Biovail to Present Case Study on Corporate Governance.

TORONTO -- Biovail Corporation (NYSE:BVF)(TSX:BVF) announced today that the Company will present at the Mergers and Acquisition Symposium this afternoon in Toronto.

The presentation and panel discussion, "Governance Today - What Shareholders Care About", will take place at 2 p.m. EDT, at the Metro Toronto Convention Centre, Room 206, North Building. Panelists include Kenneth Howling, Biovail's Vice President of Finance and Corporate Affairs; Paul Schneider, Director of Research for the Coalition for Good Governance; and Carol Hansell, a partner at Davies Ward Phillips & Vineberg LLP and one of Canada's leading experts on corporate governance.

Biovail will present a case study with regard to the approach the Company has taken for its ongoing corporate-governance enhancement initiative and recent accomplishments that have emerged as a result.

More details on the event are available at: http://www.fei.org/canada/Conference/MA_Symposium/MA_Symposium.cfm

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 Ken Howling at 905-286-3000 or send inquiries to [e-mail].

"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 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 and Canadian Therapeutic Products Directorate 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, tax rate assumptions, availability of raw materials and finished products, the regulatory environment, the outcome of legal proceedings, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission and the Ontario Securities Commission. Biovail undertakes no obligation to update or revise any forward-looking statement.