Biovail settles with OSC
Canada's Biovail Corp says that the Ontario Securities Commission has approved a settlement agreement reached with OSC staff in respect of an investigation of the company.
"This settlement agreement represents the sixth legacy litigation action we've resolved since December 2007," said Biovail's chief executive, Bill Wells. "With these issues behind us, we are better positioned to execute on our new strategic focus. I am proud of what we've accomplished as a company in the past year, and am encouraged by the business development activity we're currently seeing. Our priority as a management team is to enhance value for our shareholders," he added.
Pursuant to the terms of the settlement agreement, Biovail will pay a total of $5.4 million, which includes legal and other costs incurred by the OSC of $1.3 million, to fully settle the matter. The settlement agreement is available on the OSC's web site at www.osc.gov.on.ca.
This article is accessible to registered users, to continue reading please register for free. A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.
Login to your accountTry before you buy
Free
7 day trial access
- All the news that moves the needle in pharma and biotech
- Exclusive features, podcasts, interviews, data analyses and commentary from our global network of life sciences reporters.
- Receive The Pharma Letter daily news bulletin, free forever.
Become a subscriber
£820
Or £77 per month
- Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
- Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
- Daily roundup of key events in pharma and biotech.
- Monthly in-depth briefings on Boardroom appointments and M&A news.
- Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed
Chairman, Sanofi Aventis UK
Today's issue
Company Spotlight
| Headless Content Management with Blaze