BIOVAIL RECEIVES LUMP SUM PAYMENT OF DM 1.9 MILLION FROM SCHWARZ PHARMA AND RE-ACQUIRES RIGHTS TO ITS ISMN ONCE-DAILY CR PRODUCT.

TORONTO, Canada--(BUSINESS WIRE)--November 18, 1994--Biovail Corporation International (AMEX:TSE:BVF) announced today that its subsidiary, Biovail SA, has entered into an agreement with Schwarz Pharma of Monheim, Germany granting Biovail the right to re-acquire the worldwide license to its one-daily controlled release formulation of ISOSORBIDE-5- MONONITRATE (ISMN).

This product was originally licensed to Schwarz Pharma in 1985. ISOSORBIDE-5-MONONITRATE (ISMN) is a cardiovascular agent for the treatment of angina pectoris, a heart disease.

In consideration for the release of all its obligations under the Licensing Agreement, including the payment of future royalties, Schwarz Pharma has also agreed to pay Biovail's Swiss subsidiary DM 1.9 million and to provide Biovail with all the research data on this product.

The re-acquisition of the worldwide rights to its ISMN controlled release formulation will provide Biovail with the opportunity to secure development/licensing contracts for this product in other worldwide territories, including the United States and Canada, where ISMN is growing in popularity. This action is consistent with Biovail's strategy to license its products on a country to country basis to companies which are well established in their respective local markets.

Biovail Corporation International is an international full-service pharmaceutical company, engaged in the formulation, clinical evaluation, registration and manufacturing of drug products utilizing advanced drug delivery technologies.

CONTACT: Biovail Corporation International

             Eugene Melnyk, 416/285-6000
                        or
             Morgen-Walke Associates
             Donna Stein/Courtney Kraft, 212/850-5600