Healthcare Industry News: Biovail
News Release - May 16, 2007
Biovail Chairman Eugene Melnyk Announces RetirementSets June 30, 2007 as Retirement Date - 20th Anniversary of Public Listing of Company; Melnyk to Deliver Keynote Speech at AGM Today
TORONTO--(HSMN NewsFeed)--Biovail Corporation (NYSE, TSX: BVF News) announced today that Chairman Eugene Melnyk informed the Board of Directors of Biovail last night that he will retire from the Company on June 30, 2007 - the 20th anniversary of publicly listing the Company on the Toronto Stock Exchange and becoming Chairman and Chief Executive Officer.
Mr. Melnyk told the Board of Directors that this is a decision he has made over the last several months, and that he planned to formally make the announcement at the Company's annual general meeting in Toronto today.
"The Company has grown tremendously under Mr. Melnyk's leadership over the past 25 years," says Biovail Chief Executive Officer Dr. Douglas Squires. "Today, we have more than 1,500 employees developing and supporting new innovative products. In 2006, for the first time in history, our annual revenues exceeded $1 billion."
Mr. Melnyk was instrumental in growing the Company into one of the world's leading specialty pharmaceutical companies, engaged in the formulation, clinical testing, registration, manufacture and commercialization of pharmaceutical products, utilizing advanced drug-delivery technologies.
"Eugene's contribution to Biovail is immeasurable and we understand that this was not an easy decision," concluded Dr. Squires. "We fully respect and understand his desire to spend more time with his young family, and his desire to dedicate more time and energy to his contributions in education, childhood development, healthcare and sport."
Mr. Melnyk will be delivering a keynote speech at Biovail's Annual and Special Meeting of Shareholders this morning at 10 a.m. EDT in the Austin Gallery of the Dominion Club, 1 King Street W. in Toronto.
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 Nelson F. Isabel at 905-286-3000 or send inquiries to ir@Biovail.com.
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