A Medical Device Daily
Biovail (Toronto), a developer of pharmaceutical products using drug-delivery technologies, reported that, beginning June 2, it may make purchases of its common shares on the open market under a normal course issuer bid (NCIB).
The companys board approved a share repurchase program of up to 14 million Biovail common shares, representing roughly 10% of its public float. Biovail said it intends to initially make purchases under the NCIB of up to 8,051,186 common shares through the facilities of the New York Stock Exchange (NYSE). This represents about 5% of Biovails issued and outstanding common shares. Biovail said it also plans to make additional filings to permit the purchase of the remaining 5,948,814 common shares over the facilities of the Toronto Stock Exchange or the NYSE.
Biovail said the share repurchases would be paid for with its existing cash resources. The NCIB will terminate on June 1, 2009, or when the company completes its purchases.