Melnyk switches focus to new company

Eugene Melnyk's decision to back away from his showdown with Biovail's management team lays the stage for him to start a new company--Trimel Biopharma. Melnyk has described the business model for the soon-to-be developer as a "nimble, R&D-focused pharmaceutical company" that will "capitalize on new technologies and new regulatory environments emerging in Canada and the U.S." And he's promised to back the company with millions of his own dollars.

Trimel will be charged with doing everything Melnyk couldn't force Biovail to do, including "difficult to manufacture" generics along with the acquisition of new products and new technologies.

- read the story from the Globe & Mail