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                                                                         Ex 10.2

                                         [***] TEXT OMITTED AND FILED SEPARATELY
                                                CONFIDENTIAL TREATMENT REQUESTED

                                    EXHIBIT 2

                                LICENSE AGREEMENT

      THIS AGREEMENT effective this 29TH day of MAY (month), 1998 (year) by and
between DOV PHARMACEUTICAL, INCORPORATED, a corporation organized and existing
under the laws of the New Jersey, having its registered offices at 1 Parker
Plaza, Suite 1500, Fort Lee, New Jersey 07024, (hereinafter DOV) and AMERICAN
CYANAMID COMPANY, a corporation organized under the laws of the State of Maine,
U.S.A., having its principal place of business at 5 Giralda Farms, Madison, New
Jersey 07940, U.S.A., (hereinafter ACY).

                                   WITNESSETH:

      WHEREAS, ACY possesses industrial property rights relating to the chemical
compounds listed in Schedule 1 attached hereto and made a part hereof and to
pharmaceutical products to be processed from the aforesaid compound.

      WHEREAS, ACY designates Wyeth-Ayerst Laboratories, an Affiliate of ACY,
with principal offices at 555 E. Lancaster Avenue, St. Davids, Pennsylvania
19087, U.S.A., as the correspondent and contact for day-to-day business
regarding the compounds that appear in Schedule 1. All correspondence and
contacts shall be with Wyeth-Ayerst Laboratories.

      WHEREAS, DOV is interested to develop as well as manufacture, have
manufactured by, use, and sell pharmaceutical products containing CL 220,075, CL
216,303, CL 285,489, CL 273,547 worldwide under licenses which ACY is willing to
grant.

      NOW, THEREFORE, in consideration of the premises and the mutual covenants
and agreements set forth herein, the parties hereto agree as follows:

ARTICLE 1.0 DEFINITIONS

1.1   "Effective Date" means the date upon which this License Agreement is
      executed by both parties.

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1.2   "Product" means any one, or all, of the compounds listed in Schedule 1, as
      elected by DOV pursuant to the Option Agreement of May 22, 1997.

1.3   "Marketed Product" means the pharmaceutical preparation in finished form
      containing Product suitable for human administration, whether alone or in
      combination with other active ingredients.

1.4   "ACY Patents" means all patents, certificates of invention, and
      applications covering the Product. Such ACY Patents are listed in Exhibit
      A of this License Agreement.

1.5   "ACY Know-How" means all information, patentable or otherwise, developed,
      applied, or acquired by ACY as of the Effective Date of the Option
      Agreement relating to the production or development of the Product which
      is reasonably useful or necessary to develop or manufacture Product.

1.6   "ACY's Place of Payment" means 555 East Lancaster Ave., St Davids
      Pennsylvania 19087.

1.7   "Affiliate" means with respect to a party, any other business entity which
      directly or indirectly controls, is controlled by, or is under common
      control with, such party. A business entity or party shall be regarded as
      in control of another business entity if it owns, or directly or
      indirectly controls, at least fifty percent (50%) of the voting stock or
      other ownership interest of the other business entity, or if it directly
      or indirectly

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      possesses the power to direct or cause the direction of the management and
      policies of the other business entity by any means whatsoever.

1.8   "Net Sales" shall mean the gross amount invoiced for the Marketed Product
      sold by DOV or its Affiliate or their sublicensee, less:

      (i)   transportation charges or allowances, if any, included in such
            price;

      (ii)  trade, quantity or cash discounts, service allowances and broker's
            or agent's commissions, if any, allowed or paid;

      (iii) credits or allowances, if any, given or made on account of price
            adjustments, returns, bad debts, off-invoice promotional discounts,
            rebates, and any all Federal, state or local government rebates
            whether in existence now or enacted at any time during the term of
            the Agreement (e.g., HCFA or Medicaid rebates), rejections, recalls
            or Specialty destruction requested or made by an appropriate
            government agency; and

      (iv)  any tax, excise or governmental charge upon or measured by the sale,
            transportation, delivery or use of the Marketed Product; provided
            that Net Sales shall in no event be less than [***] % of Gross
            Sales.

1.9   "Territory" means all countries of the world.

1.10  "Scheduled Payments" means those lump sums payable at the time of the
      achievement of specific developmental activities during the development
      period through actual commercial introduction of a Product following
      regulatory approval.

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      material has been separately filed with the Securities and Exchange
      Commission.

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1.11  As used in this License Agreement, the singular includes the plural and
      the plural includes the singular, wherever appropriate by fact or by
      context.

ARTICLE 2.0 LICENSE GRANT

2.1   As of the Effective Date of this License Agreement, ACY hereby grants DOV
      an exclusive license under ACY Patents .and ACY Know-How to make, have
      made, use, and/or sell Marketed Product in the Territory.

2.2   Subject to ACY's right of first refusal provided for in Article 4.0, and
      the provisions in Article 5.0, DOV shall have the right to grant
      sublicenses under the License provided for in Article 2.1.

ARTICLE 3.0 DEVELOPMENTAL ACTIVITIES

3.1   While this Agreement is in effect, DOV shall use reasonable efforts to
      develop and commercialize the Product, either through itself or through a
      third party commercial partner. Such activities include negotiating the
      terms of a sublicense agreement with a third party.

3.2   DOV may disclose unpublished ACY Patents and ACY Know-How to a third
      party, bound under an obligation of confidentiality which is substantially
      the same as the obligation provided for in Article 7 of this License
      Agreement, to the extent

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      necessary to negotiate a sublicense, and thereafter to develop and
      commercialize the Product.

3.3   On a quarterly basis, DOV shall provide ACY with a written report
      outlining its developmental activities during that quarter.

ARTICLE 4.0 ACY RIGHT OF FIRST REFUSAL

4.1   Prior to its entering into a sublicense agreement with a third party with
      respect to Product, DOV shall present, in writing, to ACY the BONA FIDE
      proposed terms and conditions of said sublicense agreement. Following
      receipt by ACY of said terms and conditions, ACY shall have sixty (60)
      days to notify DOV if it intends to enter into a development agreement
      with DOV, the terms of which would exceed those proposed by a third party
      by [***] % relative to Scheduled Payments and royalties. So as to permit
      ACY to reach such decision, DOV shall provide to ACY all relevant data and
      information regarding Product available to DOV, simultaneously with its
      providing to ACY the terms and conditions offered by the said third party.

4.2   Upon ACY's providing DOV with notification of its intent to enter into an
      agreement with DOV pursuant to Article 4.1, the parties will promptly
      negotiate said agreement embodying ACY's offer under Article 4.1 and this
      License Agreement shall terminate upon the effective date of said
      agreement, solely with regard to the Product(s) elected by ACY under
      Article 4.1 and contained in said agreement.

