The Concerned Shareholders of Biovail Say Biovail Has Misled Sh... ( Shareholders are Urged to Vote thei...)

The Concerned Shareholders of Biovail Say Biovail Has Misled Shareholders

Date:5/15/2009

    Shareholders are Urged to Vote their YELLOW proxy, FOR the Election of
    Two Highly Qualified and Independent Directors to the Biovail Board

TORONTO, May 15 /PRNewswire/ - The Concerned Shareholders of Biovail today said that Biovail Corporation (NYSE: BVF) (TSX:BVF) continues to mislead its shareholders by making the focal point of this dispute Mr. Melnyk.

The requisition was simply about governance reform and has already been a catalyst to governance improvements at Biovail (as evidenced by the reforms recently announced by Biovail) and provides shareholders with an opportunity to elect two highly qualified and independent directors (who have never met Mr. Melnyk). Mr. Haggis and Mr. Potter were selected as a result of the culmination of a professional search conducted entirely without Mr. Melnyk's influence. Both nominees have records consisting of significant accomplishments and whose "business experience and ethics" cannot be questioned as noted by Biovail.

It should be evident to shareholders that, as opposed to Biovail's surprisingly combative approach to the requisition, the requisition was not intended to cause and should not have caused such a dramatic and costly reaction by Biovail. The Concerned Shareholders have not attacked Biovail's strategy, its management or members of the incumbent Board. The Concerned Shareholders have remained silent regarding the dramatic dividend cut announced by Biovail on May 6, 2009. As has been stated, this is not about Mr. Melnyk or about a confrontation; this is about improving Biovail for all shareholders.

Biovail shareholders on May 28, 2009 will have an opportunity to make a difference with respect to the company that they have invested in.

Shareholders will have the opportunity to improve the governance of Biovail by electing Mr. Paul G. Haggis and Mr. Fra
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SOURCE Concerned Shareholders of Biovail
Copyright©2009 PR Newswire.
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