Biovail founder Melnyk sells his remaining stake

Biovail founder Eugene Melnyk (photo) has sold off virtually his entire remaining stake in the drug developer, picking up around $150 million as he closes a final chapter on his turbulent relationship with the company.

Biovail shares have been on the rise recently, but they've lost close to half of their value since Melnyk stepped down about three years ago. His departure was triggered by security fraud allegations and claims of improper marketing efforts. Bloomberg reports that Melnyk dumped 9.64 million shares in Biovail over the past four months.

Melnyk had scrapped repeatedly with Biovail management in recent years, angrily questioning the company's strategic direction. Biovail first beat Melnyk after he launched a proxy fight in 2008, then agreed to some of his proposals in 2009. "I'm giving them a year to progress and we'll see where we are," he told Dow Jones last spring, when he held an 11 percent stake in the company. 

- read the Bloomberg story
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