Biovail Cutting 440 Jobs as Kos Acquires Most U.S. Operations

Biovail is cutting about 440 jobs, or 20 per cent of its workforce, after selling U.S. commercial operations and product lines to Kos Pharmaceuticals of Cranbury, N.J. The Toronto-based drugmaker also announced Tuesday it will revise its earnings guidance while Kos will offer jobs to about 200 of Biovail's staff in the U.S. group. Biovail said Kos will pay Biovail $104 million related to the sale of its Teveten blood-pressure products, a Cardizem LA supply agreement and other items.

Yahoo News (http://news.yahoo.com/news?tmpl=story&u=/cpress/20050503/ca_pr_on_bu/biovail_3)