Valeant, based in Aliso Viejo, Calif., sells treatments for chronic illnesses and generic drugs. A few years ago, Biovail was tainted by multiple accounting scandals and sliding sales. The company has settled allegations that it manipulated its financial results and paid doctors to prescribe its blood pressure drug Cardizem LA. It is also shifting its focus toward the development of drugs for disorders of the central nervous system. Biovail's founder and Chairman and CEO Eugene Melnyk left the company in 2007 after the company was accused of accounting fraud. Biovail settled the allegations by making payments to the Securities and Exchange Commission in the U.S. and the Ontario Securities Commission in Canada. A case against three former Biovail executives, including Melnyk, is still in court. Sales of Wellbutrin XL started to decline sharply in 2007 after generic competition reached the market.