Biovail Corp., Canada’s largest pharmaceutical company, already had several things in common with California-based Valeant Pharmaceuticals International before the two announced a $3.2 billion merger on June 21. Their shared areas of focus include specialty central nervous system drugs, dermatology products, the Canadian market, and emerging markets. Biovail shareholders will own 50.5 percent of the new company, which will be based in the Toronto suburb of Mississauga.
Both companies’ founders—Eugene Melnyk at Biovail, and Milan Panic at Valeant—left in the last decade after fights over board control. Panic stepped down as chairman and chief executive officer of Valeant in 2002 after losing a proxy fight with dissident shareholders at the company. Melnyk resigned from Biovail in 2007, and lost a vote to install his own board nominees the following year. This past March, Melnyk (who also owns the Ottawa Senators team in the National Hockey League) announced that he had sold all of his stock in the company.
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