Eugene Melnyk withdraws lawsuit alleging Biovail proxy solicitation violations following...

Eugene Melnyk withdraws lawsuit alleging Biovail proxy solicitation violations
following Biovail's agreement to honour proxy solicitation rules

TORONTO, April 10 /PRNewswire/ - Eugene Melnyk today confirmed that he has
withdrawn the application he commenced on March 20, 2008 to sanction Biovail
Corporation for violating proxy solicitation rules after Biovail agreed to
adhere to proxy solicitation rules going forward.
Biovail said in particular that it would make no public statements prior
to the mailing of the management circular comparing the relative suitability
of Biovail's current Board and the slate to be proposed by Mr. Melnyk.
Mr. Melnyk said that a dissident circular, as required under Canadian
proxy solicitation rules, will be sent to Biovail shareholders after the
record date for the upcoming shareholders' meeting.
The parties have agreed to a discontinuance without costs.
SOURCE Eugene Melnyk

Duncan Fulton, Fleishman-Hillard Canada, duncan.fulton@fleishman.ca or (416)
645-3655; Mike Sitrick, Sitrick and Company, mike_sitrick@sitrick.com or (310)
788-2850