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Former Executive Director of the World Bank and CEO of OMERS Nominated as Directors for Biovail Corporation's Board of Directors
Date:5/11/2009

    * Biovail Shareholders Asked to Support Two Independent Directors That
    are Not Tied to Management or to Eugene Melnyk *

TORONTO, May 11 /PRNewswire-FirstCall/ - Biovail Corporation (TSX, NYSE: BVF) shareholders today are being mailed a proxy circular in advance of Biovail's annual and special meeting of shareholders scheduled to be held on May 28, 2009 seeking support to elect the former Executive Director of the World Bank and former CEO of OMERS as two independent directors to the Biovail Board of Directors. The proxy circular is being furnished to shareholders on behalf of Mr. Eugene Melnyk and EM Holdings B.V. (the "Concerned Shareholders").

Mr. Paul Haggis is the former President and CEO of OMERS (Ontario Municipal Employees Retirement System) where he oversaw significant operational and cultural change, leading OMERS to its best year ever in 2006.

Mr. Frank Potter is the former Executive Director of The World Bank in Washington for nine years, former Senior Advisor to the federal Department of Finance and is currently the Chairman of the Canadian Tire Bank.

Both nominees were found through an executive recruitment process that sought the most qualified financial and corporate governance experts in Canada.

Mr. Haggis and Mr. Potter have no links whatsoever to Biovail's management team or to Eugene Melnyk, who is seeking the two new independent directors.

"We have made it a condition of our candidacy that we will represent no particular constituency," said Paul Haggis. "We have agreed to stand for election in order to further good governance and financial practices at Biovail and will act entirely in the interests of all shareholders with a view to creating long-term shareholder value. In doing so, we would set out to work constructively with management and our other board colleagues."


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SOURCE Biovail Corporation
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