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Letter Challenges Biovail CEO to a Debate
Date:6/16/2008

TORONTO, June 16 /PRNewswire/ -- The Concerned Shareholders of Biovail Corporation (NYSE: BVF)(TSX: BVF) today sent the following letter to William Wells, CEO of Biovail Corporation:

June 16, 2008

William Wells

Chief Executive Officer

Biovail Corporation

7150 Mississauga Road

Mississauga, Ontario l5N 8M5

Dear Mr. Wells:

I am writing to suggest a live, face-to-face debate between the two of us either Wednesday or Thursday of this week.

Biovail shareholders have an important decision to make in this upcoming proxy contest. It is a choice between you and your current board and the board slate proposed by the Concerned Shareholders and it revolves around two central issues:

-- which board slate has the stronger qualifications to rebuild value for

Biovail shareholders, and

-- which board slate has the better strategic plan to achieve that goal?

I propose that we allow shareholders to hear from the company's current CEO and the proposed CEO (me) and decide for themselves.

Howard Green of ROBTV has agreed to moderate the debate. If for some reason, he is unacceptable to you, we would agree to have it moderated by a respected financial journalist who is mutually acceptable to both of us. I am also willing to have it held at any location of your choosing should that be necessary. It would also be broadcast live over the Internet, unedited and in real time.

The Concerned Shareholders will pay for all production and related costs. The debate would be broadcast real-time as streaming video on our web site, and we would provide streaming video for you to broadcast simultaneously at http://ww
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SOURCE Bruce Brydon
Copyright©2008 PR Newswire.
All rights reserved

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