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      material has been separately filed with the Securities and Exchange
      Commission.

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4.3   If ACY does not notify DOV of its intention to enter into an agreement
      with DOV pursuant to Articles 4.1 and 4.2, hereinabove, within the agreed
      upon period, DOV shall be free to enter into a sublicense agreement with
      the third party under the terms presented to ACY, or better.

4.4   In the event that DOV files a New Drug Application (NDA) in the USA, or a
      foreign equivalent thereof in Europe or Japan, but has not yet entered
      into a license agreement with a third party for Product, DOV shall provide
      ACY with a copy of the NDA ( or the foreign equivalent thereof as filed
      together with its English translation) for evaluation by ACY. If ACY shall
      express an interest in marketing the Product, then the parties shall enter
      into good faith negotiations relating to the possibility of ACY's
      obtaining marketing rights to the Product.

ARTICLE 5.0 SUBLICENSE AGREEMENTS

5.1   If DOV grants a sublicense to a third party with regard to Product under
      this Agreement, such sublicense agreement shall provide for DOV to receive
      Scheduled Payments and royalty payments based on Net Sales of Marketed
      Product.

ARTICLE 6.0 PAYMENTS

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6.1   Within thirty (30) days after the Effective Date of the License Agreement,
      DOV shall pay ACY the fee as indicated below in this paragraph 6.1 for
      exercising its Option rights with regard to each Product. Such fee shall
      be non-refundable and non-creditable against any other payments due ACY
      pursuant to this Agreement:

      Bicifadine, CL 220,075        [***]
      CL 216,303                    [***]
      CL 285,489                    [***]
      CL 273,547                    [***]

6.2   If DOV enters into a sublicense agreement with a third party before the
      filing of an NDA (or the foreign equivalent thereof in Europe or Japan)
      for a Product, DOV shall, subject to the minimum conditions set forth in
      paragraph 6.4 of this Agreement, pay ACY during the term of this Agreement
      35% of all remuneration, excluding all adequately documented future
      research and development payments, whether tangible or intangible,
      including all Scheduled Payments within 30 days of receipt by DOV from
      such sublicensee and one-third of all other royalties and profits, whether
      tangible or intangible, within 30 days of receipt by DOV derived from the
      final sale to the trade of Marketed Product by DOV or its sublicensee, as
      the case may be.

6.3   If DOV enters into a sublicense agreement with a third party after the
      filing of an NDA (or the foreign equivalent thereof in Europe or Japan)
      for a Product, DOV shall, subject to the minimum conditions set forth in
      paragraph 6.4 of this Agreement, pay ACY during the term of this Agreement
      25% of all remuneration, whether tangible or intangible,

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      material has been separately filed with the Securities and Exchange
      Commission.

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      including Scheduled Payments within 30 days of receipt by DOV from such
      sublicensee, and 25% of all other royalties and profits, whether tangible
      or intangible, within 30 days of receipt by DOV derived from the final
      sale to the trade of Marketed Product by DOV or its sublicensee, as the
      case may be.

6.4   Notwithstanding any other provision of this Agreement, ACY shall in no
      event receive Scheduled Payments and once the Product has been
      commercialized, royalties on sales of Marketed Product to the trade by DOV
      or its third-party sublicense with respect to each Product listed in
      Schedule 1 less than the amount below indicated in this paragraph. The
      Scheduled Payments due ACY for each of the Schedule 1 compounds shall be
      paid pursuant to the 30-day period specified in paragraphs 6.2 and 6.3 if
      received by DOV from third parties; but in the event that DOV achieves the
      filing of an NDA, or its equivalent in the United States, Europe, or Japan
      for a Product without assistance of a third party, DOV shall remit to ACY
      the aggregate minimum Scheduled Payments set forth below no later than 30
      days following the achievement of such Regulatory filing.

     Aggregate Minimum Scheduled                         Minimum Royalty Due ACY
     Payment for each Product due ACY                    on Net Sales
     --------------------------------                    -----------------------

     Bicifadine, CL 220,075             $5.0 Million             4.5%
     CL 216,303                         $2.5 Million             2.5%
     CL 285,489                         $2.5 Million             2.5%
     CL 273,547                         $2.5 Million             2.5%

      Provided however if marketing exclusivity in any country of the Territory
      is lost to DOV or its sublicensee prior to the expiration of this
      Agreement in such country, the parties shall meet to discuss whether any
      modification to these terms is appropriate.

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6.5   DOV shall keep and shall obligate its sublicensees to keep accurate and
      complete records of all sales of Product and Marketed Product in
      accordance with generally accepted accounting principles and practices. In
      any agreement between DOV and a third party, DOV shall obligate such third
      party to allow routine audits by ACY of such third party records relating
      to Products and Marketed Products. ACY may conduct, at its own expense, at
      reasonable times during normal business hours, through an accountant
      designated by ACY and acceptable to DOV (and its sublicensees as
      appropriate), an audit of the accounts contemplated above, as well as any
      supporting instruments and documents, and may make copies of and extracts
      from such records for the sole purpose of ascertaining or verifying the
      correctness of the amounts remitted by DOV hereunder. Results in the form
      of a report of such audit, which can be requested at any time during the
      term of the Agreement and up to five (5) years following its termination
      or expiration, but not more than one time per calendar year, shall be made
      available by ACY to DOV. Should such audit reveal any discrepancies
      between reports made by DOV or its sublicensees and the audit exceeding 5%
      (five percent) in favor of DOV, then DOV shall pay in full the costs of
      such audit requested by ACY; otherwise, ACY shall bear the costs in full
      for the audit of the records of DOV, its Affiliates, or its sublicensees.

6.6   Royalty payments shall be due within the shorter period of thirty (30)
      days following receipt thereof by DOV or sixty (60) days of the end of
      each calendar quarter on Net Sales made in that quarter and shall be paid
      at ACY's Place of Payment. Royalties shall accrue in the currency of the
      country in which the sale of Marketed Product is made,

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      and if different from U. S. dollars shall be converted into such currency
      using the exchange rate appearing in the WALL STREET JOURNAL applicable
      for the last day of the calendar quarter during which the royalties
      accrued.

6.7   All taxes, assessments, fees and charges, if any, levied under income tax
      laws or regulations with respect to payments due ACY hereunder shall be
      for the account of ACY and if required by law to be withheld and paid to
      the applicable jurisdiction, will be deducted by DOV from such payments
      due to ACY. Receipts for all such deducted taxes, assessments, fees and
      charges paid by DOV to the taxing authorities will be secured by DOV and
      sent to ACY.

6.8   In case of any delay in payment by DOV to ACY not occasioned by force
      majeure, interest at the rate of 1% (one percent) per month, assessed from
      the thirty-first day after the due date of the said payment, shall be due
      ACY without any special notice.

