Following shareholder approval, Biovail and Valeant Pharmaceuticals have merged to become Canada’s largest pharmaceutical company.

The new company will trade under the name Valeant Pharmaceuticals and focus on speciality neurology, dermatology and branded generics.

Ahead of the vote, Biovail founder Eugene Melnyk raised concerns over the transaction, labelling the merger as nothing more than financial engineering.

“By entering into this strictly financially driven transaction, the management of Biovail and Valeant can engineer their balance sheet and income statement and hide the fact that their strategy has not and will not be successful and that they will no longer be accountable for the misguided course upon which they embarked,” Melnyk said.

Melnyk stepped down as chairman and chief executive in 2007 before a failed attempt to overthrow the board in a proxy contest because of objections to the company’s new speciality neurology strategy, which he labelled as “pharmaceutical suicide.”

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By GlobalData