BIOVAIL

January 10, 2005 08:31 ET

Biovail to Present at JPMorgan Healthcare Conference; Company Provides Update on Corporate Governance


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: BIOVAIL

NYSE, TSX SYMBOL: BVF

JANUARY 10, 2005 - 08:31 ET

Biovail to Present at JPMorgan Healthcare Conference;
Company Provides Update on Corporate Governance

TORONTO--(CCNMatthews - Jan 10, 2005) -

Biovail Corporation (NYSE:BVF)(TSX:BVF) announced today that Dr. Douglas
Squires, Chief Executive Officer (CEO), will present at the JPMorgan
23rd Annual Healthcare Conference at the Westin St. Francis Hotel in San
Francisco on Wednesday, January 12, 2005, at 4 p.m. PST. A live Webcast
of the presentation can be accessed through the Investor Relations
section of the Biovail Web site at www.biovail.com.

Dr. Squires joined Biovail as CEO on November 15, 2004, and assumed all
commercial, operational and general-management responsibilities for the
Company. During his 29-year pharmaceutical industry career, he has
provided strategic and operational leadership to pharmaceutical
businesses and companies in Canada, the Pacific Rim and the United
States. Dr. Squires is based in the U.S., where he has lived and worked
since 1990.

Commitment to Enhance Investor Confidence

Biovail's Board of Directors is actively engaged with management in a
comprehensive review of Biovail's corporate-governance practices. This
action reflects a commitment made by Chairman Eugene Melnyk in June 2004
to enhance investor confidence in the Company.

Toward that end, the Company announced the separation of the roles of
Chairman and Chief Executive Officer in October 2004, and the
appointment of Dr. Squires to the latter role. Mr. Melnyk had held both
positions since December 2001. With Dr. Squires assuming his new
responsibilities, Mr. Melnyk significantly reduced the level of his
involvement in the Company's day-to-day operational activities. As
Chairman, he focuses primarily on leading the Board's contribution to
set the broad vision and strategy for Biovail's long-term growth and
success, and on governance-related matters, including the initiative to
enhance investor confidence.

"Our review of governance practices is focusing on Board structure,
composition, processes, practices and recruitment," Mr. Melnyk said.
"Anticipated reforms will be designed to strengthen the independence and
effectiveness of the Board, provide transparency and increase the
Board's impact in the interests of all shareholders."

To ensure that the Board is able to draw upon the most current
practices, the Company has retained the services of Carol Hansell of the
law firm Davies Ward Phillips & Vineberg LLP. Ms. Hansell is a
recognized authority on corporate governance and the author of such
works as What Directors Need to Know: Corporate Governance and Directors
and Officers in Canada: Law and Practice.

Renewing the Board of Directors

Biovail is also moving to establish a succession process designed to
ensure the ongoing renewal of its Board. This will enable the Board to
evolve with the Company's changing needs and to achieve the appropriate
representation of the skills and experiences that will enhance its
effectiveness.

The Corporate Governance Committee of the Board has retained Egon
Zehnder International, a leading global executive search firm with
considerable experience in governance advisory and board recruitment
assignments, to assist in the recruitment of new directors over time.
The firm has conducted a thorough assessment of the composition of the
Biovail Board. It has held detailed conversations with current directors
and senior executives of the Company. And it has developed, with the
Board, profiles for director candidates who could make a positive
contribution to the oversight function and the enhancement of
shareholder value. It has also established a process to identify and
recruit new directors to support the Board's succession requirements.

"We're acting on our stated commitment to enhance investor confidence in
Biovail," Mr. Melnyk said. "We're pursuing this goal, in part, by
working to strengthen the independence and effectiveness of the Board
and of individual directors. I believe the actions we've taken, and will
take, reflect our dedication to an effective, transparent and
accountable governance environment."

About Biovail Corporation

Biovail Corporation is an international full-service pharmaceutical
company, engaged in the formulation, clinical testing, registration,
manufacture, sale and promotion of pharmaceutical products utilizing
advanced drug-delivery technologies. For more information about Biovail,
visit the company's Web site at www.biovail.com

For further information, please contact Ken Howling at 905-286-3000 or
send inquiries to ir@biovail.com.

"Safe Harbor" Statement Under the Private Securities Litigation Reform
Act of 1995

To the extent any statements made in this release contain information
that is not historical, these statements are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. We have based these forward-looking statements on our current
expectations and projections about future events. Our actual results
could differ materially from those discussed in, or implied by, these
forward-looking statements. Forward-looking statements are identified by
words such as "believe," "anticipate," "expect," "intend," "plan,"
"will," "may" and other similar expressions. In addition, any statements
that refer to expectations, projections or other characterizations of
future events or circumstances are forward-looking statements.
Forward-looking statements include, but are not necessarily limited to,
risks and uncertainties, including the difficulty of predicting U.S.
Food and Drug Administration ("FDA") and Canadian Therapeutic Products
Directorate ("TPD") approvals, acceptance and demand for new
pharmaceutical products, the impact of competitive products and pricing,
new product development and launch, reliance on key strategic alliances,
availability of raw materials and finished products, third parties, the
regulatory environment, fluctuations in operating results and other
risks detailed from time to time in the company's filings with the
Securities and Exchange Commission ("SEC") and the Ontario Securities
Commission ("OSC"). Biovail Corporation undertakes no obligation to
update or revise any forward-looking statement.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Biovail Corporation
    Kenneth G. Howling, 905-286-3000