Biovail investor Melnyk sells 2 million shares

By Lisa Kerner

Charlotte, N.C., Feb. 5 - Biovail Corp. founder and investor Eugene Melnyk cut his stake in the company to 11% from 12.3% with the sale on Feb. 3 of 2 million shares for $10.10 each, it was reported in a schedule 13D/A filed with the Securities and Exchange Commission.

According to the filing, Melnyk and EM Holdings BV granted a right of first offer to GMP Securities LP in respect of subsequent sales of common stock for a 30-day period.

Melnyk beneficially owns 17,443,758 shares of the Toronto specialty pharmaceutical company.

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