Eugene Melnyk
| Eugene Melnyk | |
|---|---|
| Born |
May 27, 1959 Toronto, Ontario, Canada |
| Residence | Barbados |
| Occupation | Businessman, sports team owner, racehorse owner |
| Known for | Founder Biovail Corporation, Owner Ottawa Senators, Thoroughbred Horse Breeder, Philanthropist, Entrepreneur |
| Board member of | Ottawa Senators, Thoroughbred Owners and Breeders Association, Advisory Council of Ukrainian Canadian Congress |
| Awards |
|
Sovereign Award, Breeder of the Year (2009) Sovereign Award, Older Female of the Year (Roxy Gap) (2012) Sovereign Award, Female Sprinter of the Year (Roxy Gap) (2012)
Eugene Melnyk (born May 27, 1959) is a Ukrainian Canadian businessman who has resided in Barbados since February 1991. He is the current and sole owner, governor, and chairman of the Ottawa Senators professional ice hockey franchise of the National Hockey League (NHL). He is the founder, former chairman and CEO of Biovail Corporation which was acquired by Valeant Pharmaceuticals. Canadian Business magazine ranked Melnyk 77th with a net worth of $1 billion on its 2014 list of Canada's 100 wealthiest people. He is also one of the richest residents of Barbados, where he now lives.
In 1982, Melnyk founded medical publishing company Trimel Corporation, which was sold to Thomson Publications (part of The Thomson Corporation) in 1989. Melnyk then founded Biovail Corporation, a specialty pharmaceutical company, in 1989. During his time as chairman and CEO of Biovail, revenues grew from $19 million in 1995 to $1.067 billion in 2006. One of Biovail's strategies was to look for drugs with expired patents, then reinvent them with the company's proprietary technologies. One example was producing drugs that had controlled-release features that let patients take the drug once a day instead of several times. Melnyk retired from his position as chairman and CEO of Biovail on June 30, 2007.
In 2003 a Biovail trucking accident destroyed a shipment of drugs, and Biovail executives overestimated the loss. When the actual earnings were released, the loss was much lower and earnings were positive. This caused shareholder frustration and legal actions. In the Ontario Securities Commission complex decision in 2010, the panel ruled Melnyk didn't breach any specific securities rules because the information in the press release was not misleading "in a material respect." But it concluded his actions were still "contrary to the public interest", which is a broad and open-ended violation that does not require a finding of guilt on any specific securities law.
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