Biovail shareholder Melnyk sells two million shares

2009-02-04 05:45 ET - News Release

Mr. Ken Villazor reports

EUGENE MELNYK SELLS SHARES OF BIOVAIL

Eugene Melnyk has sold two million common shares of Biovail Corp. through his holding company EM Holdings B.V. in negotiated transactions on the Toronto Stock Exchange at a price of $10.10 (U.S.) per share.

Prior to this, from Dec. 16, 2008, to Dec. 23, 2008, and on Jan. 28 and 29, 2009, Mr. Melnyk sold a total of 1,735,000 common shares of Biovail in open market transactions on the New York Stock Exchange, as disclosed on Schedule I, a copy of which is attached hereto. The 3,735,000 shares represent approximately 2.4 per cent of the outstanding common shares in Biovail.

Prior to such transactions, Mr. Melnyk beneficially owned or exercised control or direction over 21,178,758 common shares or approximately 13.3 per cent of the outstanding common shares in Biovail as at Dec. 15, 2008. Following such transactions, Mr. Melnyk beneficially owns or exercises control or direction over 17,443,758 common shares in Biovail, or approximately 11.0 per cent of the outstanding common shares as at Feb. 3, 2009 (16,085,758 common shares or approximately 10.1 per cent through EM Holdings B.V.).

Mr. Melnyk has sold the common shares to make cash available for other investment opportunities as they arise. Mr. Melnyk continues to hold his remaining common shares of Biovail for investment purposes. Depending on market conditions and other factors, Mr. Melnyk may from time to time acquire additional securities of Biovail or dispose of additional securities of Biovail in the open market, by private agreement or otherwise.

                              Per share
Trade date        Shares  average price           Nature of transaction
                         (U.S. currency)

Dec. 16, 2008    450,000         9.2088           Open market sales
Dec. 17, 2008    350,000         9.2181           Open market sales
Dec. 18, 2008    500,000         9.1541           Open market sales
Dec. 19, 2008    100,000         9.0011           Open market sales
Dec. 22, 2008     98,400         8.9303           Open market sales
Dec. 23, 2008     66,600         8.9929           Open market sales
Jan. 28, 2009    100,000        11.2155           Open market sales
Jan. 29, 2009     70,000        11.0156           Open market sales

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