Biovail settles U.S. Cardizem deal charges

TORONTO, May 16 (Reuters) - Canadian drug maker Biovail Corp (BVF.TO: Quote, Profile, Research) said on Friday that a subsidiary has reached a settlement with the U.S. Department of Justice related to the launch of its Cardizem LA treatment.

It said the settlement eliminates any criminal liability and allows the company to do business in the United States.

The Canadian drugmaker said the unit would plead guilty to charges it made payments to induce purchasing or ordering of Cardizem, and would pay $24.6 million to settle the case. (Reporting by Jonathan Spicer; Editing by Peter Galloway)