Biovail Announces the Completion of its Concurrent Common Share and Convertible Subordinated Preferred Equivalent Debenture Offerings and its Cash Tender Offer for Senior Notes.

Business Editors and Health/Medical Writers

TORONTO--(BW HealthWire)--March 23, 2000

Biovail Announces the Completion of its Concurrent Common Share and Convertible Subordinated Preferred Equivalent Debenture Offerings and

its Cash Tender Offer for Senior Notes

Biovail Corporation (NYSE:BVF) (TSE:BVF) announced today that it completed its concurrent offerings for 2 million of its common shares and U.S. $300 million aggregate principal amount of its Convertible Subordinated Preferred Equivalent Debentures due 2025 for total gross proceeds of $401.1 million. The offering price of the common shares was $U.S. 50 9/16 per share. The interest rate on the Convertible Subordinated Preferred Equivalent Debentures is 6 3/4% and the conversion price is U.S. $60.675. The Convertible Subordinated Preferred Equivalent Debentures were offered at 100% of principal amount in denominations of U.S.$50.

The managing underwriters on the common share offering were Donaldson, Lufkin & Jenrette, Merrill Lynch & Co., Morgan Stanley Dean Witter, Banc of America Securities LLC, Lazard Freres & Co. LLC, Punk, Ziegel & Company, Scotia Capital Inc. and DLJdirect Inc. The managing underwriters on the Convertible Subordinated Preferred Equivalent Debenture offering were Donaldson, Lufkin & Jenrette, Merrill Lynch & Co. and Morgan Stanley Dean Witter.

The common shares and Convertible Subordinated Preferred Equivalent Debentures were offered by the Company.

In connection with the completion of its concurrent common share and Convertible Subordinated Preferred Equivalent Debenture offerings, the Company announced today that it completed its cash tender offer for its outstanding 10 7/8% Senior Notes due 2005 (the "Senior Notes"). All of the Senior Notes outstanding were tendered pursuant to the tender offer and were purchased by the Company. The Senior Notes were purchased for an aggregate final consideration of approximately U.S. $145.8 million.

Donaldson, Lufkin & Jenrette Securities Corporation served as the Dealer Manager and Firstar Bank of Minnesota N.A. is serving as Depositary in connection with the tender offer.

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