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:12/4/2016)... ... December 03, 2016 , ... The Lymphoma ... innovative lymphoma research and serving the lymphoma community through a comprehensive series of ... Wine Tasting Event in New York City, with long-time partners The Paul Foundation, ...
(Date:12/4/2016)... ... December 04, 2016 , ... "Pro3rd Displace is ... styles with unique displacement design elements," said Christina Austin - CEO of Pixel ... from a variety of design styles that include both left aligned and right ...
(Date:12/2/2016)... ... December 02, 2016 , ... Lori G. Cohen and ... will speak at the American Conference Institute’s 21st Drug & Medical Device Litigation ... Lead Sponsor of the conference. , Cohen, who chairs the firm’s Pharmaceutical, Medical Device ...
(Date:12/2/2016)... , ... December 02, 2016 , ... Advanced Inc., a ... has appointed Jason Bice, CPA, MBA to serve as Advanced Inc.’s Chief Financial Officer, ... Inc. , Jason brings extensive financial and operational leadership experience to Advanced Inc. ...
(Date:12/2/2016)... PA (PRWEB) , ... December 02, 2016 , ... With ... struggling through rehabilitation of an injury, patients must find the one that works for ... his pain, he created a machine that worked and decided to share it with ...
Breaking Medicine News(10 mins):
(Date:12/2/2016)... , Dec. 2, 2016 The U.S. Food ... Jardiance (empagliflozin) to reduce the risk of cardiovascular death ... cardiovascular disease. "Cardiovascular disease is a ... diabetes mellitus," said Jean-Marc Guettier , M.D., C.M., ... in FDA,s Center for Drug Evaluation and Research. "Availability ...
(Date:12/2/2016)... 2, 2016 Persistence Market Research ... its upcoming report titled, "Global Market Study on Cardiac Pacemaker: ... of -1.4% between 2016 and 2024". The global cardiac pacemaker ... and this is likely to decline to US$ 3923.8 ... cardiac pacemaker market is anticipated to exhibit a declining ...
(Date:12/2/2016)... NEW YORK , December 2, 2016 ... Market Research titled "Global Market Study on Automated Endoscope Reprocessors: ... Register a CAGR of 8.6% Between 2016 and 2024 " the ... 2015 and is expected to expand at a CAGR of ... market valuation of US$ 1,367.6 Mn by 2024. ...
Breaking Medicine Technology: