Biovail Completes US$587.5M Equity Offering

Biovail Corporation International, a fully integrated pharmaceutical company with special capabilities in the development, manufacturing, sale and marketing of branded pharmaceutical products, completed a US$587.5 million offering of 12.5 million common shares in Canada and the U.S on November 19, 2001. An additional 1.875 million common shares were sold by Eugene Melnyk, chairman and co-chief executive officer of Biovail, pursuant to the exercise of an over-allotment option granted to the underwriters. The proceeds of the offering will be used for general corporate purposes.

The Biovail legal team was led by Kenneth Cancellara, Q.C., senior vice-president and general counsel, and Mark Thompson, associate general counsel. External legal advice was provided to Biovail by Stikeman Elliott and Cahill Gordon & Reindel. The Stikeman Elliott team was led by Mihkel Voore and included Raymond McDougall, Mark Katz and Andrew Grossman (corporate and securities) and Angelo Nikolakakis (tax). The Cahill Gordon team was led by Roger Andrus and included David Becker and Michael Aklufi (corporate and securities) and Craig Horowitz and Jeff Parry (tax).

The offering, which was made pursuant to the multi-jurisdictional disclosure system, was led in the U.S. by Morgan Stanley and UBS Warburg LLC, and in Canada by Scotia Capital Inc., BMO Nesbitt Burns, Inc. and RBC Dominion Securities Inc. The Canadian syndicate also included HSBC Securities (Canada) Inc., National Bank Financial Inc. and CIBC World Markets Inc. The underwriting syndicate was represented by Osler, Hoskin & Harcourt LLP and Shearman & Sterling. The Osler team was led by Doug Marshall and included Lynne Woollcombe (corporate and securities) and Andy McGuffin (tax). The Shearman & Sterling team was led by Brice Voran and included Jason Lehner, Jennifer Mazin and Julian Fletcher in Toronto.