Biovail and Athpharma Terminate Joint Development Agreement.

TORONTO & ATHLONE, Ireland -- Biovail Corporation (NYSE:BVF)(TSX:BVF) and Athpharma Limited today announced the amicable termination of their joint development agreement related to four development-stage cardiovascular products. As part of this arrangement, Biovail will transfer these four products to Athpharma.

Biovail will retain an ongoing economic interest through a royalty on Athpharma's future net revenues from the products, if and when they are commercialized. Athpharma will also make a cash payment to Biovail as a result of the termination of the agreement. Additionally, Biovail has acquired the option to license certain intellectual property from Athpharma, which would provide future consideration to Athpharma.

The four products being transferred are: Bisochron (bisoprolol), a beta-1 selective beta-blocker chronotherapeutic formulation for the treatment of hypertension, Isochron (isosorbide-5-mononitrate), a long-acting nitrate chronotherapeutic formulation for the treatment of angina, and Hepacol I (pravastatin) and Hepacol II (simvastatin), two liver-selective sustained release statin formulations for the treatment of high cholesterol. "Athpharma will continue its research and development effort in respect of these products and additional products in its pipeline", said Mr. Seamus Mulligan, Chairman of Athpharma.

Caution Regarding Forward-Looking Information and "Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995

To the extent any statements made in this press 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, and within the meaning of the "safe harbour" provisions of applicable Canadian securities legislation. These forward-looking statements relate to, among other things, our objectives, goals, strategies, intentions, plans estimates and outlook, and can generally be identified by the use of 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.

Although Biovail believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking statements, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results to differ materially from these expectations include, among other things: 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, the regulatory environment, the outcome of legal proceedings, consolidated tax-rate assumptions, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the U.S. Securities and Exchange Commission ("SEC"), the Ontario Securities Commission ("OSC"), and other securities regulatory authorities in Canada. Additional information about these factors and about the material factors or assumptions underlying such forward-looking statements may be found in our current Annual Report on Form 20-F, and in particular under the heading "Risk Factors" under Item 3, Sub-Part D. Biovail cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. We undertake no obligation to update or revise any forward-looking statement.

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.

About Athpharma Limited

Athpharma Limited, an independent privately-owned specialty pharmaceutical company, based in Ireland, focuses on the development of new presentations, uses and indications for existing drugs designed to improve the clinical utility, efficacy and safety of these drugs.