Biovail Announces Settlement Agreement Related to Cardizem(R) LA

    TORONTO, December 4 /CNW/ - Biovail Corporation (NYSE, TSX: BVF) today
announced that its subsidiary, Biovail Laboratories International SRL (BLS),
has reached a settlement agreement with Watson Pharmaceuticals, Inc. (NYSE:
WPI), with respect to patent litigation against Watson subsidiary Andrx
Pharmaceuticals, Inc. related to Andrx's abbreviated new drug application for
a generic version of Cardizem(R) LA, Biovail's once-daily formulation of
diltiazem.

    Under the terms of the settlement agreement, BLS will receive a royalty
based on sales of Watson's generic formulation of Biovail's Cardizem(R) LA.
The agreement generally provides that Watson will not commence marketing and
sales of its generic equivalent product earlier than April 1, 2009, at which
time royalty payments will begin. As part of the settlement, Biovail has
granted Watson an exclusive license to its U.S. patents covering Cardizem(R)
LA for a generic version of Cardizem(R) LA.

    Other details concerning the settlement have not been disclosed.

    The settlement is subject to court approval, and will be submitted to the
Assistant Attorney General in charge of the Antitrust Division of the
Department of Justice and the Federal Trade Commission within 10 days of its
execution.

    About Biovail Corporation

    Biovail Corporation is a specialty pharmaceutical company, engaged in the
formulation, clinical testing, registration, manufacture, and
commercialization of pharmaceutical products utilizing advanced drug-delivery
technologies. For more information about Biovail, visit the Company's Web site
at www.biovail.com.

    For further information, please contact Nelson F. Isabel at 905-286-3000
or send inquiries to ir@biovail.com.

For further information: Biovail Corporation Nelson F. Isabel,
905-286-3000 Vice-President Investor Relations and Corporate Communications