Eugene Melnyk Sells Shares of Biovail

    TORONTO, Feb. 3 /CNW/ - Eugene Melnyk announced today that he has sold
2,000,000 common shares of Biovail Corporation through his holding company EM
Holdings B.V. in negotiated transactions on the Toronto Stock Exchange at a
price of U.S.$10.10 per Share.
    Prior to this, from December 16, 2008 to December 23, 2008 and on January
28 and 29, 2009, Mr. Melnyk sold an aggregate of 1,735,000 common shares of
Biovail in open market transactions on the New York Stock Exchange, as
disclosed on Schedule I, a copy of which is attached hereto.
    The 3,735,000 Shares represent approximately 2.4% of the outstanding
common shares in Biovail.
    Prior to such transactions, Mr. Melnyk beneficially owned or exercised
control or direction over 21,178,758 common shares or approximately 13.3% of
the outstanding common shares in Biovail as at December 15, 2008. Following
such transactions, Mr. Melnyk beneficially owns or exercises control or
direction over 17,443,758 common shares in Biovail, or approximately 11.0% of
the outstanding common shares as at February 3, 2009 (16,085,758 common shares
or approximately 10.1% through EM Holdings B.V.).
    Mr. Melnyk has sold the common shares to make cash available for other
investment opportunities as they arise. Mr. Melnyk continues to hold his
remaining common shares of Biovail for investment purposes. Depending on
market conditions and other factors, Mr. Melnyk may from time to time acquire
additional securities of Biovail or dispose of additional securities of
Biovail in the open market, by private agreement or otherwise.

                                 SCHEDULE I

                                       Per Share
       Trade Date         Shares   Average Price (US$)  Nature of Transaction
       ----------         ------   -------------------  ---------------------

    December 16, 2008    450,000         9.2088           Open market sales

    December 17, 2008    350,000         9.2181           Open market sales

    December 18, 2008    500,000         9.1541           Open market sales

    December 19, 2008    100,000         9.0011           Open market sales

    December 22, 2008     98,400         8.9303           Open market sales

    December 23, 2008     66,600         8.9929           Open market sales

     January 28, 2009    100,000        11.2155           Open market sales

     January 29, 2009     70,000        11.0156           Open market sales

For further information:

For further information: or to obtain a copy of the report filed with
the Ontario Securities Commission in respect of such transactions, please
contact: Ken Villazor, 25 Metcalfe Street, Toronto, ON, M4X 1R5, Phone: (416)

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