Biovail to spin off older drugs, start new pharma co.

Toronto-based Biovail has decided to spin off its legacy products, including Tiazac for hypertension and the anxiety drug Ativan, which reaped $137 million in revenue over the last 12 months. Those legacy drugs have lost their patent protection and are worth less with each passing year. If its spin-off is successful, Biovail will create Crystaal Pharmaceuticals, which will be responsible for acquiring new products. Biovail will start recruiting for Crystaal in coming months. Biovail also announced that it would pay a dividend for the first time.

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