Navigation Links
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://www.biovail.com. Both parties would be free to provide archived re-broadcast of the debate, with the understanding that neither party would edit the debate video for archived rebroadcast.

I propose that the debate last for 60 minutes, and that we adopt a format similar to one used in many political debates, but slightly modified due to the technical nature of the pharmaceutical Industry: the journalist/moderator would prepare three questions, to be asked of both of us and each of us would ask three questions of the other. We would be given three minutes maximum to answer each question; the other person would have three minutes to respond and then each party would have one minute for rebuttal to the other party's responses. We would alternate "first answers" so that both parties would have equal opportunity. Each party would also be given 3 minutes for a final closing statement. We could use coin flips to determine which party would be the "first-answerer" of the first question, and to determine which party has the right to decide whether to be the first or second person to deliver the closing statement.

I believe having this information is critical to our shareholders deciding which slate they should vote for at the upcoming Annual General Meeting on June 25, 2008.

As mentioned previously, given the limited time available, I propose that the debate be conducted on June 18 or June 19. I am willing to modify my schedule to meet whatever time restrictions you might face.

I hope that you will accept this invitation to debate. I believe the shareholders of Biovail deserve no less than to hear directly from the two of us -- unfiltered by lawyers, consultants, and spin doctors, to help them decide who is better qualified to lead the company forward after the June 25 AGM. Given the time required to make arrangements, I request that you respond to this invitation no later than 12:00 noon EDT on Tuesday, June 17.

Sincerely,

Bruce Brydon


'/>"/>
SOURCE Bruce Brydon
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Alseres Pharmaceuticals, Inc.s Chairman, Peter Savas, Reviews Companys Progress in its Annual Letter to Stockholders
2. Renhuang Pharmaceuticals, Inc. Holds Trade Show for Tianma Pills; Signs Letters of Intent
3. Immucor Responding to FDA Warning Letter
4. AMDL Signs Letter of Intent to Purchase a China Based Pharmaceutical Distribution Company
5. Osteotech Announces the Unexpected Passing of Audit Committee Member Leads to Receipt of Nasdaq Deficiency Letter
6. OPEN LETTER: Medical Journal Calls Upon Barack Obama to Set the Record Straight on AIDS Virus
7. Digirad Corporation and University of Chicago Medical Center Sign Letter of Agreement
8. QMed, Inc. Receives NASDAQ Delisting Letter
9. Internet Auction Site LabX Acquires Lab Manager Magazine(R) Print and Digital Publications, E-Newsletters, Website and Conference
10. Letter to Z Trim Shareholders
11. Breckenridge Pharmaceutical Signs Letter of Intent for Long Term Agreement With Orit Laboratories (West Caldwell, NJ)
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:3/24/2017)... (PRWEB) , ... March 24, 2017 , ... Digital Scientists, ... excited to announce the opening of a Greenville, South Carolina location. The ... digital progress in Greenville. , “We’ve been working with South Carolina clients for years ...
(Date:3/24/2017)... ... March 24, 2017 , ... Mlynarek Insurance Agencies, a ... and business owners across eastern Michigan, is connecting with the Oxford/Orion FISH Food ... difficulties. , The Oxford/Orion FISH Food Pantry works to ensure homeless, hungry, and ...
(Date:3/24/2017)... ... March 24, 2017 , ... On June 9, 2017, Cassie ... Litigation seminar in Chicago, Illinois. She will present on: , Filing Benefit ... under ERISA involve claims for long-term disability benefits. This session will address ...
(Date:3/24/2017)... , ... March 24, 2017 , ... ... first Certified Medical Reiki™ Master in Frederick, MD. Judy says, “I am passionate ... during what is often a very difficult and challenging time.” , A Certified ...
(Date:3/24/2017)... (PRWEB) , ... March 24, 2017 , ... “The Adventures ... loving, smart and silly dog who lives his life to the fullest, as God ... of published author Patti Holmgren, a mother and grandmother pursuing her passion for writing, ...
Breaking Medicine News(10 mins):
(Date:3/24/2017)... INDIANAPOLIS , March 24, 2017  Eli ... today announced plans to invest $850 million in ... span facilities across its U.S. enterprise, including research ... The investments are being driven by demand for ... of potential medicines in development targeting cancer, pain, ...
(Date:3/24/2017)... -- The Board of Directors of Nordic Nanovector ... including the complete 2016 Annual Accounts with notes. The report ... website in the section Investor Relations/Reports and presentations/Annual Reports. ... For further ... Financial Officer Cell: +47-91-51-95-76 Email: ir@nordicnanovector.com ...
(Date:3/23/2017)... March 23, 2017  Transportation Insight, a multi-modal lead ... supply chain management firm with expertise serving clients in ... Rick Zaffarano was named a 2017 ... Chain by the only publication exclusively dedicated to covering ... chain. "Rick has brought to Transportation Insight ...
Breaking Medicine Technology: