TORONTO--(BUSINESS WIRE)--Nov. 15, 2005--Biovail Corporation (NYSE:BVF)(TSX:BVF): Board of Directors Approves Dividend Policy; Initial Cash Dividend of $0.50 Per Common Share. Biovail Corporation (NYSE:BVF)(TSX:BVF) today announced its intention to pursue a spin-off of substantially all of Biovail's branded off-patent pharmaceutical products (also known as Legacy assets) to its shareholders on a pro rata basis, either as a dividend in kind or a return of capital. The spin off transaction is subject to a number of conditions including, but not limited to, the preparation, review and approval of an offering document containing financial statements and other related disclosures; satisfactory third-party consents; and regulatory and shareholder approval, depending on the form of the distribution. Subject to these and other conditions being met, Biovail hopes to complete the transaction during 2006.
