BIOVAIL TO SPIN OFF ITS OFF-PATENT DRUG ASSETS, ANNOUNCES FIRST DIVIDEND

A A

Biovail Corp. declared its first dividend Tuesday and said it intends to spin off its branded off-patent drug products -- or "legacy" assets -- into a new company owned by current Biovail shareholders. The products generate about $137 million in annual product sales, the Toronto-based firm (TSX:BVF) said. Biovail's board of directors declared the company's first dividend, 50 cents a share payable Dec. 14 to shareholders of record on Nov. 30.

Montreal Gazette (http://www.canada.com/montreal/montrealgazette/news/business/story.html?id=cf47bcb4-f4f7-4b99-bd10-db53ffc13cb8)