Biovail Shares Soar On Firm's Good News
Canadian company Biovail saw its share price increase following a plethora of good news for the company. Shares were as high as C$41.40 ($30.64) in Toronto and settled around C$40, up C$2.25.
The firm has reached agreement with Elan Corporation to settle a patent dispute relating to the antihypertensives diltiazem and verapamil (Marketletter December 2), and will move to the Big Board on the New York Stock Exchange in December. Biovail's share price in New York was up $1.18 top $29.87 after the news broke.
The important point about the settlement is that it clears the way for Biovail to file for marketing of diltiazem in the USA. The firm has indicated that the filing will be made before the end of the year, according to local reports. The firm is also planning to file in the USA by year-end for another generic product, the identity of which is not disclosed.
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