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Biovail, Melnyk Reach Proxy Deal Ahead Of Powwow

Law360 (May 26, 2009, 12:00 AM EDT) -- Just days before its annual shareholder meeting, Canadian pharmaceuticals company Biovail Corp. has announced the settlement of a proxy fight with founder Eugene Melnyk, with the company agreeing to appoint a new member supported by Melnyk to its board.

Under the settlement, Melnyk and his holding company, EM Holdings BV, agreed to support Biovail's board of directors slate and drop his own candidate list at a shareholders meeting scheduled for Thursday, the company said in a statement Monday.

Melnyk, who remains Biovail's largest single shareholder, also...
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