Biovail, Ortho-McNeil Partnership Receives Hart-Scott-Rodino Regulatory Clearance.

TORONTO -- Biovail Corporation (NYSE:BVF)(TSX:BVF) today announced that the Company and its partner, Ortho McNeil, Inc., a Johnson & Johnson company, have received Hart-Scott-Rodino regulatory clearance in the United States for their supply agreement for the marketing and distribution of a once-daily extended-release formulation and an orally disintegrating, immediate-release tablet formulation of tramadol in the United States and Puerto Rico. Both formulations have already been approved by the United States Food and Drug Administration (FDA).

Subject to final FDA approval for the trade names, the extended-release and immediate-release formulations of tramadol will be marketed in the U.S. and Puerto Rico under the brand names Ultram(R) ER and Ultram(R) ODT, respectively.

"The Ultram(R) brand name is well known and highly respected by physicians and health-care practitioners," said Dr. Douglas Squires, Chief Executive Officer of Biovail Corporation. "The ability to leverage the Ultram(R) name is a competitive advantage that should provide Ortho-McNeil's world-class sales force, and Biovail's specialty sales force, an opportunity to quickly establish a significant market position for Ultram(R) ER."

Ultram(R) ER, which is indicated for moderate to moderately severe chronic pain, received FDA approval on September 8, 2005, and will be available in 100mg, 200mg and 300mg dosage strengths. Ortho-McNeil expects to launch Ultram(R) ER early in the first quarter of 2006.

Ultram(R) ODT, which is indicated for moderate to moderately severe pain, received FDA approval on May 5, 2005, and will be available in a 50mg dosage strength. Ortho-McNeil anticipates launching Ultram(R) ODT early in the second quarter of 2006.

About Tramadol

Tramadol is a centrally acting synthetic opioid analgesic, effective in the treatment of pain.

Tramadol is currently available under the brand name Ultram(R), and in several generic formulations. Branded and generic formulations of tramadol are indicated for the management of moderate to moderately severe pain, and may be dosed up to six times per day.

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 at www.biovail.com.

For further information, please contact Ken Howling at 905-286-3000 or send inquiries to [e-mail].

"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. We have based these forward-looking statements on our current expectations and projections about future events. Our actual results could differ materially from those discussed in, or implied by, these forward-looking statements. Forward-looking statements are identified by 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 statements. Forward-looking statements include, but are not necessarily limited to, risks and uncertainties, including the difficulty of predicting U.S. Food and Drug Administration and Canadian Therapeutic Products Directorate 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, tax rate assumptions, availability of raw materials and finished products, the regulatory environment, 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. Biovail undertakes no obligation to update or revise any forward-looking statement.