Canada's Biovail offered a bullish assessment of its future prospects to a gathering of analysts yesterday and suggested that the biotech may spin off its legacy products into a separate company or income trust. Those products would include the company's compounds that now face generic competition, which triggers a rapid fall in revenue. Biovail recently slashed its US presence, selling much of it to Kos Pharmaceuticals for $104 million. That deal leaves the company better prepared to develop new products needed to take the place of its older drugs, like Wellbutrin XL, as generic competitors take the field, says Biovail CEO Douglas Squires.
- read this report from the National Post for more