. Isabel at
905-286-3000 or send inquiries to ir@biovail.com.

Biovail Corporation
Nelson F. Isabel, 905-286-3000
Vice-President, Investor Relations and
Corporate Communications

Copyright Business Wire 2008
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