Biovail Corporation sells assets of its Contract Research Division to Ahmedabad-based Lambda Therapeutic

Toronto, Ontario – July 26, 2010 – Lambda Therapeutic Research, a multi-national Contract Research Organization (CRO) headquartered in Ahmedabad, India successfully acquired from Biovail Corporation (TSE:BVF) the business and assets of its contract research division, Biovail Contract Research (the “Biovail CRD Business”), through its subsidiary Lambda Therapeutic Research Inc. (“Lambda Canada”).

Mrs. Bindi Chudgar, Managing Director-Lambda said the company will now have a global infrastructure of 600+ clinical beds dedicated to Phase 1 Clinical Pharmacology, and ANDA/505b2 bioequivalence trials along with 45+ LC-MS/MS instruments and the full spectrum of clinical data management and biostatistical services. As a result of this acquisition, the annual gross revenue of Lambda across its worldwide facilities is in excess of 50 million USD with a strong worldwide infrastructure in India, the United Kingdom, Poland and North America.

Lambda Canada will operate two facilities with over 46,000 square feet dedicated to clinical / bioanalytical services in Toronto, Canada. These facilities house six study clinics (including a 12-bed, Phase I first-in-human unit) and a total capacity of 194 beds, as well as a clinical contact centre and subject screening unit, a fully equipped bioanalytical laboratory and a full-service clinical data management department.

Lambda Canada is led by a seasoned Management and Scientific Leadership team supported by a staff complement of 100+ employees experienced across all therapeutic disciplines. The Canadian business has conducted over 3,500 Phase l, bioavailability / bioequivalence and/or drug-interaction studies on more than 400 different chemical entities. They have a database that exceeds 100,000 adult male and female volunteers for potential enrollment in studies.

Additionally, with this acquisition Lambda has the enviable track-record of having been audited with systems and procedures in full compliance with the regulations of the United States Food and Drug Administration (USFDA), Therapeutic Products Directorate (Health Canada), European Agency for the Evaluation of Medicinal Products (EMA), and other comparable foreign regulatory bodies.

Mrs. Chudgar also added that this acquisition was seamlessly completed owing to their prior experience of having similar acquisitions in the UK, Europe and the USA. A major driver for this deal was the constant demand and requests from Indian clientele for cost effective solutions with international expertise. This Canadian acquisition allows Lambda to take advantage of the expedited Canadian regulatory filing process, which will be well within the reach of Lambda’s clients across the world. Processes for seamless integration and all possible synergies have already been identified and poised to benefit Lambda’s clients worldwide.

Mrs. Bindi Chudgar firmly believes that with this combined wealth of human resource talent and expertise spread across the globe, coupled with the Executive Management’s vision, will elevate Lambda Therapeutic Research as the largest and most important player in the Indian & International clinical research domain with a truly Pan Global presence.

Fairmount Partners was the Investment Bank representing Biovail Corporation, in preparing and marketing the business unit.

Further information on Lambda’s worldwide operations is available through Dr. Mrinal Kammili, Associate Vice-President, Lambda India (mrinal@lambda-cro.com), Dr. Piotr Jagiello, General Manager, Lambda Poland (pjagiello@lambda-cro.com) and Christopher Ore, Chief Operating Officer, Lambda Canada (christopher.ore@lambdacanada-cro.com).

Principals of Fairmount Partners acted as advisors to Biovail Corporation in this transaction.

Fairmount Partners is a registered Broker Dealer, member FINRA (www.finra.org) and SIPC (www.sipc.org).

Contact: Neal McCarthy