Notice of Hearing: In the Matter of Biovail Corporation et al.

      TAKE NOTICE that the Commission will hold a hearing pursuant to sections 127 and 127.1 of the Securities Act, R.S.O. 1990, c. S.5 as amended (the “Act”) at the offices of the Ontario Securities Commission, 20 Queen Street West, 17th Floor, Tuesday, April 22, 2008 at 2:00 pm or as soon thereafter as the hearing can be held:

      TO CONSIDER whether, pursuant to sections 127(1) and 127.1 of the Act, it is in the public interest for the Commission:

(a) to make an order pursuant to section 127(1) clause 2 of the Act that trading in securities by Eugene N. Melnyk (“Melnyk”), Brian H. Crombie (“Crombie”), John R. Miszuk (“Miszuk”) and Kenneth G. Howling (“Howling”) cease permanently;

(b) to make an order pursuant to section 127(1) clause 2.1 that acquisition of any securities by Melnyk, Crombie, Miszuk and Howling be prohibited;

(c) to make an order pursuant to section 127(1) clause 3 of the Act that any or all exemptions contained in Ontario securities law do not apply to Biovail, Melnyk, Crombie, Miszuk and Howling;

(d) to make an order pursuant to section 127(1) clause 4 of the Act that Biovail institute such changes as may be ordered by the Commission and submit to a review of its practices and procedures;

(e) to make an order pursuant to section 127(1) clause 6 of the Act that Biovail, Melnyk, Crombie, Miszuk and Howling be reprimanded;

(f) to make an order pursuant to section 127(1) clause 7 of the Act that Melnyk, Crombie, Miszuk and Howling resign all positions which they hold as an officer or director of any issuer;

(g) to make an order pursuant to section 127(1) clause 8 of the Act that Melnyk, Crombie, Miszuk and Howling be prohibited from becoming or acting as an officer or director of any issuer;

(h) to make an order pursuant to section 127(1) clause 9 of the Act that Biovail, Melnyk, Crombie, Miszuk and Howling each pay an administrative penalty of $1 million for each failure by that Respondent to comply with Ontario securities law;

(i) to make an order pursuant to section 127(1) clause 10 of the Act that Biovail disgorge to the Commission any amounts obtained as a result of non-compliance with Ontario securities law;

(j) to make an order pursuant to section 127.1 of the Act that Biovail, Melnyk, Crombie, Miszuk and Howling pay the costs of Staff’s investigation and the costs of, or related to, this proceeding, incurred by or on behalf of the Commission; and

(k) to make such other order or orders as the Commission considers appropriate.

      BY REASON OF the allegations set out in the Statement of Allegations dated March 24, 2008, and such additional allegations as counsel may advise and the Commission may permit;

      AND TAKE FURTHER NOTICE that any party to the proceeding may be represented by counsel at the hearing;

      AND TAKE FURTHER NOTICE that upon failure of any party to attend at the time and place aforesaid, the hearing may proceed in the absence of that party and such party is not entitled to any further notice of the proceeding.

      DATED at Toronto this 24^th day of March, 2008.





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TO:	BIOVAIL CORPORATION
	c/o Larry P. Lowenstein
	Osler, Hoskin & Harcourt LLP
	1 First Canadian Place
	P.O. Box 50, Stn. 1st Can. Place
	Toronto, ON, M5X 1B8
	Tel: (416) 862-6454
	Fax: (416) 862-6666
	Email: llowenstein@osler.com
AND TO:	EUGENE N. MELNYK
	c/o Kent Thomson
	Davies Ward Phillips & Vineberg LLP
	44th Floor
	1 First Canadian Place
	Toronto ON M5X 1B1
	Tel: (416) 863 5566
	Fax: (416) 863 0871
	Email: kentthomson@dwpv.com
AND TO:	BRIAN H. CROMBIE
	c/o Paul Le Vay
	Stockwoods LLP
	The Sun Life Tower
	2512-150 King St. W.
	Toronto, ON M5H 1J9
	Tel: (416) 593-2493
	Fax: (416) 593-9345
	Email: paullv@stockwoods.ca
AND TO:	JOHN R. MISZUK
	c/o Wendy Berman
	Heenan Blaikie LLP
	2600-200 Bay Street
	South Tower
	Royal Bank Tower
	Toronto, ON M5J 2J4
	Tel: (416) 360-3548
	Fax: (416) 360-8425
	Email: wberman@heenan.ca
AND TO:	KENNETH G. HOWLING
	c/o Joel Wiesenfeld
	Torys LLP
	Suite 3000
	79 Wellington St. W., TD Centre
	PO Box 270, Stn., Toronto Dom.
	Toronto, ON, M5K 1N2
	Tel: (416) 865-8160
	Fax: (416) 865-7380
	Email: jwiesenfeld@torys.com