ARTICLE 7.0 CONFIDENTIALITY

7.1   If during the performance of this Agreement, one party hereto wishes to
      disclose information to another which it considers confidential, and if
      the receiving party is willing to accept such information, then such
      information may not be subsequently disclosed by the receiving party to a
      third party, other than as provided in this Agreement, without the written
      permission of the disclosing party. The parties to this Agreement agree to
      hold in confidence all information and all knowledge, know-how, practices,

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      process, or other information disclosed or submitted in writing or in
      other tangible form which is considered to be confidential for a period of
      five (5) years from the date of such disclosure, except:

      (a)   information, which at the time of disclosure, is in the public
            domain;

      (b)   information, which after disclosure, is published or otherwise
            becomes part of the public domain through no fault of the receiving
            party;

      (c)   information which was in the possession of the receiving party at
            the time of disclosure;

      (d)   information which is developed by or on behalf of the receiving
            party independently of any disclosure to them by the disclosing
            party hereunder; or

      (e)   information which is provided to the receiving party by a third
            party with the right to so provide.

ARTICLE 8.0 ADVERSE EXPERIENCE

8.1   DOV shall keep (and DOV shall cause its sublicensees to keep under terms
      and conditions equal to those set forth in this Article 8) ACY during the
      term of this

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      Agreement, promptly and fully informed of all pharmaceutical,
      toxicological and clinical findings relating to adverse experience of the
      Product and Marketed Product.

8.2   DOV undertakes to notify ACY promptly with written confirmation by
      immediate telecopy of any information concerning any serious adverse event
      as defined by C.I.O.M.S. or the F.D.A. or by the Ministry of Health &
      Welfare in Japan, as applicable, reasonably associated with clinical
      studies or attributed to the use or application of the Product and
      Marketed Product. In any event the above notification shall be made within
      two working days after DOV should first learn or be advised of all
      relevant information with respect to such adverse event.

8.3   DOV shall also forward regularly (and usually every six months unless the
      parties agree on another period) to ACY any information on all other
      adverse effects or any difficulty associated with the clinical use,
      studies, investigations, tests and prescription of the Product.

8.4   DOV shall provide upon request the information on patient exposure:
      estimated patient-days of exposure.

8.5   DOV shall inform ACY without delay, of any governmental action,
      correspondence or reports to or from governmental authorities which may
      affect the situation of the Product and furnish ACY with copies of any
      relevant documents relating thereto.

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ARTICLE 9.0 REPRESENTATIONS AND WARRANTIES

9.1   ACY hereby represents and warrants that it has the right to grant DOV the
      license under Article 2 of this Agreement, and that ACY is not aware of
      any lawsuit, opposition or action of any kind questioning or contesting
      the validity of the Patents. Notwithstanding the foregoing, ACY makes no
      other warranties, expressed or implied, and ACY does not warrant, nor does
      it entitle any agent, officer, employee or representative of ACY to
      warrant validity, enforceability, efficacy, merchantability, fitness for a
      particular purpose or otherwise with respect to any Product, Marketed
      Product or ACY Patent as the case may be.

9.2   DOV hereby represents and warrants that the minimum financial criterion
      established according to the Option Agreement of May 22, 1997, has been
      met.

9.3   DOV is fully cognizant of Good Laboratory Practices ("GLP") and Good
      Manufacturing Practices ("GMP") and shall manufacture or have manufactured
      Product and Marketed Product in a manner which fully complies with GLP and
      GMP.

ARTICLE 10.0 INDEMNIFICATION, LIABILITY AND INSURANCE

10.1  DOV shall at all times during the term of this Agreement, and thereafter,
      indemnify, defend and hold ACY and all its Affiliates and their respective
      directors, officers, partners, employees, servants and agents harmless
      from and against any and all claims

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      and expenses, including without limitation legal expenses, court costs,
      and reasonable attorney's fees, arising out of or relating to the death of
      or actual or alleged injury to any person(s) or damage to third parties
      property, and from and against any other claim, proceeding, demand,
      expense, cost and liability of any kind whatsoever (collectively
      "liabilities") resulting from, arising out of or related to Product or
      Marketed Product.

10.2  DOV shall take all necessary steps, at its own costs, and shall so
      obligate its sublicensee to properly maintain insurance policies to cover
      all liabilities to any third party which might be incurred, directly or
      indirectly as a result of its participation in the performance of the
      Agreement.

10.3  DOV shall maintain (and shall cause its sublicensee to maintain) product
      liability, insurance which may include funded self-insurance reserves with
      respect to the development, manufacture and sale of Products and Marketed
      Products in such amount as customarily in the industry. DOV (and its
      sublicensee) shall maintain such insurance for so long as it continues to
      develop, manufacture or sell any Products and Marketed Products and
      thereafter for so long as required to cover such manufacture or sales.

      DOV (and its sublicensee) will name ACY as an additional insured on its
      insurance policy. Upon execution of this Agreement, DOV will supply ACY
      with evidence of such coverage, and undertakes to communicate to ACY
      during the term of this Agreement, any modifications to such coverages.

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ARTICLE 11.0 USE OF NAMES/ TRADEMARKS/PUBLICITY

11.1  Neither party will use the name of the other party in any advertising or
      other form of publicity without the written permission of the other.

11.2  By virtue of this License Agreement, DOV shall not acquire any right to
      use trademarks, tradedress or other indicia of origin belonging to ACY, or
      any of its Affiliates.

11.3  The timing and content of any press release or other public communications
      relating to this Agreement and the transactions contemplated herein will,
      except as otherwise required by law, be determined jointly by ACY and DOV.

ARTICLE 12.0 PATENT INFRINGEMENTS

12.1  In case any actions, claims, demands, suits or other legal proceedings are
      brought or threatened to be brought against DOV by a third party for
      infringement of such third party's patent(s) relating to Product PER SE,
      by virtue of DOV's manufacture, use, sale or offer for sale of the Product
      or Marketed Product hereunder, DOV shall notify ACY forthwith of the
      threat or existence of such actions with sufficient evidence thereof, to
      enable the parties to prepare an appropriate defense strategy. The parties
      shall consult together as to the action to be taken and as to how the
      defense will be handled. DOV shall be responsible for all defense costs.

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      DOV undertakes not to make any admission of liability to a claimant or
      plaintiff or his or her legal representative or insurer and not to sign
      any agreement in respect of such proceedings without ACY's previous
      written consent not to be unreasonably withheld.

      When DOV, because of the settlement with ACY's consent of the claimed
      infringement, or a final unappealable or non-appealed judgment of a court
      of competent jurisdiction, isrequired to make payments to one or more
      third parties to obtain a license without which the marketing of the
      Marketed Product could not be made in a given country, DOV may deduct such
      payments from the royalty payments due to ACY hereunder, provided however
      that in no event shall the royalty rate be reduced by more than [***] of
      that which would otherwise be due ACY.

