Biovail Enters into Development Agreement

    Agreement with Pharma Pass II LLC to Include Rights to Develop,
Manufacture, Market Two Products

    TORONTO, November 7 /CNW/ - Biovail Corporation (NYSE:  BVF)(TSX:BVF) today
announced that through its subsidiary, Biovail Laboratories International SRL,
the Company has entered into an agreement with Pharma Pass II, LLC (PPII) of
Irvine, California, for two early-stage development products - BVF-068, a
product for the treatment of a central nervous system (CNS) disorder and
BVF-247, a novel formulation of a cardiovascular agent.

    Pursuant to the terms of the agreement, Biovail has acquired the
worldwide rights to develop, manufacture and market BVF-068 and BVF-247. In
return, Biovail will pay an upfront fee to PPII, and is contingently obligated
to make additional milestone payments for each product, including upon the
filing of a New Drug Application (NDA) with the U.S. Food and Drug
Administration (FDA), and upon FDA approval. The agreement also stipulates the
payment of tiered, single-digit royalties on net commercial sales of the

    "This agreement is the latest example of Biovail's commitment to driving
organic growth through an unyielding focus on research and development," said
Dr. Douglas Squires, Biovail's Chief Executive Officer. "These two products
target large global markets, and have the potential to address safety issues
inherent in the currently marketed formulations; an increasingly important
focus of our pipeline efforts."

    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 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 may be
forward-looking information within the meaning of the "safe harbor" provisions
of applicable Canadian provincial securities legislation (collectively,
"forward-looking statements"). These forward-looking statements relate to,
among other things, our objectives, goals, targets, strategies, intentions,
plans, beliefs, estimates, and outlook, including, without limitation,
expectations regarding the potential impact of BVF-068 and BVF-247, and can
generally be identified by the use of 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

    Although Biovail believes that the expectations 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 include, among other things: the
difficulty of predicting U.S. Food and Drug Administration, Canadian
Therapeutic Products Directorate and European regulatory 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, the regulatory
environment, tax rate assumptions, 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, 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 under the heading "Risk Factors"
contained in Item 3(D) of Biovail's most recent Annual Report on Form 20-F/A.

    The Company cautions that the foregoing list of important factors that
may affect future results is not exhaustive. When relying on Biovail's
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. Biovail undertakes 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,
Vice-President, Investor Relations and Corporate Communications, 905-286-3000

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