TORONTO, June 28 /CNW/ - Biovail Corporation (NYSE: BVF) (TSX:BVF)
announced today that the Company's Board of Directors has appointed Biovail
Chief Executive Officer (CEO) and Board member Dr. Douglas Squires interim
Chairman of the Board. At the same time, Board member William Wells was
appointed as Chair of the Compensation, Nominating and Corporate Governance
Committee and Lead Director. The appointments are effective June 30, 2007. The
Board has expanded its search for additional independent directors.
Dr. Squires replaces outgoing Chairman and Company founder, Eugene
Melnyk, who announced his intention to retire from Biovail effective June 30,
2007. Mr. Melnyk has agreed to serve as a consultant to Biovail and continue
to act as a director of two subsidiaries of Biovail, for five months to assist
the Company during this transition period.
"Eugene's singular accomplishment is that he created a major specialty
pharmaceutical company from scratch," said Dr. Squires. "He took significant
personal risk to fulfill this vision and it is an achievement of which we are
all very proud. On behalf of the Board, the executive team and Biovail
employees, we wish Eugene the very best."
Michael Van Every, Chair of the Board's Audit Committee, commented that
the appointments of Dr. Squires as interim Chairman and Mr. Wells as Lead
Director were appropriate choices.
"With more than 30 years pharmaceutical industry experience and an
integral knowledge of Biovail and its strategic direction, Dr. Squires was
best suited to fill the Chairman role at this time," Mr. Van Every said. "In
addition, appointing Mr. Wells to the Lead Director position is another
example of our continued emphasis on strong corporate governance. The Board
has the utmost confidence in Dr. Squires and Mr. Wells to serve Biovail during
this interim period, and going forward."
Before joining Biovail, Dr. Squires spent six years at MDS Inc.,
including his last three as President and Chief Executive Officer of MDS
Pharma Services, the company's contract research organization that provides
drug-discovery and development services to pharmaceutical and biotechnology
companies in 24 countries. Before joining MDS, Dr. Squires spent more than 22
years with The Upjohn Company and Pharmacia Upjohn Inc., where he held
multiple senior portfolios in Canada, the United States and the Pacific Rim. A
native of Ontario, he received his B.Sc. from the University of Toronto and
his Ph.D. in biophysics from the University of London, Institute of Cancer
Mr. Wells joined Biovail's Board of Directors in 2005. He is currently
the Chief Financial Officer (CFO) of Loblaw Companies Limited, Canada's
largest food distributor and a provider of general merchandise products,
drugstore and financial products and services. Previously at the
U.S.-headquartered Bunge Limited, Mr. Wells served as CFO and a director or
officer at a number of other Bunge subsidiaries and joint ventures. Earlier,
Mr. Wells spent 10 years in senior management at McDonald's Corporation. Mr.
Wells received his M.B.A. in international business from the University of
South Carolina and his B.A. in philosophy/english from the University of
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
For further information, please contact Nelson F. Isabel at 905-286-3000
or send inquiries to firstname.lastname@example.org.
For further information:
For further information: Biovail Corporation Nelson F. Isabel,
905-286-3000 Vice-President, Investor Relations and Corporate Communications