12.2  DOV shall promptly inform ACY of any suspected infringement of any of ACY
      Patents by a third party and provide ACY with any available evidence of
      such suspected infringement.

      ACY shall have the right but not the obligation to institute any claim,
      suit or proceeding against an infringer or a presumed infringer to protect
      and defend ACY Patents. ACY shall control the prosecution of any such suit
      or claim, including without limitation the choice of counsel and shall
      settle or dispose of any such suit or claim. DOV shall provide ACY with
      all reasonable assistance (other than financial) required to institute and
      maintain such proceedings. In the event ACY so elects, ACY shall bear the
      entire costs of such prosecution and shall be entitled to retain after
      deducting the costs and expenses

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      material has been separately filed with the Securities and Exchange
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      borne by ACY in prosecuting the claim of infringement, 90% (ninety
      percent) of the amount of any recovery, court award or settlement.

      DOV shall not institute any negotiations or legal proceedings with respect
      to any such infringement without prior written consent of ACY, but shall
      have the right to institute infringement proceedings against a third party
      in the event that ACY would elect not to do so. In such event, DOV shall
      bear the entire costs and expenses of such proceedings. ACY shall provide
      DOV with all reasonable assistance (other than financial) required to
      institute and maintain such proceedings. In such event, DOV shall be
      entitled to retain 90% ( ninety percent) of the proceeds of any such
      recovery, after first deducting the costs and expenses borne by DOV in
      initiating and maintaining such infringement action.

ARTICLE 13.0 DURATION AND TERMINATION

13.1  This Agreement shall be binding on the parties as of the day of its
      execution but shall have no force or effect until either the parties
      determine that notification under Title II of the Hart-Scott-Rodino
      Antitrust Improvements Act of 1976, 15 U.S.C. 18a, and the regulations
      promulgated thereunder, 16 C.F.R 801.1 et seq., is not required or if the
      parties determine that such notification is required, the waiting period
      shall have expired or been terminated. If a notification filing is
      required, the parties will, at their own expense, prepare and make all
      appropriate filings. The parties shall cooperate in the antitrust
      clearance process and hereby agree to furnish promptly to the FTC and the
      Antitrust Division of the Department of Justice such additional
      information reasonably

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      requested by them in connection with such filings. In the event that the
      waiting period has not expired or been terminated within six (6) months
      after the date of signature of this agreement by both parties, the parties
      shall revert to their status before signing and this agreement shall be of
      no force and effect, except for Articles 7, 10, and 11 which shall survive
      pursuant to their terms. Thereafter, the Agreement shall continue in full
      force and effect in each country of the Territory until the later of
      expiration of the ACY Patents in such country or a period of ten (10)
      years following the launch of each such Product or Marketed Product by DOV
      or its sublicensee(s) in each country of the Territory.

13.2  Upon expiration of this Agreement with respect to each country of the
      Territory, DOV shall be deemed to have a fully-paid, royalty-free license
      with the right to make or have made, use or sell Product and Marketed
      Product as well as to freely utilize all data generated hereunder or
      received from ACY by DOV without DOV's having further obligation to ACY,
      except for maintaining confidentiality as required by Article 7.1 of this
      Agreement.

13.3  DOV shall be free to terminate this entire Agreement and surrender and
      return to ACY all rights acquired by DOV hereunder in its own discretion
      at any time upon 90 days' prior written notice at which time all license
      rights granted hereunder shall come to an end.

13.4  In the event that a party hereto shall be presumed by the other to have
      breached any material condition herein contained, the complaining party
      shall be required to provide a formal written notice of such presumed
      breach, requesting rectification within a sixty-day

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      period from the date of receipt of such notice. The party presumed to be
      in breach of the Agreement shall either submit a commercially reasonable
      plan for rectification within 45 days of receipt of notice (if the breach
      cannot be rectified within the sixty-day period), or take appropriate
      steps to remedy the breach if capable of remedy within such period. If
      within the said sixty-day period neither the aforesaid plan shall have
      been submitted, nor the breach cured, the party alleging breach shall then
      be entitled to terminate this Agreement, thereby surrendering all rights
      granted hereunder, by written notice to the other party, such termination
      having immediate effect.

13.5  This Agreement may be terminated at once by ACY giving notice to DOV if
      DOV is insolvent or has committed an act of bankruptcy or an order is made
      or resolution passed for the winding up of either party.

13.6  In the event this Agreement is terminated prior to its full term pursuant
      to paragraph 13.3 by DOV or pursuant to paragraphs 13.4 or 13.5 by ACY,
      DOV shall within 30 days of such event transfer to ACY all information,
      data and know-how of any kind relating to Product and shall authorize the
      transfer of all governmental approvals for the Product to ACY, in addition
      to DOV's right derived from all License Agreements between DOV and its
      third party partners relative to Product and Marketed Product.

ARTICLE 14.0 REPORTS AND NOTICES

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14.1  DOV shall provide ACY an annual report summarizing the stage of
      development relating to the Product. Such report shall be provided within
      thirty (30) days of each anniversary of the signing of this Agreement.

14.2  DOV shall notify ACY in writing within 15 days after achieving an event
      which would require that a Milestone Payment would be payable by a third
      party to DOV, or by DOV to ACY, with respect to a product.

14.3  Not later than sixty (60) days following the end of each quarter, DOV will
      provide ACY with a report summarizing the Net Sales of Marketed Product in
      each country in the Territory made by DOV or a third party sublicensee of
      DOV. Such reporting shall begin following the first sale of Marketed
      Product in the Territory.

14.4  Any notices or reports required or permitted to be given under this
      Agreement shall be sent by certified or registered mail, or by an
      equivalent service which provides verification of delivery, return receipt
      requested to the respective party at the address stated below or such
      address as to which the parties are subsequently appropriately notified:

If to ACY:  Wyeth-Ayerst Laboratories
            555 E. Lancaster Ave.
            St. Davids, PA 19087
            Attn: Senior Vice President Global Business Development

If to DOV:  DOV Pharmaceutical, Incorporated
            Suite 1500

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            400 Kelby Place
            Fort Lee, NJ 07024
            Attn: President

ARTICLE 15.0 ASSIGNMENT

15.1  This Agreement shall be binding upon and inure to the benefit of the
      parties hereto and the successors to substantially the entire business and
      assets of the respective parties hereto. Notwithstanding the foregoing,
      any party may void this Agreement if the Agreement is assigned for the
      benefit of a creditor. This Agreement shall not be assignable by either
      party, except to an Affiliate, without the prior written consent of the
      other party; any other attempted assignment is void.

