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June 16, 2008 William Wells Chief Executive Officer Biovail Corporation 7150 Mississauga Road Mississauga, Ontario l5N 8M5 Dear Mr. Wells:
I am writing to suggest a live, face-to-face debate between the two of us either Wednesday or Thursday of this week.
Biovail shareholders have an important decision to make in this upcoming proxy contest. It is a choice between you and your current board and the board slate proposed by the Concerned Shareholders and it revolves around two central issues:
-- which board slate has the stronger qualifications to rebuild value for Biovail shareholders, and -- which board slate has the better strategic plan to achieve that goal?
I propose that we allow shareholders to hear from the company's current CEO and the proposed CEO (me) and decide for themselves.
Howard Green of ROBTV has agreed to moderate the debate. If for some reason, he is unacceptable to you, we would agree to have it moderated by a respected financial journalist who is mutually acceptable to both of us. I am also willing to have it held at any location of your choosing should that be necessary. It would also be broadcast live over the Internet, unedited and in real time.
The Concerned Shareholders will pay for all production and related costs. The debate would be broadcast real-time as streaming video on our web site, and we would provide streaming video for you to broadcast simultaneously at www.biovail.com. Both parties would be free to provide archived re-broadcast of the debate, with the understanding that neither party would edit the debate video for archived rebroadcast.
I propose that the debate last for 60 minutes, and that we adopt a format similar to one used in many political debates, but slightly modified due to the technical nature of the pharmaceutical Industry: the journalist/moderator would prepare three questions, to be asked of both of us and each of us would ask three questions of the other. We would be given three minutes maximum to answer each question; the other person would have three minutes to respond and then each party would have one minute for rebuttal to the other party's responses. We would alternate "first answers" so that both parties would have equal opportunity. Each party would also be given 3 minutes for a final closing statement. We could use coin flips to determine which party would be the "first-answerer" of the first question, and to determine which party has the right to decide whether to be the first or second person to deliver the closing statement.
I believe having this information is critical to our shareholders deciding which slate they should vote for at the upcoming Annual General Meeting on June 25, 2008.
As mentioned previously, given the limited time available, I propose that the debate be conducted on June 18 or June 19. I am willing to modify my schedule to meet whatever time restrictions you might face.
I hope that you will accept this invitation to debate. I believe the shareholders of Biovail deserve no less than to hear directly from the two of us -- unfiltered by lawyers, consultants, and spin doctors, to help them decide who is better qualified to lead the company forward after the June 25 AGM. Given the time required to make arrangements, I request that you respond to this invitation no later than 12:00 noon EDT on Tuesday, June 17.
Sincerely, Bruce Brydon
SOURCE Bruce Brydon
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