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Biovail tenders for $56.6 million of 7 7/8% notes
New York, May 25 - Biovail Corp. said it has begun an asset-sale tender offer for up to $56.6 million of its 7 7/8% senior subordinated notes due April 1, 2010.
The Toronto-based specialty pharmaceutical company is offering par plus accrued interest.
Expiration is 5 p.m. ET on June 26.
Funding for the offer will come from the net proceeds of the sale of Biovail's product rights and inventories related to Teveten and Teveten HCT to Kos Pharmaceuticals, Inc. in May 2005.
If more than $56.6 million of the notes are tendered, the securities will be bought on a pro-rate basis.
The depositary for the offer is Computershare Trust Co., Inc.
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