ARTICLE 16.0 APPLICABLE LAW

16.1  This Agreement shall be governed by and construed according to the laws of
      the State of New Jersey, USA.

ARTICLE 17.0 FORCE MAJEURE

17.1  None of the parties shall be responsible for failure or delay in the
      performance of any of its obligations hereunder due to Force Majeure.
      Force Majeure shall mean any circumstance which, due to an event or a
      legal position beyond the party's reasonable control, shall render
      impossible the fulfillment of any of the party's obligations hereunder,
      such as, but not limited to, acts of God, acts, regulations, or laws of
      any

                                       21
<Page>

      government, war, civil commotion, destruction of facilities or materials
      by fires, earthquakes, or storms, labor disturbances, shortages of public
      utilities, common carriers, or raw materials, or any other cause, or
      causes of similar effects, except, however, any economic occurrence.
      During any such case of Force Majeure, this License Agreement shall not be
      terminated, but only suspended and the party so affected shall continue to
      perform its obligations as soon as such case of Force Majeure is removed
      or alleviated.

ARTICLE 18.0 MISCELLANEOUS

18.1  This Agreement and the Schedules hereto constitute the full understanding
      and entire Agreement between the parties and supersede any and all prior
      oral or written understandings and agreements with respect to the subject
      matter hereof. This Agreement shall not be effective until duly signed by
      officers of both ACY and DOV. No terms, conditions, understandings or
      Agreements purporting to modify, amend or vary this Agreement shall be
      binding unless made in writing and signed by the parties hereto. It is
      mutually agreed that no party has relied upon any representations or
      statements of any third party except as stated herein.

18.2  The invalidity or unenforceability of an Article or any part of an Article
      of this Agreement in any jurisdiction shall not cause the invalidity of
      the whole Agreement as to such jurisdiction, and shall not affect the
      validity or enforceability of such Article or such part of an Article in
      any other jurisdiction. The parties shall replace any Article or part of
      an Article found invalid or unenforceable by alternative provisions which
      shall be as

                                       22
<Page>

      similar as possible in their conditions with regard to their spirit and
      commercial effect. If this Agreement in any jurisdiction is found to be
      invalid or unenforceable, the parties shall replace it by an alternative
      Agreement which shall be as similar as possible in its conditions with
      regard to its spirit and commercial effect.

18.3  The failure of either party on any occasion to require the performance by
      the other of any provision hereof shall in no manner affect the right of
      such party to enforce the same on a subsequent occasion. The waiver by
      either party of any breach of any provision hereof shall at no time be
      construed to be a waiver of any succeeding breach of that or any other
      provision or a waiver of the provision itself.

18.4  This Agreement shall not constitute either party as the joint venturer,
      legal representative or agent of the other party for any purpose
      whatsoever. Neither party shall have any right or authority to assume or
      create any obligation or responsibility for or on behalf of the other
      party or to otherwise bind the other party.

18.5  The parties recognize that this is a master Agreement covering a number of
      countries. If for any country in the Territory it becomes necessary to
      execute a separate instrument for such country in order to satisfy local
      regulatory requirements, the parties agree to execute such further
      instrument, which shall to the extent permitted by the laws of the country
      conform to the terms and conditions of this Agreement.

                                       23
<Page>

18.6  This Agreement and the Schedules and Exhibits hereto are originally
      prepared and signed in the English language. If any translation into any
      other language is legally required for purposes of governmental filings,
      the parties shall arrange for such translation, and the costs thereof
      shall be borne by the party legally required to make such filing. In the
      event of any question or dispute as to the meaning or interpretation of
      any term, condition or provision of this Agreement, or any Schedule or
      Exhibit hereto, the English language version shall in all events govern
      for all purposes whatsoever.

18.7  Termination of this Agreement for any reason, or expiration of this
      Agreement, will not affect: (i) obligations, including the payment of any
      Scheduled Payments or royalties which have accrued as of the date of
      termination or expiration, and (ii) rights and obligations which, from the
      context thereof, are intended to survive termination or expiration of this
      Agreement.

18.8  This Agreement is executed simultaneously in counterparts, each of which
      shall be deemed an original, but all of which shall constitute but one and
      the same instrument.

      ACY                               DOV

      /S/ Bernard Poussot               /s/ Arnold Lippa
      ------------------------------    ----------------------------------------

      NAME: Bernard Poussot             NAME: Arnold Lippa
            ------------------------          ----------------------------------
      TITLE: Vice President             TITLE: CEO
             -----------------------           ---------------------------------
      DATE: 5/29/98                     DATE: 5/18/98
            ------------------------          ----------------------------------

                                       24
<Page>

                                   SCHEDULE I

                             BICIFADINE, CL 220,075

                                   CL 216,303

                                   CL 285,489

                                   CL 273,547

                                       25
<Page>

                                    EXHIBIT A

                                   ACY PATENTS

BICIFADINE

UNITED STATES

U.S. 4,196,120 - expires 4/1/97
U.S. 4,231,935 - expires 11/4/97
U.S. 4,435,419 - expires 7/1/01
USSN 08/122,856 - pending
USSN 08/414,180 - pending

CL 216,303

UNITED STATES

U.S. 4,196,120 - expires 4/1/97
U.S. 4,231,935 - expires 11/4/97
U.S. 4,435,419 - expires 7/1/01
USSN 08/122,856 - pending
USSN 08/414,180 - pending

CL 273,547

UNITED STATES

U.S. 4,521,422 - expires 6/23/03

                                       26<Page>
                                                                    Exhibit 10.4

                                         [***] TEXT OMITTED AND FILED SEPARATELY
                                                CONFIDENTIAL TREATMENT REQUESTED

                   LICENSE, RESEARCH AND DEVELOPMENT AGREEMENT

      This License, Research and Development Agreement is made as of January 12,
2001, by and between DOV Pharmaceutical, Inc., a Delaware corporation having its
principal place of business at 433 Hackensack Avenue, Hackensack, New Jersey,
U.S.A. 07601 ("DOV"), and Biovail Laboratories Incorporated, a Barbados
corporation whose head office is located at Chelston Park, Building 2, Collymore
Rock, St. Michael BH1, Barbados, West Indies ("BIOVAIL").

