Biovail former CEO Eugene Melnyk sells shares, reports 7.6% stake

By Angela McDaniels

Tacoma, Wash., July 14 - Biovail Corp. shareholder EM Holdings BV sold 5 million shares of the company's common stock for C$15.25 apiece on Friday, according to a schedule 13D/A filed with the Securities and Exchange Commission on Tuesday.

EM Holdings is an affiliate of Biovail's founder and former chief executive officer, Eugene Melnyk.

Melnyk and his affiliates beneficially own 12,103,658 shares, or 7.6%, of the company's common stock.

As previously reported, Biovail appointed Frank Potter to its board of directors as part of a agreement reached with Melnyk to settle a proxy contest. Melnyk had nominated Potter and Paul G. Haggis for election to the board at the annual and special meeting on May 28.

Biovail is a specialty pharmaceutical company based in Toronto.

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