Biovail Announces Public Offerings.

Business & Health/Medical Editors

TORONTO--(BW HealthWire)--Nov. 5, 2001

Biovail Corporation (NYSE:BVF) (TSE:BVF) announced today an offering of 12,500,000 common shares to be made in the United States, Canada and internationally. This offering of common shares will be made under the Company's recently filed shelf prospectus. The underwriters will be granted an option in respect of 1,875,000 common shares to cover over-allotments, if any.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of any such jurisdiction.

The Joint Book-Running Managers for the offering are Morgan Stanley and UBS Warburg, and the Co-Lead Managers are Credit Suisse First Boston and Merrill Lynch & Co. The Canadian Joint Lead Managers are Scotia Capital, BMO Nesbitt Burns Inc. and RBC Dominion Securities Inc.

Copies of the U.S. preliminary prospectuses may be obtained from Morgan Stanley, 1585 Broadway, New York, NY 10036 or UBS Warburg at 299 Park Avenue, New York, NY 10171, Attention: Prospectus Department.

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.

"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 essentially forward looking and are subject to risks and uncertainties, including the difficulty of predicting FDA 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, 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.