Healthcare Industry News: Biovail
News Release - March 7, 2006
Biovail Announces Changes to Organizational StructureCompany Realigned into Three Business Units
TORONTO--(HSMN NewsFeed)--March 7, 2006--Biovail Corporation (NYSE:BVF ; TSX:BVF ) today announced changes to its business infrastructure that will further enable the Company to create, maintain and extend competitive advantage in the key markets for which it produces medicines.
Effective immediately, Biovail has reorganized its business into three distinct Business Units - Biovail Drug Delivery (BDD), which comprises Biovail's drug-delivery technologies, its drug-development capabilities and its strategic partnerships; Biovail Pharmaceuticals U.S. (BPUS), which focuses on the promotion of products to specialists in niche therapeutic markets; and Biovail Pharmaceuticals Canada (BPC), the Company's Canadian business unit which promotes products to both to specialist and primary-care physicians in Canada.
Biovail Chief Executive Officer Dr. Douglas Squires said the realignment is the culmination of the Business Unit Model introduced by Biovail's Strategic Plan, and it provides the Company maximum flexibility and clarity of performance for its business drivers. Each of the Business Units is supported by a lean corporate and shared-services organization that ensures maximum efficiency and effectiveness.
"The constantly changing dynamics of the global pharmaceutical marketplace have made it necessary for Biovail to further refine the organizational infrastructure that supports its business," said Dr. Squires. "The changes that we've announced today will further enable Biovail's Business Units to facilitate our mission and key core competency - to apply advanced drug-delivery technologies to improve the clinical effectiveness of medicines."
The Company has also announced changes to its executive management team. Greg Gubitz, who for the past three years was Chief Operating Officer at MDS Capital Corporation, a leading North American venture-capital company focused on life sciences, which had more than $900 million under management and 90 portfolio companies, has been named Senior Vice-President, Crystaal Pharmaceuticals. Mr. Gubitz will assume a leadership role in the proposed spin-off into a separate entity.
"We are delighted to welcome Greg Gubitz to Biovail," Dr. Squires said. "His diverse background and accomplishments make him the ideal leader to fulfill our strategy to create a new venture based on our legacy products."
Biovail also announced that Dr. Gregory Szpunar, Senior Vice-President, Research and Development and Chief Scientific Officer, will leave Biovail, effective March 10, to pursue a senior position with a large pharmaceutical company. Biovail expects to announce his successor very shortly.
"Dr. Szpunar helped Biovail build an exceptionally strong research-and-development organization whose success in creating a strong pipeline will support our future growth," Dr. Squires said. "We thank Greg for his contributions to Biovail and wish him well in his new venture."
About Biovail Corporation
Biovail Corporation is a specialty pharmaceutical company, engaged in the formulation, clinical testing, registration, manufacture, and commercialization 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 and Canadian Therapeutic Products Directorate 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, tax rate assumptions, availability of raw materials and finished products, the regulatory environment, the outcome of legal proceedings, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission and the Ontario Securities Commission. Biovail undertakes no obligation to update or revise any forward-looking statement.
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