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