Biovail considers $200M Private Placement of notes in Canada

Canadian drug maker Biovail Corp. announced it is considering making a private placement offering of up to $200 million in senior notes to raise money for working capital and general corporate purposes via private placement memorandum (PPM).

The private placement notes would most likely be senior unsecured obligations maturing in 2014, the company said. If the company makes the offer, it said the proceeds would be used for working capital and items including funding for operations, development and licensing drugs, and acquisitions.

Last month, Biovail agreed to pay $510 million to GlaxoSmithKline PLC to gain the U.S. rights to Wellbutrin XL, an antidepressant Biovail helped develop. It later agreed to pay $230 million for development and sales rights to drugs for Tourette Syndrome and other movement disorders.

In aftermarket trading, Biovail shares fell 87 cents, or 6.8 percent, to $11.99 from $12.86.
http://www.forbes.com/feeds/ap/2009/06/02/ap6495903.html

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Since 1999, the founders of PPM have provided professional business writing services, such as a PPM or business plan, to more than 2,000 businesses worldwide. Our company is considered to be the most cost effective, efficient consultants for private placement memorandum development in the United States. We are Wall Street’s, and by extension, the New York private placement (PPM) leaders.

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