Navigation Links
CIBC World Markets Equity Research Downgrades Target Price of BVF from $12.00 to a Staggering Low of $7.50 Based on Potential Incumbent Win in Proxy Battle
Date:6/20/2008

Not too late to Protect Your Investment and Vote for A Better Biovail

TORONTO, June 20 /PRNewswire/ - The Concerned Shareholders remind fellow shareholders of Biovail that it is not too late to vote your YELLOW proxy for a Better Biovail. It is more than clear that change is needed. Industry experts, CIBC World Markets - Equity Research, have today changed their recommendation for BVF to sector underperformer based on the proposed strategy of the Company going forward proposed by the Incumbent Board and management team.

According to CIBC, the reasons for this downgrade include:

(x) "Biovail's poor growth prospects, limited pipeline visibility and our

expectation for a long restructuring lead us to believe that Biovail

will underperform its peers going forward.

(x) In addition, we believe that Biovail's dividend policy is not

sustainable. We forecast declining cash flows and hold the view that

the company will need to use its cash to support distributions in the

near term. We would rather see the company preserve its capital for

eventual acquisitions.

(x) We also have modest expectations as it relates to Biovail's new focus

on Central Nervous System (CNS) disorders, as we view the clinical

development risks as relatively high and the existing market as

highly competitive. The CNS market is also highly genericized."

Furthermore, the report goes on to state that, "we believe the likelihood of a reduction or elimination of the dividend is quite high." CIBC wonders how "the company's current product portfolio will generate sufficient cash flows to support the payments given our impression that some of the company's products may be facing generic competition in the near term." Finally CIBC "fails to see how paying ~$240 million/year in dividends makes sense given the company's new strategy."

The Concerned Shareholders urge all shareholders to read the CIBC report in its entirety and agree with CIBC's analysis. The Concerned Shareholders fully align with CIBC's analysis that should the Incumbent Board and management win the proxy battle the price for BVF will dramatically fall. The status quo at Biovail is simply not acceptable. It is time to protect your investment and vote for change at Biovail.

It is not too late to cast your YELLOW proxy and support a forward thinking and innovative plan that relies on the leadership of independent, trusted and successful pharmaceutical sector entrepreneurs with a plan to evolve with the rate of change in the industry.

Even if you have already voted in favour of management, you may change your vote by completing and submitting a YELLOW proxy dated later than the previously submitted proxy.

For further information on how to vote your YELLOW proxy please visit http://www.betterbiovail.com and click on 'vote now'.


'/>"/>
SOURCE A Better Biovail
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. World Vision Responding to Record Flooding in Midwest
2. Worldwide War Deaths Underestimated
3. Agendia Expands Laboratory Capacity at New Amsterdam Headquarters to Meet Increasing Demand for Services Worldwide
4. World research leaders gather in Finland to accelerate the development of bioactive paper
5. 10th World Congress on Gastrointestinal Cancer -- Barcelona, Spain
6. World Renowned Hand Surgeon Helps Patients Conquer Joint Discomfort Naturally
7. Ranbaxy and Pfizer Settle Lipitor Litigation Worldwide
8. PartsSource Given 2008 World Class Customer Service Award for Second Straight Year
9. WORLDFOODS Provides All Natural Authentic Asian Sauces That Cater to Vegetarians, Celiacs and Those With Food Allergies
10. Essilor Agrees to Acquire Satisloh The World Leader in Optical Manufacturing Solutions
11. Rotary Brings the World to Los Angeles
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/24/2016)... ... ... in a crisis. Her son James, eight, was out of control. Prone to extreme mood ... something upset him, he couldn’t control his emotions,” remembers Marcy. “If there was a ... children and say he was going to kill them. If we were driving on ...
(Date:6/24/2016)... ... June 24, 2016 , ... Global law firm Greenberg Traurig, P.A. ... The attorneys chosen by their peers for this recognition are considered among the top ... Shareholders received special honors as members of this year’s Legal Elite Hall of Fame: ...
(Date:6/24/2016)... CA (PRWEB) , ... June 24, 2016 , ... Comfort ... the American Cancer Society and the Road To Recovery® program to drive cancer patients ... seniors and other adults to ensure the highest quality of life and ongoing independence. ...
(Date:6/24/2016)... , ... June 24, 2016 , ... People across the ... Genome magazine’s Code Talker Award, an essay contest in which patients and their families ... to be presented at the 2016 National Society of Genetic Counselors (NSGC) Annual Education ...
(Date:6/24/2016)... (PRWEB) , ... June 24, 2016 , ... ... Living, is proud to recognize Dr. Barry M. Weintraub as a prominent plastic ... most beautiful women in the world, and the most handsome men, look naturally ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... 2016  MedSource announced today that it has ... solution of choice.  This latest decision demonstrates MedSource,s ... their clients by offering a state-of-the-art electronic data ... nowEDC as the EDC platform of choice in ... "nowEDC has long been a preferred EDC platform ...
(Date:6/23/2016)... , June 23, 2016 Any dentist who has ... of the current process. Many of them do not even ... technical difficulties and high laboratory costs involved. And those who ... it at such a high cost that the majority of ... Dr. Parsa Zadeh , founder of Dental Evolutions ...
(Date:6/23/2016)...  In a startling report released today, National Safety Council ... a comprehensive, proven plan to eliminate prescription opioid overdoses. ... states are tackling the worst drug crisis in recorded U.S. history, ... Kentucky , New Mexico , ... the 28 failing states, three – Michigan , ...
Breaking Medicine Technology: