Biovail Receives FDA Approval for Novel Once Daily Diltiazem Formulation - New Drug Application Optioned to Forest Laboratories.

Business Editors, Health/Medical Writers

TORONTO--(BW HealthWire)--March 6, 2000

Biovail Corporation (NYSE:BVF) (TSE:BVF) today announced that it has received approval from the Food and Drug Administration for its New Drug Application of a novel once daily controlled release formulation of Diltiazem Hcl.

Biovail has granted to Forest Laboratories, Inc., Biovail's licensee of Tiazac, an option to acquire the exclusive right to market the product in the United States. Under the terms of the option agreement, Forest has the right to negotiate a license and supply agreement with Biovail containing terms for the supply by Biovail of the product similar to those on which Biovail supplies its Tiazac product to Forest.

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.

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To the extent any statements made in their 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 and 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, 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.