                                    RECITALS

      WHEREAS, DOV owns the DOV Patent and has represented to Biovail that DOV
has acquired and developed expertise, proprietary know-how and technology
relating to extended release formulations of diltiazem;

      WHEREAS, Biovail has represented to DOV that it has acquired and developed
expertise, know-how and technology relating to the formulation of controlled
release medicines, including diltiazem, and has expertise in the
commercialization of such medicines throughout the world;

      WHEREAS, DOV and Biovail have agreed to work together to formulate,
research, clinically develop, manufacture, obtain marketing authorization and
market the Products on the terms set forth in or contemplated to be established
pursuant to this Agreement;

      WHEREAS, Biovail desires to obtain, and DOV is willing to grant to
Biovail, an exclusive license under the DOV Intellectual Property on the terms
and conditions set forth in this Agreement;

      NOW THEREFORE, in consideration of the premises and the mutual covenants
hereinafter set forth, the Parties hereby agree as follows:

                       ARTICLE I - INTRODUCTORY PROVISIONS

      SECTION 1.1. DEFINED TERMS. THE FOLLOWING TERMS, WHEN USED IN CAPITALIZED
FORM IN THIS AGREEMENT, SHALL HAVE THE MEANINGS SET FORTH BELOW:

                  (a) "AFFILIATE" when used with reference to a Party means any
      entity controlling, controlled by or under common control with such Party.
      For purposes hereof, "CONTROL" shall mean ownership, directly or
      indirectly, of more than 50% of the securities having the right to vote
      for election of directors in the case of a corporation, and more than 50%
      of the beneficial interest in the capital in the case of an entity other
      than a corporation. Affiliate shall also include a joint venture partner.

                  (b) "AGREEMENT" means this license, research and development
      agreement including all schedules and exhibits thereto; and "HEREOF,"
      "HERETO" and

                                       1
<Page>

      "HEREUNDER" and similar expressions mean and refer
      to this Agreement and not solely to any particular article or section
      hereof.

                  (c) "BEST EFFORTS" means those efforts including incurrence of
      expensesdirected toward a determined objective that would be made by a
      reasonably prudent company acting in good faith and in the exercise of
      reasonable commercial judgment with reference to the practice, process and
      speed normally found in the pharmaceutical industry.

                  (d) "CALENDAR QUARTER" means each three-month period ending on
      March 31, June 30, September 30 and December 31.

                  (e) "COMMITTEE" has the meaning set forth SECTION 3.2(a) of
      this Agreement.

                  (f) "CONFIDENTIAL INFORMATION" means all information and data,
      in any form, including any information or data on chemical structures,
      unpublished clinical trial results, diagnoses, mechanisms of action,
      analytical techniques, chemical syntheses, manufacturing processes,
      markets, customers, suppliers, patents or patent applications, inventions,
      know-how, trade secrets, products, procedures, designs, formulas, business
      plans, financial projections, and other aspects of a Party's present or
      future business, the secrecy of which confers a competitive advantage upon
      that Party or that is clearly marked by such Party as confidential.

                  (g) "DEVELOPMENT COSTS" means those expenses and costs
      approved by the Committee for the development of the Product including
      those costs and expenses:

                        (i)   incurred by DOV in connection with the performance
                              of DOV obligations under the Development Program
                              (including overhead allocated in accordance with
                              generally accepted accounting principles but
                              without further mark-up); and

                        (ii)  incurred by or to be charged to Biovail in
                              connection with the conducting of clinical trials
                              pursuant to SECTION 3.4.

                  (h) "DEVELOPMENT PROGRAM" has the meaning set forth in SECTION
      3.2(b) of this Agreement.

                  (i) "DOV INTELLECTUAL PROPERTY" means the DOV Know-How and the
      DOV Patent.

                  (j) "DOV KNOW-HOW" means all Confidential Information
      furnished by DOV pursuant to SECTION 2.3 that is owned or controlled by or
      licensed (with right of or consent to sublicense) to DOV as of the date
      hereof or at anytime during the term of

                                       2
<Page>

      this Agreement, including Improvements, and that is necessary to or useful
      in the formulation, development, manufacture, use or sale of the Product.

                  (k) "DOV PATENT" means, subject to SECTION 7.1, that patent
      for extended release formulation of diltiazem hydrochloride, U.S. patent
      no. 6,162,463, issued to Arnold Lippa on December 19, 2000, and assigned
      to DOV, any continuations, continuations in part, re-issues or extensions
      of that patent, and all corresponding foreign patents and patent
      applications.

                  (l) "FDA" means the United States Food and Drug Administration
      or any successor thereto.

                  (m) "FORCE MAJEURE" has the meaning set forth in SECTION 11.1
      of this Agreement.

                  (n) "IMPROVEMENTS" means any discoveries, inventions,
      formulations, processes, methods, know-how, techniques, formulae,
      compositions, compounds, or applications etc., relating to the DOV
      Intellectual Property made by or licensed to DOV or Biovail during the
      term of this Agreement.

                  (o) "MANUFACTURE" means to process, prepare, make, test,
      package or label the Product, and "MANUFACTURING" and "MANUFACTURED" have
      a corresponding meaning.

                  (p) "MARKET" means to promote, distribute, test, market,
      advertise, sell or offer to sell, and "MARKETING" and "MARKETED" have a
      corresponding meaning.

                  (q) "MARKETING AUTHORIZATION" means any authorization that is
      legally required under applicable laws, regulations or administrative
      decisions to Manufacture or Market the Product in any country including
      any governmental price approval or reimbursement approved under a national
      health insurance system.

                  (r) "NET SALES" means the gross sale price of all Products
      sold by Biovail, its Sublicensees and their respective Affiliates to arm's
      length purchasers, as reflected in invoices issued by all such sellers
      during the period in question, but excluding sales by Biovail to an
      Affiliate or Sublicensee for resale to such purchasers, and further
      excluding the price of samples sold by Biovail to an Affiliate or
      Sublicensee, less

                        (i)   royalties not to exceed [***]%, except with the
                              approval of DOV not unreasonably withheld, payable
                              by Biovail to persons other than DOV and Biovail
                              Affiliates in respect of the Products;

                        (ii)  credit for returns, including withdrawals and
                              recalls;

----------
[***] Omitted pursuant to a request for confidential treatment. The omitted
material has been separately filed with the Securities and Exchange
Commission.

                                       3
<Page>

                        (iii) sales rebates or price adjustments allowed or
                              paid;

                        (iv)  distributors', wholesalers' or trade discounts or
                              rebates, and rebates actually paid to customers
                              for distribution services;

                        (v)   transportation charges separately itemized;

                        (vi)  volume discounts to the extent not reflected in
                              the invoiced price;

                        (vii) sales, value-added and other taxes payable by the
                              buyer and included in the invoiced price; and

                       (viii) customs duties related to such sales.

                  (s) "PARTY" means, as the context requires, DOV or Biovail,
      and "PARTIES" means both of them.

                  (t) "PRODUCT" means any extended release formulation of
      diltiazem using or based upon, directly or indirectly, the DOV
      Intellectual Property, but in all instances using or based upon, directly
      or indirectly, a valid claim of the DOV Patent or any other patent covered
      by ARTICLE VII, and when used herein, the phrase "THE PRODUCT" refers to
      the Product in question.

                  (u) "REGULATORY AUTHORITY" means, in respect of any country,
      any agency responsible for the issuance of Marketing Authorizations for
      pharmaceutical products manufactured or marketed in or sold from that
      country.

                  (v) "SUBLICENSEE" means any person sublicensed by Biovail
      under this Agreement to Manufacture and/or Market the Product, and
      "SUBLICENSE" has a corresponding meaning.

