TORONTO--(BUSINESS WIRE)--Biovail Corporation (NYSE:BVF)(TSX:BVF) today acknowledged that the Ontario Securities Commission (OSC) has approved the terms of a settlement agreement with its Chairman, Eugene Melnyk. Among other things, the settlement agreement requires Mr. Melnyk to file reports in respect of shares of Biovail held by certain trusts settled by Mr. Melnyk. As those reports become available, Biovail may update its disclosure relating to these shares. The settlement also provides that Mr. Melnyk may not act as a director of Biovail for a period of one year beginning from June 30, 2007. Additional information, including a copy of the settlement agreement on this matter, will be made available on the OSC Web site.
