6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

April 2, 2008

Commission File Number 001-14956

BIOVAIL CORPORATION

(Translation of Registrant’s name into English)

7150 Mississauga Road, Mississauga, Ontario, CANADA, L5N 8M5

(Address of principal executive office and zip code)

Registrant’s telephone number, including area code: (905) 286-3000

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F x Form 40-F o

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).

Yes o No x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).

Yes o No x

Indicate by check mark whether by furnishing the information contained in this form the registrant is also hereby furnishing the information to the Commission pursuant to Rule 12g 3-2(b) under the Securities Exchange Act of 1934.

Yes o No x

BIOVAIL CORPORATION

This Report of Foreign Private Issuer on Form 6-K is incorporated by reference into the registration statements on Form S-8 (Registration Nos. 333-92229 and 333-138697) of Biovail Corporation.

INDEX

Exhibit 99.1Material Change Report dated April 2, 2008

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		Biovail Corporation
Date:	April 2, 2008	By:	/ s / Jennifer Tindale
			Jennifer Tindale
			Vice President &
			Associate General Counsel

i

EX-99.1

Exhibit 99.1

MATERIAL CHANGE REPORT

FORM 51-102F3

ITEM 1:NAME AND ADDRESS OF COMPANY

Biovail Corporation

7150 Mississauga Road

Mississauga Ontario L5N 8M5

ITEM 2:DATE OF MATERIAL CHANGE

March 24, 2008

ITEM 3:NEWS RELEASE

The news release attached hereto as Exhibit “A” was issued by Biovail Corporation (“Biovail” or the “Company”) on March 24, 2008. The press release was distributed in Canada and the United States through Business Wire and was filed with the Toronto Stock Exchange and with each of the Canadian provincial securities regulatory authorities via SEDAR. The release has been filed as part of the Company’s Form 6-K via EDGAR with the U.S. Securities and Exchange Commission (“SEC”) and the New York Stock Exchange. A copy of the press release was posted to the Company’s website at www.biovail.com.

ITEM 4:SUMMARY OF MATERIAL CHANGE

Biovail announced that it reached a settlement with the SEC in connection with its investigation of the Company and certain current and former officers and provided an update with respect to the investigation by the Ontario Securities Commission (“OSC”).

ITEM 5:FULL DESCRIPTION OF MATERIAL CHANGE

The Company announced that it had reached a settlement with the SEC in respect of an investigation of the Company and certain current and former officers. The investigation related to specific accounting and financial disclosure practices, that occurred between 2001 and 2003 and resulted in a civil complaint filed by the SEC on March 24, 2008 (the “Complaint”). The Company further announced that it had entered into a Consent Decree with the SEC, in which the Company has not admitted to the civil charges contained in the Complaint, but has agreed to pay $10 million to fully settle the matter. As part of the settlement, the Company has also agreed to an examination of its accounting and related functions by an independent consultant. The Complaint is available on the SEC’s website at www.sec.gov.

The settlement does not include four individuals who were also named in the Complaint, including two of the Company’s former officers, Eugene Melnyk (then Chairman and Chief Executive Officer) and Brian Crombie (then Chief Financial Officer), and two of its current officers, Kenneth Howling (then responsible for Corporate Communications, and Chief Financial Officer at the time the Complaint was filed) and John Miszuk (then Vice-President, Controller and Assistant Corporate Secretary, the position he also held at the time the Complaint was filed). The allegations against these individuals have not been resolved.

Mr. Howling and Mr. Miszuk have been reassigned to different non-officer positions within the Company.

Adrian de Saldanha, Biovail’s Vice-President, Finance and Treasurer, has been appointed interim CFO. Mr. de Saldanha is a Chartered Accountant who joined the Company in 2001.

With respect to the previously disclosed investigation by the OSC, the Company confirmed that the OSC had issued a notice of hearing dated March 24, 2008 (the “Notice of Hearing”) against it and the four individuals referred to above in respect of substantially the same matters as are described in the Complaint. The Notice of Hearing was accompanied by a statement of allegations (the “Statement of Allegations”) setting out OSC Staff’s allegations concerning certain accounting and disclosure items dating from 2001 to 2003. The Notice of Hearing and Statement of Allegations are available on the OSC’s website at www.osc.gov.on.ca. The timing of a hearing has not been determined.

ITEM 6:RELIANCE ON SUBSECTION 7.1(2) OR (3) OF NATIONAL INSTRUMENT 51-102

Not applicable.

ITEM 7:OMITTED INFORMATION

Not applicable.

ITEM 8:EXECUTIVE OFFICER

For further information, contact Nelson Isabel at 905-286-3250.

ITEM 9:DATE OF REPORT

April 2, 2008.

Exhibit “A”

CONTACT: Nelson F. Isabel

Vice-President, Investor Relations and Corporate Communications

 (905) 286-3000

For Immediate Release:

BIOVAIL REACHES SETTLEMENT WITH SEC,

PROVIDES UPDATE ON OSC INVESTIGATION

TORONTO, Canada, March 24, 2008 – Biovail Corporation (NYSE, TSX: BVF) today announced it has reached a settlement with the U.S. Securities and Exchange Commission (SEC) in respect of an investigation of the Company and certain current and former officers.

The investigation related to specific accounting and financial disclosure practices, as previously disclosed, that occurred between 2001 and 2003 and resulted in a civil complaint filed by the SEC today. Biovail has entered into a Consent Decree with the SEC in which the Company has not admitted to the civil charges contained in the complaint but has agreed to pay $10 million to fully settle the matter. As part of the settlement, the Company has also agreed to an examination of its accounting and related functions by an independent consultant. The complaint is available on the SEC’s website at www.sec.gov.

The settlement does not include four individuals who were also named in the complaint, including two of the Company’s former officers, Eugene Melnyk (then Chairman and Chief Executive Officer) and Brian Crombie (then Chief Financial Officer), and two of its current officers, Kenneth Howling (then responsible for Corporate Communications, and current Chief Financial Officer) and John Miszuk (Vice-President, Controller and Assistant Corporate Secretary). The allegations against these individuals have not been resolved.

Mr. Howling and Mr. Miszuk are being reassigned to different non-officer positions within the Company.

Adrian de Saldanha, Biovail’s Vice-President, Finance and Treasurer, has been appointed interim CFO. Mr. de Saldanha is a Chartered Accountant who joined the Company in 2001.

With respect to the previously disclosed investigation by the Ontario Securities Commission (OSC), the Company today confirmed that the OSC has issued a Notice of Hearing against it and the four individuals referred to above in respect of substantially the same matters as are described in the SEC complaint. The Notice of Hearing was accompanied by a Statement of Allegations setting out OSC Staff’s allegations concerning certain accounting and disclosure items dating from 2001 to 2003. The Notice of Hearing and Statement of Allegations are available on the OSC’s website at www.osc.gov.on.ca. The timing of a hearing has not been determined.

The Company will not be commenting further on these matters at this time.

About Biovail Corporation

Biovail Corporation is a specialty pharmaceutical company, engaged in the formulation, clinical testing, registration, manufacture, and commercialization of pharmaceutical products utilizing advanced drug-delivery technologies. For more information about Biovail, visit the Company’s website at www.biovail.com.