Canada's Biovail has slashed its revolving line of credit by 37.5 percent, part of the company's strategy to wipe out its dependence on debt. Biovail spent $280 million to clear its line of credit last year and more than $66 million to reduce long-term debt. Biovail also has $230 million in cash on hand compared to $100 million last February.
- read this article from The Globe and Mail for more on Biovail
PLUS: The FDA has approved Biovail's formulation of zolpidem tartrate for insomnia. Story