Melnyk outlines $100M blueprint for new developer

Fresh from losing an insurgent attack aimed at winning back control of Biovail, the Canadian entrepreneur says he plans to invest $50 million to $100 million of his own money to start a new R&D focused development company--Trimel Pharmaceuticals. But first he faces a looming court fight over the bitter Biovail dispute.

Trimel will be a "nimble, R&D-focused pharmaceutical company" that will "capitalize on new technologies and new regulatory environments emerging in Canada and the U.S.," he told reporters. And Melnyk said that Bruce Brydon would be his new CEO. First though, comes a court fight over Melnyk's failed tactics to win control of Biovail. In the meantime, Biovail says it plans to focus on the development of new therapies for CNS diseases.

- read the report from the Globe and Mail