Melnyk sells a million Biovail shares
RICHARD BLACKWELL
Wednesday, July 05, 2006
Eugene Melnyk, founder and chairman of Biovail Corp., sold more than 1 million shares of the drug company in May and June, regulatory findings revealed Wednesday.
Mr. Melnyk sold 1.08 million shares at prices between $22.02 (U.S.) a share and $26.79 a share on six days between May 16 and June 28, generating about $27.4-million, according to filings with the U.S. Securities and Exchange Commission.
After the sale, Mr. Melnyk still controls about 21.9 million Biovail shares, or 13.7 per cent of the common stock.
Last week Mr. Melnyk told the Biovail annual meeting that he is relinquishing the title of executive chairman at Biovail, but will stay on as the company's chairman.
But he is not losing interest in the company, he insisted. He is still the largest shareholder, and will remain active at the board level.
Biovail shares fell sharply Wednesday. They were down almost 5 per cent, or $1.33 (Canadian) to $25.53 in early afternoon trading on the Toronto Stock Exchange.
Mr. Melnyk, who owns a thoroughbred racing stable and the Ottawa Senators hockey club, is also president of Biovail Laboratories International SRL of Barbados, where he resides and where the parent company holds its intellectual property and also licenses certain drugs to marketing partners. |
