Chutes & Ladders: Biovail's Melnyk to step down amid SEC probe

Biovail Chairman Eugene Melnyk says he will be stepping down from the drug developer's board in June. The move comes soon after he failed to reach a settlement with Canadian regulators who have been investigating insider trading allegations linked to his sale of $1.3 billion in Biovail stock between 2002 and 2004. Yesterday, the company also received notice from the SEC of its probe related to the company's financial transactions. Melnyk, for his part, has denied controlling the activities of the offshore trusts that handled the stock sales. Biovail's focus is on CNS, pain and cardiovascular disease.

- here's the report from the Ottawa Business Journal

Suggested Articles

Monte Rosa Therapeutics raised $96 million to ramp up its pipeline of "molecular glue"

Silverback Therapeutics reeled in $85 million to advance its lead antibody-drug conjugate through the clinic and develop its earlier-stage pipeline.

The reported requirements suggest a company is unlikely to have the data needed to support an EUA before the election in six weeks.