Biovail's Ralivia ER Receives Approvable Letter From FDA.

TORONTO -- Biovail Corporation (NYSE:BVF)(TSX:BVF) today announced that it has received an Approvable Letter from the United States Food & Drug Administration (FDA) for its New Drug Application (NDA) for Ralivia ER(TM) (tramadol hydrochloride) extended-release tablets, a once-daily oral controlled-release pain medication.

Biovail's NDA submission, which was accepted for review by the FDA in late February 2004, included clinical and safety data obtained from four original adequate and well-controlled trials involving more than 3,000 patients who received doses of up to 400mg of Ralivia ER(TM) once daily. The submission also included 12 definitive and five supportive pharmacokinetic studies which demonstrated that once-daily dosing of Ralivia ER(TM) delivers the equivalent amount of drug as Ultram(R) (tramadol hydrochloride tablets) given three times (TID) or four times (QID) per day.

The Approvable Letter involves resolution of a number of items, including a request to provide further clinical information. Biovail believes that the current clinical package has sufficient data to address this request. Biovail is also in the process of determining what additional clinical data, if any, would be required. Biovail anticipates meeting with the FDA shortly to further discuss these matters.

Ralivia ER(TM) has been developed by Biovail to provide effective pain control in appropriate patients over a 24-hour period, as an alternative to immediate-release formulations of tramadol. Subject to final FDA approval, Ralivia ER(TM) will be available in 100mg, 200mg and 300mg extended-release tablets, and will offer patients the convenience of a once-daily form of tramadol, as opposed to the current dosing regimen of up to six times per day for immediate release tramadol.

Ralivia ER(TM) uses Biovail's Smartcoat(TM) Technology, which is similar to that used in Biovail's Wellbutrin(R) XL (bupropion HCl extended-release tablets) formulation. Biovail believes a considerable market opportunity exists for Ralivia ER(TM) in the United States analgesia market, where sales for the 12 months ended August 31, 2004 were $13.9 billion. Over the same period, tramadol-based products generated revenues of $419 million and 18.3 million prescriptions.

To maximize the opportunity presented by Ralivia ER(TM) in the United States, Biovail intends to out-license the product's sales and marketing rights to a strategic partner. At this time, Biovail is in late-stage discussions with several potential strategic marketing partners. Under the terms of an agreement with a marketing partner, and subject to regulatory approvals, Biovail anticipates it will manufacture and supply all the partner company's trade and sample supply requirements.

About Tramadol

Tramadol is a centrally acting synthetic opioid analgesic, effective in the treatment of pain. Tramadol's minimal propensity to induce adverse effects is an advantage over morphine-like agents. Relative to morphine, tramadol causes less dependence and less respiratory depression.

Tramadol is currently available under the brand name Ultram(R) (a product of Ortho-McNeil, a division of Johnson and Johnson), 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 four to six times per day.

About Biovail Corporation

Biovail Corporation is an international full-service pharmaceutical company, engaged in the formulation, clinical testing, registration, manufacture, sale and promotion 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].

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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 ("FDA") and Canadian Therapeutic Products Directorate ("TPD") 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, third parties, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission ("SEC") and the Ontario Securities Commission ("OSC").