Biovail Submits Complete Response to FDA for BVF-033

Business Wire, Oct 24, 2007

TORONTO -- Biovail Corporation (NYSE:BVF) (TSX:BVF) announced today that the Company has submitted a Complete Response to the United States Food and Drug Administration (FDA) that addresses all the issues raised in the Non-Approval Letter for BVF-033, a novel once-daily salt formulation of bupropion.

Based on Biovail's discussions with the FDA in an August 14, 2007 meeting, and in accordance with FDA feedback, the submission includes new analyses of the data included in the original New Drug Application (NDA) for BVF-033, but does not include results from any new studies. Biovail anticipates receiving a response from the FDA in the near term. The Company believes the data package is sufficient to support the approval of BVF-033.

"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995

To the extent any statements made in this press release contain information that is not historical, these statements are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and within the meaning of the "safe harbor" provisions of applicable Canadian securities legislation. These forward-looking statements relate to, among other things, our intentions and plans, and can generally be identified by the use of words such as "believes" and "anticipates", and other similar expressions. Although Biovail believes that the expectations and intentions reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Specifically the risks and uncertainties the Company faces include, but are not limited to, the uncertainties related to the regulatory process, including regulatory approval. Additional information about these factors may be found in the body of this news release, and under the heading "Risk Factors" contained in Item 3(D) of Biovail's most recent Annual Report on Form 20-F/A.

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.