Wednesday, November 17, 2004

Biovail: Pattisons' First Bomb?
Jimmy bought this badboy at somewhere around $30 or so...And it is not looking good so far:

Biovail Shares Decline 9 Percent
11.17.2004, 04:31 PM

Shares of Biovail Corp. fell Wednesday after the drug maker confirmed that a competitor had applied to the Food and Drug Administration to market a generic version of its extended-release antidepressant Wellbutrin XL.

Biovail shares fell $1.55, or 9 percent, to close at $15.70 on the New York Stock Exchange.

The Toronto-based company said it does not know if the agency has accepted the abbreviated new drug application, or ANDA, submitted by Anchen Pharmaceuticals Inc., but added that it will vigorously defend its patent portfolio on the drug.

Here's the TSX ticker on this badboy: If you can, check out the last year's roller coaster. Between all the joys of 'the accounting issue", the unisured 'lost product', the constant scandal after scandal, a dropping stock price and intensifying competition, the AGM this year should be a hoot. Expect guillotines, head rolling, senior management in stocks and an angry mob.

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