Biovail building cash reserves, reduces debt

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