FierceBiotech FierceBiotech IT FiercePharma FierceMedicalDevices
FierceBiotech Research FierceVaccines FiercePharma Manufacturing FierceDrugDelivery

Free Newsletter

About | View Sample | Privacy
Related Topics >> Biovail | Eugene Melnyk

Biovail founder concedes defeat

Tools

Biovail founder Eugene Melnyk is giving up the fight. After dogging the company for months--and winning a court order requiring shareholders to re-vote on his proposals--Melnyk said he was abandoning his plan to kick out Biovail's board of directors to bring in his own management. Instead, he'll push forward with plans to start his own drug company.

Analysts weren't totally surprised by the move, even though it came shortly after his court victory last week. "He didn't have a lot of momentum," one said. "Even with the court's decision there wasn't a lot going in his favor and he can't have expected a huge swing in his direction."

Biovail management has to be breathing a sigh of relief. Between regulators and Melnyk, the company has had plenty to contend with lately.

- see the New York Times story

Related Articles:
Melnyk outlines $100M blueprint for new developer
Proxy battle brewing over Biovail
Biovail to pay $25M in doc payoff claims
Biovail picks Wells as CEO
Biovail stock craters on SEC charges
Melnyk slams Biovail board, calls for change


SHARE
WITH:
Email Twitter Facebook LinkedIn StumbleUpon
Get Your FREE FiercePharma Email Newsletter:
Be the first to comment
More stories about Biovail   Eugene Melnyk  

Comments

Post new comment

The content of this field is kept private and will not be shown publicly.

More information about formatting options

CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.