UPDATE 1-Biovail reaches settlement with Canada regulator

TORONTO, Jan 7 (Reuters) - Biovail Corp (BVF.TO)(BVF.N) has reached a settlement with Canadian stock regulators over an investigation into the company's accounting and disclosure practices, the drug company said on Wednesday.

The settlement is confidential and its terms will be made public if and when the Ontario Securities Commission approves it, Biovail said in a short statement.

It said the OSC investigation related to accounting and financial disclosure practices between 2001 and March 2004.

The pact between the company and the OSC is to be considered at a hearing on Friday, it said.

Biovail shares closed 7 Canadian cents higher, at C$12.69, on the Toronto Stock Exchange. (Reporting by Wojtek Dabrowski; editing by Rob Wilson)