Biovail shareholder Melnyk reports sale of shares

By Lisa Kerner

Charlotte, N.C., Dec. 16 - Biovail Corp. investor Eugene Melnyk sold a total of 431,777 shares of the company's common stock on Dec. 11 and Dec. 15 at average prices of $9.1605 and $9.1219 per share.

Melnyk beneficially owns 21,178,758 shares or 13.3% of the Toronto specialty pharmaceutical company, it was reported in a schedule 13D/A filed with the Securities and Exchange Commission.

On Dec. 12, Melnyk announced buying a further 2.9%, or 4,666,324 shares,. of Biovail, paying a total of $50.66 million, or C$10.85651 per share.

Following that purchase, Melnyk said he either owns or exercises control over 13.5%, or 21,478,758, of Biovail's shares.

Melnyk said he bought the shares for investment purposes.

Biovail is a specialty pharmaceutical company based in Toronto.

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