Biovail Corp. International, Forest Laboratories deal

BVF will supply its just approved Tiazac once-daily extended release formulation of ditiazem to Forest for 16 years (see Regulatory, page B4). BVF (Toronto) will manufacture the calcium channel blocker for hypertension and receive royalties on sales. The companies have agreed to enter into product development agreements covering North America. Forest plans to start marketing in the first quarter next year.

Forest made a cash tender offer for 1.8 million shares of BVF stock - about 20 percent of BVF's fully diluted shares outstanding - at $42 per share. The transaction is expected to close within 45 days. ...