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Article: Biovail Launches Share Repurchase Program.
- Article from:
- Business Wire
- Article date:
- August 6, 2009
CopyrightCOPYRIGHT 2009 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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TORONTO -- Biovail Corporation (NYSE:BVF) (TSX:BVF) today announced that commencing on August 12, 2009 it may make purchases of its common shares on the open market under a share repurchase program or normal course issuer bid (collectively, the "Share Repurchase Program").
Biovail's Board of Directors approved a Share Repurchase Program of up to 15.8 million Biovail common shares, representing approximately 10% of the Company's public float (as defined by applicable rules), subject to a maximum of US$75 million of common shares being repurchased during any fiscal year (unless such condition is waived or varied by the Company's lenders). The Company intends to ...