Concerned Shareholders of Biovail Announce – Independent Nominees for Election to Biovail Board of Directors – A Focused Commitment to Governance at Biovail

TORONTO, April 27 /PRNewswire/ – In connection with the requisition of Mr. Eugene Melnyk and EM Holdings B.V. (the “Concerned Shareholders”) relating to the annual and special meeting of shareholders of Biovail Corporation (“Biovail”) to be held on May 28, 2009 (the “Meeting”), the Concerned Shareholders announced today that the two nominees they are putting forward for election as directors at the Meeting are Mr. Paul G. Haggis and Mr. Frank Potter (the “Nominees”).

Mr. Haggis served as President and Chief Executive Officer of OMERS for three and a half years, concluding with record results on March 12, 2007. Mr. Haggis is currently the Chairman of Alberta Enterprise Corporation, a new venture fund created by the Alberta Government and he currently serves as Director and Chair of the Investment Committee of the Insurance Corporation of British Columbia, is a Director of Advantage Energy Income Fund of Calgary, is a Trustee and Chair of the Finance Committee of the Royal Ontario Museum in Toronto, is a Director of Canadian Tire Bank and serves as a Director and Chair of the Audit Committee of C.A. Bancorp Inc. Mr. Haggis is also certified as a Chartered Director ( C. Dir) through the Directors College at McMaster University.

Mr. Potter is Chairman, Emerging Market Advisors, Inc., a consulting firm dealing with international direct investment and Chairman of Canadian Tire Bank. He is a Director of Canadian Tire Corporation, Limited, Penn West Energy Trust, Softchoice Corporation, Sentry Select Capital Corp., a private company that manages a number of exchange-traded investment trusts, and each of the trusts and funds in the Sentry Select family. Mr. Potter is also Chairman of Imagine Group Holdings Limited, a private Bermuda reinsurance company.

Both Mr. Haggis and Mr. Potter, who had not met Mr. Melnyk before they were approached to stand for election, have a track record of supporting and practicing good corporate governance and look forward to having the opportunity to serve as directors of Biovail. Additional details with respect to the biographies of Mr. Haggis and Mr. Potter are outlined below.

Mr. Melnyk remains the single largest shareholder of Biovail. Explaining the reasons for the requisition, Mr. Melnyk said “this is not about proposing a strategic plan or replacing the whole board. It is about ensuring that Biovail has a strong board with independent and qualified directors who will ensure the company adheres to the highest standards of corporate governance. As the largest shareholder of Biovail, my interests in this area are fully aligned with other shareholders and Mr. Haggis and Mr. Potter, who I am pleased have agreed to stand for election to the board, are exceptional candidates and would be positive additions to the Biovail board of directors.”

Separately, the Concerned Shareholders stated that they have decided at this point to focus their efforts on certain key governance proposals and not the full package of proposals originally set forth in the requisition dated February 25, 2009 which was filed with Biovail. Accordingly, the Concerned Shareholders, in addition to nominating the Nominees, will be proposing at the Meeting and soliciting proxies in respect of the following four key corporate governance proposals: (1) majority voting, (2) individual director voting, (3) proxy access and (4) the treatment of severance arrangements under Biovail’s employment agreements. Further details with respect to the proposals will be set forth in the Concerned Shareholders’ proxy circular that is expected to be mailed to shareholders in the near future.

The biographies with respect to Mr. Haggis and Mr. Potter are as follows:

Paul G. Haggis – Paul Haggis is currently the Chairman of Alberta Enterprise Corporation, a new venture fund created by the Alberta Government. Previously, Mr. Haggis was President and Chief Executive Officer of OMERS for three and a half years, concluding with record results on March 12, 2007. Paul restructured the organization and implemented dramatic operating and cultural change to lead OMERS to its best year ever in 2006. Under his leadership, assets grew by $15.8 billion to $48 billion with value added of $2.8 billion.

Mr. Haggis currently serves as Director and Chair of the Investment Committee of the Insurance Corporation of British Columbia, is a Director of Advantage Energy Income Fund of Calgary, is a Trustee and Chair of the Finance Committee of the Royal Ontario Museum in Toronto, is a Director of Canadian Tire Bank and serves as a Director and Chair of the Audit Committee of C.A. Bancorp Inc. Mr. Haggis is also certified as a Chartered Director ( C. Dir) through the Directors College at McMaster University.

Mr. Haggis was also the interim Chief Executive Officer of the Public Sector Pension Investment Board (PSPIB) where he also served as a Director. Mr. Haggis also held the position of Executive Vice President, Business Development and Chief Credit Officer at Manulife Financial and also served as Chief Executive Officer and Director of the Alberta Treasury Branches for five years.

Frank Potter – Mr. Potter is Chairman, Emerging Market Advisors, Inc., a consulting firm dealing with international direct investment and Chairman of Canadian Tire Bank. He is a Director of Canadian Tire Corporation, Limited, Penn West Energy Trust, Softchoice Corporation, Sentry Select Capital Corp., a private company that manages a number of exchange-traded investment trusts, and each of the trusts and funds in the Sentry Select family. Mr. Potter is also Chairman of Imagine Group Holdings Limited, a private Bermuda reinsurance company.

Mr. Potter has an extensive background in international banking and is a former Executive Director of The World Bank. He has also acted as a senior advisor at the Department of Finance in Ottawa. Mr. Potter attended the Royal Military College of Science, and is a Fellow of the Institute of Canadian Bankers.

Certain statements contained in this release constitute forward-looking statements. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions as they relate to the Concerned Shareholders, the Nominees, the Company or its current or future management, are intended to identify forward-looking statements. Such statements reflect the Concerned Shareholders’ or the Nominees’ current views with respect to future events and are subject to certain risks, uncertainties and assumptions. The Concerned Shareholders and the Nominees assume no responsibility for any such statements. Many factors could cause the company’s actual results, performance or achievements that may be expressed or implied by such forward-looking statements to vary from those described herein should one or more of these risks or uncertainties materialize. Such factors include, but are not limited to, economic, business, technological, competitive and regulatory factors. All such factors should be considered carefully when making decisions with respect to Biovail, and undue reliance should not be placed on the Concerned Shareholders’ or the Nominees’ forward-looking statements. The Concerned Shareholders and the Nominees do not undertake to update any forward-looking statements, whether written or oral, that may be made from time to time by or on their behalf, except as required under applicable securities legislation.

SOURCE Concerned Shareholders of Biovail