Biovail Receives Procardia XL Final Approval; Marketing Partner Teva Launching Immediately; Biovail Also Announces a 2-1 Stock Split.

Business & Health/Medical Editors

TORONTO--(BW HealthWire)--Sept. 28, 2000

Biovail Corporation (NYSE:BVF)(TSE:BVF) today announced it has received final approval in the U.S. from the Food and Drug Administration (FDA) for its generic version of Procardia XL. Teva Pharmaceuticals will begin launching this product immediately. Procardia XL is indicated for the treatment of hypertension and angina. Branded sales of Procardia XL in the United States for the twelve months ended June 30, 2000 were in excess of $461 million.

Additionally, Biovail announced today that the Board of Directors of the Corporation approved a stock split of the common shares on the basis of two common shares for each one common share held. Additional common shares resulting from the stock split will be issued to shareholders of record as of the close of business on October 10, 2000 and certificates representing such shares will be mailed to shareholders on or about October 16, 2000. The shares will begin trading on a split basis on October 5, 2000 on The Toronto Stock Exchange and on October 16, 2000 on the New York Stock Exchange under the same stock symbol of "BVF".

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. 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.