Biovail Appoints Dr. Douglas J.P. Squires Chief Executive Officer.

TORONTO -- Biovail Corporation (NYSE:BVF)(TSX:BVF) announced today that it has appointed senior pharmaceutical industry executive Dr. Douglas Squires the company's new Chief Executive Officer (CEO). Biovail founder Eugene Melnyk, who has served as the company's Chairman and Chief Executive Officer since December 2001, will continue his full-time duties as Chairman of the Board.

As CEO of Biovail Corporation, Dr. Squires will take on operational and general-management responsibilities for Biovail. As Chairman of the Board, Mr. Melnyk maintains his ongoing Board-level responsibilities and will continue, in conjunction with the Board, to set the broad vision and strategy for Biovail's long-term growth and success.

"Doug Squires brings 29 years and a full-range of pharmaceutical industry experience to Biovail," commented Mr. Melnyk. "Dr. Squires' years of pharmaceutical sales, marketing and business management experience, combined with his science and clinical development experience, fits well with Biovail's requirements as it continues to leverage its technology and expand its presence in the North American pharmaceutical marketplace."

Dr. Squires, 56, has spent the past six years at MDS Inc., where he has held a series of progressively responsible executive positions. Prior to that, he spent more than 22 years with The Upjohn Company and Pharmacia Upjohn Inc.

"I believe Biovail has a technological asset base and high-value model that can be leveraged successfully in North America and globally," Dr. Squires said. "I look forward to working closely with Biovail's executive management team to continue to identify ways to expand Biovail's leadership position in both Canada and the United States."

Dr. Squires joined Biovail from MDS Inc. For the past three years, he was President and Chief Executive Officer of MDS Pharma Services, a contract research organization that provides drug-discovery and development services to pharmaceutical and biotechnology companies. From 1998-2001, Dr. Squires held the title of President, MDS Panlabs and President, MDS Pharmaceutical Services.

At The Upjohn Company and Pharmacia Upjohn Inc., Dr. Squires held multiple senior sales, marketing and operational responsibilities in Canada, the United States and the Pacific Rim. Most notably, his roles included Group Vice-President, Infectious Disease Pharma Business (1997-1998); Regional Vice-President, Asia Pacific (1991-1997); Executive Director, Critical Care Business Group (1989-1991); President, The Upjohn Company of Canada (1988-1989); Group Vice-President, Upjohn Canada (1984-1988); and Director, Scientific Affairs, Upjohn Canada (1979-1984). Before joining Upjohn in 1976, Dr. Squires began his career in the pharmaceutical industry in 1975 with Connaught Laboratories Ltd.

A native of Ontario, Dr. Squires has lived and worked in the United States since 1990. He received his BSc from the University of Toronto and his PhD in biophysics from the University of London, Institute of Cancer Research.

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").