Biovail Announces Proposed Settlement of U.S. Securities Class Action

    TORONTO, December 11 /CNW/ - Biovail Corporation (NYSE:  BVF)(TSX:BVF)
announced today that the Company and the named individual Defendants have
entered into an agreement in principle to settle the class-action shareholder
litigation in the case In Re Biovail Corporation Securities Litigation, Case
No. 03-CV-8917 (RO). Once completed, the proposed settlement will be subject
to approval by the United States District Court for the Southern District of
New York. The proposed settlement class includes, with certain exceptions, all
persons or entities that purchased the common stock of Biovail Corporation
during the period from February 7, 2003 to March 2, 2004.

    Under the terms of the proposed agreement, the total settlement amount
payable is $138 million. Biovail estimates that it will ultimately pay
approximately $85 million after resolution of all insurance claims.

    "This proposed settlement would eliminate the uncertainty and
considerable expense associated with this matter and enable us to use, in much
more productive ways, resources we otherwise would have devoted to this
litigation," said Biovail's Interim Chairman of the Board and Chief Executive
Officer, Dr. Douglas Squires.

    The proposed settlement contains no admission of wrongdoing by Biovail or
any of the named individual Defendants, nor is the Company or any of the
individual named Defendants acknowledging any liability or wrongdoing by
entering into the agreement.

    Caution Regarding Forward-Looking Information and "Safe Harbor" Statement
Under the Private Securities Litigation Reform Act of 1995

    To the extent any statements made in this press 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,
and within the meaning of the "safe harbor" provisions of applicable Canadian
securities legislation. These forward-looking statements relate to, among
other things, our objectives, goals, strategies, intentions, plans estimates
and outlook, and can generally be identified by the use of words such as
"believe", "anticipate", "estimate", "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.

    Although Biovail believes that the expectations and estimates reflected
in such forward-looking statements are reasonable, such statements involve
risks and uncertainties, and undue reliance should not be placed on such
statements. Certain material factors or assumptions are applied in making
forward-looking statements, and actual results may differ materially from
those expressed or implied in such statements. Important factors that could
cause actual results to differ materially from these expectations and
estimates include, among other things, the final amount of expected insurance
payments, and other risks detailed from time to time in the Company's filings
with the Securities and Exchange Commission and the Canadian Securities
Administrators, as well as the Company's ability to anticipate and manage the
risks associated with the foregoing. Additional information about these
factors and about the material factors or assumptions underlying such
forward-looking statements may be found in the body of this news release, as
well as under the heading "Risk Factors" contained in Item 3(D) of Biovail's
most recent Annual Report on Form 20-F/A. Biovail cautions that the foregoing
list of important factors that may affect future results is not exhaustive.
When relying on our forward-looking statements to make decisions with respect
to the Company, investors and others should carefully consider the foregoing
factors and other uncertainties and potential events. We undertake no
obligation to update or revise any forward-looking statement.

    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

For further information:

For further information: Biovail Corporation Nelson F. Isabel,
905-286-3000 Vice-President, Investor Relations and Corporate Communications

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