Biovail Chairman Eugene Melnyk Reaches Settlement with Ontario Securities Commission.

TORONTO -- Biovail Corporation (NYSE:BVF)(TSX:BVF) today acknowledged that the Ontario Securities Commission (OSC) has approved the terms of a settlement agreement with its Chairman, Eugene Melnyk. Among other things, the settlement agreement requires Mr. Melnyk to file reports in respect of shares of Biovail held by certain trusts settled by Mr. Melnyk. As those reports become available, Biovail may update its disclosure relating to these shares. The settlement also provides that Mr. Melnyk may not act as a director of Biovail for a period of one year beginning from June 30, 2007. Additional information, including a copy of the settlement agreement on this matter, will be made available on the OSC Web site.

The Company continues to co-operate fully with the OSC in its ongoing investigation relating to Biovail. The Company cannot predict the outcome, nor time of when this matter may be resolved.

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 Nelson F. Isabel at 905-286-3000 or send inquiries to [e-mail].