                  (w) "SUPPORTING DATA" means all data and information owned or
      controlled by either Party relating to (i) the pharmacological or
      toxicological properties of any Product, (ii) any pre-clinical or clinical
      testing and experience in relation to any Product and (iii) the chemical
      composition, manufacturing processes and quality control testing of any
      Product, to the extent reasonably required for purposes of any application
      for Marketing Authorization. Supporting Data shall also include copies of
      annual reports, integrated study reports, protocols for clinical research
      and pre-clinical studies, protocol changes and amendments, safety data,
      contract research organization databases, case report forms and access to
      patient records, toxicity, safety and metabolism reports and data, and
      pharmacokinetic data and reports owned or controlled by DOV or a
      sublicensee of DOV and relating to any Product that would be useful for a
      person pursuing clinical research and regulatory approval, or that would
      typically be part of any submission to a Regulatory Authority for the
      purpose of obtaining approval of a Product for the indication in question.

                                       4
<Page>

                           ARTICLE II - LICENSE TERMS

      SECTION 2.1. LICENSE GRANT TO BIOVAIL. Subject to the terms and conditions
of this Agreement, DOV hereby grants to Biovail an exclusive, worldwide license
under the DOV Intellectual Property including an exclusive license to all
substantial rights under the DOV Patent to Manufacture and Market the Product in
the field, with a right to grant Sublicenses in accordance with SECTION 2.2.
Such license includes the right to bring or defend any legal action considered
necessary by Biovail to protect its interest under the DOV Intellectual
Property. For purposes of this SECTION 2.1, "FIELD" means drug formulations for
the treatment, including suppression of angina and hypertension, of any disease
or medical condition.

            SECTION 2.2. SUBLICENSES.

                  (a) The rights granted to Biovail by this Agreement include
      the right, subject to SECTION 2.2(b), to grant to any Affiliate of Biovail
      or any third party financially capable of carrying out its obligations
      hereunder, on notice in writing to DOV, sublicense rights of the same
      (except for the right to grant further sublicenses) or narrower scope as
      the license granted to Biovail pursuant to SECTION 2.1, provided that such
      Sublicensee agrees to be bound by this Agreement.

                  (b) Biovail shall not Sublicense the rights under the DOV
      Intellectual Property granted pursuant to SECTION 2.1 unless Biovail gives
      DOV notice of the identity of the Sublicensee at least 14 days prior to
      the grant of the Sublicense with the right of DOV to object to such
      Sublicensee within 7 days and to have its objections taken into account in
      good faith, and provided that the Sublicense is in writing and (i)
      includes provisions that, in Biovail's good faith business judgment,
      require the Sublicensee to use Best Efforts to bring the subject matter of
      the Sublicense into commercial use as quickly as is reasonably possible;
      (ii) provides for payments to Biovail that, in Biovail's good faith
      business judgment, are commercially reasonable amounts for the rights
      granted; and (iii) prohibits further Sublicensing except with DOV's prior
      written consent.

                  (c) At the request of Biovail, and provided that its
      objections if any were taken into. account in good faith, DOV shall
      confirm to any such Sublicensee the fact that Biovail has the authority to
      grant such a Sublicense.

      SECTION 2.3. TRANSFER OF THE DOV PATENT, SUPPORTING DATA AND DOV KNOW-HOW.
No later than 15 days after the date hereof, DOV shall provide to Biovail copies
of the DOV Patent, any Supporting Data then in the possession of DOV, and any
DOV Know-How, that has not previously been furnished to Biovail.

                                       5
<Page>

                 ARTICLE III - PRODUCT FORMULATION, RESEARCH AND
                                   DEVELOPMENT

      SECTION 3.1. PRODUCT DEVELOPMENT. Biovail and DOV shall use their joint
Best Efforts to develop a Product in accordance with the provisions of this
Agreement. Subject to the other provisions of this Agreement and to the
establishment of the Development Program:

                  (a) Biovail shall be responsible for the development of
      formulations of the Product in accordance with SECTION 3.3. DOV shall
      provide to Biovail all its technical expertise reasonably required by
      Biovail for that purpose.

                  (b) Provided that Biovail has developed formulations of the
      Product that meet Committee approval, DOV shall be responsible for
      conducting of clinical testing of the Product in accordance with SECTION
      3.4.

                  (c) Provided that DOV has successfully completed the required
      clinical testing of the Product, Biovail shall be responsible for the
      preparation, filing and prosecution of Marketing Approvals in accordance
      with the provisions of ARTICLE VI of this Agreement.

      SECTION 3.2. JOINT OVERSIGHT COMMITTEE.

                  (a) Within 60 days of the date hereof, the Parties shall form
      a joint oversight committee (the "COMMITTEE") to manage their
      collaborative efforts with respect to the Products. The Committee shall be
      comprised of an equal number of not less than two members designated by
      each of DOV and Biovail, and shall meet on a regular basis, no less than
      quarterly; at locations alternating between DOV and Biovail or any
      Affiliate of Biovail, or at such other facility or location as may be
      agreed to by the Parties. Major decisions of the Committee, including all
      budget and other financial decisions, shall be taken by a majority vote of
      all members of the Committee whether present or not.

                  (b) The Committee shall establish a detailed development
      program (the "DEVELOPMENT PROGRAM") for the Products, to be consistent
      with the provisions of this Agreement and mutually agreed to by DOV and
      Biovail, within 60 days after its formation. The Development Program shall
      allocate responsibilities consistent with this Agreement with respect to
      all facets of formulation, research and clinical development of the
      Product and shall include budgets and timelines therefor to be updated
      annually or more frequently as required.

                  (c) Biovail shall report regularly to the Committee, and take
      into account to the extent practicable its comments, with respect to the
      status of applications for Marketing Authorizations, and with respect to
      the Manufacturing and Marketing of the Product once those authorizations
      are obtained.

                                       6
<Page>

      SECTION 3.3. PRODUCT FORMULATION. As soon as reasonably possible after (i)
DOV has complied with its obligations under SECTION 2.3 and (ii) the Committee
has established and approved timelines and budgets within the Development
Program for the development of the Product, Biovail shall at its expense
commence the development of formulations of the Product in all required dosage
strengths. DOV shall provide to Biovail such assistance in the development of
such formulations as Biovail may reasonably require.

