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Biovail board of directors elected at reconvened annual meeting

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On August 8, 2008, Biovail Corp.'s (TSX:BVF) management-backed nominees for the company's board of directors were declared elected at a reconvened annual shareholder meeting, after the founder of Canada's largest publicly traded drugmaker, Eugene Melynk, withdrew his dissident slate. The shareholder meeting had originally been convened on June 25th after a bitterly contested proxy battle launched by Mr. Melnyk, the company's founder and largest shareholder. The Biovail board determined that, in the circumstances of the proxy battle, it was appropriate for the meeting to have an independent chair and secretary in order to ensure that the meeting would be conducted in an impartial manner. Accordingly, Fasken Martineau lawyer Jon Levin was asked to serve as Chair and Aaron Atkinson served as secretary of the meeting. Immediately prior to the original shareholder meeting, Mr. Melnyk's group withdrew its proxies such that a quorum was not present. Both Biovail and the dissident group proceeded to the Ontario Superior Court to seek a ruling on whether the business purportedly conducted at the June shareholder meeting was validly conducted. The judge ruled in July that the June meeting had to be reconvened with fresh votes called for. At the reconvened meeting, also chaired by Mr. Levin with Mr. Atkinson as secretary, Mr. Melnyk abandoned his proxy battle and the meeting continued in the usual manner.



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