TORONTO, June 16 /CNW/ -- The Concerned Shareholders of Biovail
Corporation (NYSE: BVF)(TSX: BVF) today sent the following letter to William
Wells, CEO of Biovail Corporation:
June 16, 2008
Chief Executive Officer
7150 Mississauga Road
Mississauga, Ontario l5N 8M5
Dear Mr. Wells:
I am writing to suggest a live, face-to-face debate between the two of us
either Wednesday or Thursday of this week.
Biovail shareholders have an important decision to make in this upcoming
proxy contest. It is a choice between you and your current board and the
board slate proposed by the Concerned Shareholders and it revolves around two
-- which board slate has the stronger qualifications to rebuild value for
Biovail shareholders, and
-- which board slate has the better strategic plan to achieve that goal?
I propose that we allow shareholders to hear from the company's current
CEO and the proposed CEO (me) and decide for themselves.
Howard Green of ROBTV has agreed to moderate the debate. If for some
reason, he is unacceptable to you, we would agree to have it moderated by a
respected financial journalist who is mutually acceptable to both of us. I am
also willing to have it held at any location of your choosing should that be
necessary. It would also be broadcast live over the Internet, unedited and in
The Concerned Shareholders will pay for all production and related costs.
The debate would be broadcast real-time as streaming video on our web site,
and we would provide streaming video for you to broadcast simultaneously at
www.biovail.com. Both parties would be free to provide archived re-broadcast
of the debate, with the understanding that neither party would edit the debate
video for archived rebroadcast.
I propose that the debate last for 60 minutes, and that we adopt a format
similar to one used in many political debates, but slightly modified due to
the technical nature of the pharmaceutical Industry: the journalist/moderator
would prepare three questions, to be asked of both of us and each of us would
ask three questions of the other. We would be given three minutes maximum to
answer each question; the other person would have three minutes to respond and
then each party would have one minute for rebuttal to the other party's
responses. We would alternate "first answers" so that both parties would have
equal opportunity. Each party would also be given 3 minutes for a final
closing statement. We could use coin flips to determine which party would be
the "first-answerer" of the first question, and to determine which party has
the right to decide whether to be the first or second person to deliver the
I believe having this information is critical to our shareholders
deciding which slate they should vote for at the upcoming Annual General
Meeting on June 25, 2008.
As mentioned previously, given the limited time available, I propose that
the debate be conducted on June 18 or June 19. I am willing to modify my
schedule to meet whatever time restrictions you might face.
I hope that you will accept this invitation to debate. I believe the
shareholders of Biovail deserve no less than to hear directly from the two of
us -- unfiltered by lawyers, consultants, and spin doctors, to help them
decide who is better qualified to lead the company forward after the June 25
AGM. Given the time required to make arrangements, I request that you respond
to this invitation no later than 12:00 noon EDT on Tuesday, June 17.
For further information:
For further information: Canadian Media, Duncan Fulton of
Fleishman-Hillard, +1-416-645- 3655, email@example.com; or US Media,
Mike Sitrick of Sitrick And Company, +1-310-788-2850,