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:6/25/2016)... ... June 25, 2016 , ... As a lifelong Southern Californian, Dr. ... his M.D from the David Geffen School of Medicine at UCLA. He trained in ... to complete his fellowship in hematology/oncology at the UCLA-Olive View-Cedars Sinai program where he ...
(Date:6/25/2016)... ... June 25, 2016 , ... On Friday, June 10, ... Bronze Wellness at Work award to iHire in recognition of their exemplary accomplishments in ... the 7th annual Maryland Workplace Health & Wellness Symposium at the BWI Marriott in ...
(Date:6/24/2016)... CA (PRWEB) , ... June 24, 2016 , ... A ... procedures that most people are unfamiliar with. The article goes on to state that ... but also many of these less common operations such as calf and cheek reduction. ...
(Date:6/24/2016)... Marne, Michigan (PRWEB) , ... June 24, 2016 , ... ... awareness about the dangers associated with chronic pain and the benefits of holistic treatments, ... for individuals who are suffering with Sickle Cell Disease. , Sickle Cell Disease (SCD) ...
(Date:6/24/2016)... ... June 24, 2016 , ... The Pulmonary Hypertension Association ... it will receive two significant new grants to support its work to advance ... 25th anniversary by recognizing patients, medical professionals and scientists for their work in ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)...  MedSource announced today that it has selected ... of choice.  This latest decision demonstrates MedSource,s commitment ... clients by offering a state-of-the-art electronic data capture ... as the EDC platform of choice in exchange ... has long been a preferred EDC platform by ...
(Date:6/23/2016)... ITASCA, Ill. , June 23, 2016  In a startling ... states are failing their residents by lacking a comprehensive, proven plan ... , a definitive ranking of how states are tackling the ... rating to only four states – Kentucky , ... and Vermont . Of the 28 failing states, ...
(Date:6/23/2016)... , June 23, 2016 Research and ... News Issue 52" report to their offering. ... influenza treatment creates a favourable commercial environment for MedImmune to ... patient base that will serve to drive considerable growth for ... would serve to cap sales considerably, but development is still ...
Breaking Medicine Technology: