TORONTO--(BUSINESS WIRE)--Biovail Corporation (NYSE:BVF)(TSX:BVF) today announced that its Board of Directors has authorized a share repurchase program of up to 14,000,000 common shares, representing up to approximately 10% of its public float. As of the date hereof, Biovail has 161,023,729 common shares issued and outstanding. Biovail intends to begin purchasing its common shares by means of a normal course issuer bid (NCIB) on the open market, through the facilities of the Toronto Stock Exchange (TSX) and the New York Stock Exchange, in accordance with their rules and guidelines, subject to receipt of regulatory approval. Biovail intends to file a notice of intention with the TSX and Ontario Securities Commission regarding the proposed share repurchase program in the near future. The NCIB will terminate not more than one year after the commencement of the bid, or upon such time as Biovail completes its purchases.