      SECTION 3.4. CLINICAL DEVELOPMENT AND FUNDING. Provided that Biovail has
successfully completed the development of formulations of the Product pursuant
to SECTION 3.3, the Committee shall establish budgets within the Development
Program for pre-clinical and clinical development studies and trials necessary
to obtain Marketing Authorization for the Product. DOV shall, subject to receipt
of Biovail's expense advances provided for in this SECTION 3.4, use its Best
Efforts to carry out all such pre-clinical and clinical development trials.
Biovail shall make quarterly payments to DOV in advance, in accordance with
SECTION 5.6, in the amount of Development Costs expected to be incurred by DOV
in each Calendar Quarter, as set forth in the budgets included in the
Development Program. Any overpayment by Biovail shall be credited to Biovail and
applied to the quarterly payment following determination of such credit.
Biovail's obligation under this SECTION 3.4 to fund the Development Costs
without contribution from DOV shall be capped at $6 million for the clinical
development of one indication, either anti-angina or suppression of
hypertension, for the first Product chosen by the Committee for clinical
development and any additional funding required for any other indication
pursuant to the Development Program and approved by the Committee shall be borne
equally by DOV and Biovail. If either Biovail or DOV fails to meet its payment
obligations under this SECTION 3.4, DOV or Biovail, as the case may be, may,
without waiver of its rights under SECTION 12.2, conditionally contribute the
defaulting Party's contribution, in which case the royalties payable pursuant to
SECTION 5.3 shall be [***] in the case of DOV or [***] in the case of Biovail to
the extent necessary to match at [***]% per annum the extra contribution made by
the non-defaulting Party.

      SECTION 3.5. USE OF BIOVAIL'S CONTRACT RESEARCH DIVISION. DOV, acting as
contract research organization, shall use Biovail's contract research division
and phase 1 facility at Biovail's normal commercial rates for required clinical
development studies and trials contemplated by SECTION 3.4, unless it is
determined by the Committee that such development work can be conducted in a
qualified manner by another company at lower rates, in which case DOV shall
contract with such company to conduct such developmental work in accordance with
a budget to be approved by the Committee.

      SECTION 3.6. NONCOMPETITION. Neither Biovail nor DOV shall, nor shall
either permit any Affiliate or sublicensee to, formulate, research, develop,
obtain Marketing Authorizations, Manufacture or Market, itself or with any third
party, any compound covered by the DOV Intellectual Property, provided that
Biovail or any such Affiliate or Sublicensee may carry out such activities,
itself or with any third party, with respect to those compounds containing
extended release formulations of diltiazem, but not using any improvement to the
DOV Intellectual Property, that are currently being marketed by such entity or
are in development as of the date hereof [***] drug currently being developed by
Biovail or any Affiliate or Sublicensee and furnished to DOV in writing as soon
as practicable but no later than 30 days after the date

----------
[***] Omitted pursuant to a request for confidential treatment. The omitted
material has been separately filed with the Securities and Exchange
Commission.

                                       7
<Page>

hereof. All such information provided by Biovail to DOV pursuant to this SECTION
3.6 shall be deemed to be Confidential Information.

                 ARTICLE IV - PRODUCT MARKETING AND MANUFACTURE

      SECTION 4.1. EFFORTS TO COMMERCIALIZE. Provided that there are no legal or
regulatory impediments to any application for Marketing Authorization, and
further provided that each of Biovail and DOV have successfully completed the
development of a Product pursuant to ARTICLE III, Biovail shall use its Best
Efforts to obtain Marketing Authorization for that Product. Once Marketing
Authorization has been obtained for a Product, Biovail shall at its expense use
its Best Efforts to Manufacture and Market such Product provided that it is then
commercially reasonable to do so. Biovail shall not be obligated to Manufacture
or Market the Product if it is not protected by a valid claim under the DOV
Patent.

      SECTION 4.2. DOV PROMOTION OPTION. DOV shall have the right upon notice to
Biovail to co-promote any Product using its own resources or a third party sales
force. Such copromotion shall be subject to the terms of a separate co-promotion
agreement between the Parties negotiated in good faith. If DOV has the right
pursuant to 12.2(a) to terminate it may, in lieu of such right, and following
the grant of Marketing Authorization promote the Product itself or through
Affiliates or sublicensees independent of a separate co-promotion agreement,
provided that in such case DOV shall pay to Biovail a royalty of [***]% of Net
Sales of the Product.

      SECTION 4.3. COMPLIANCE WITH LAWS. Biovail shall ensure that the
Marketing, promotion and sale of the Products complies with the requirements of
any applicable Marketing Authorization, and with all other applicable legal and
regulatory requirements.

      SECTION 4.4. PATENT MARKING. Biovail shall mark and cause any Affiliate or
Sublicensee to mark the Product Manufactured or Marketed by it or them with any
notice of patent rights necessary or desirable under applicable legal and
regulatory requirements to enable the patent rights to be enforced to the
maximum degree in any country where the Product is Manufactured or Marketed.

                ARTICLE V - LICENSE FEE, MILESTONES AND ROYALTIES

      SECTION 5.1. LICENSE FEE. In addition to amounts specified in SECTION 3.4,
Biovail shall pay to DOV, in consideration of the exclusive rights granted to
Biovail by this Agreement, a fee of U.S. $7,500,000 upon execution and delivery
of this Agreement.

      SECTION 5.2. MILESTONE PAYMENTS. In further consideration of the exclusive
rights granted to Biovail by this Agreement, Biovail shall pay to DOV the
following milestone payments upon the attainment of the events set forth below,
not to exceed $10 million in the aggregate. Such payments shall be made once
with respect to events nos. 1(a) and 1(b) and once with respect to event no. 2,
each within 30 days after the occurrence of the applicable event:

----------
[***] Omitted pursuant to a request for confidential treatment. The omitted
material has been separately filed with the Securities and Exchange
Commission.

                                       8
<Page>

<Table>
<Caption>
                                                                      Amount
                         Event                                    (U.S. Dollars)
                         -----                                    --------------
<S>                                                                  <C>
      1(a). If the indication developed is for the
      treatment of angina, clinical demonstration
      of statistically significant superiority for
      suppression of angina for all required strengths
      of the Product over currently marketed
      extended release diltiazem formulations                        [***]

      1(b). If the indication developed is for
      the treatment of hypertension, upon clinical
      demonstration of net overall statistical equivalency
      for suppression of hypertension for all required strengths
      of the Product over currently marketed extended
      release diltiazem formulations                                 [***]

      2. Upon the grant of Marketing Authorization in
      the United States of America                                   [***]
</Table>

      SECTION 5.3. ROYALTIES. Biovail shall pay to DOV a royalty in respect of
all Net Sales of each Product, at the following royalty rates:

                  (a) [***] % of the Net Sales of the Product made by Biovail or
      an Affiliate, and

                  (b) [***] % of the Net Sales of the Product by a
      non-Affiliated Sublicensee,

provided that royalties shall not be payable to DOV in respect of sales of
currently marketed [***] or any modifications to any of those products
resulting solely from changes or variations in, or modifications to, the
manufacturing processes by which any of them is made.

      SECTION 5.4. REPORTS AND ERRORS.

                  (a) Each royalty payment shall be accompanied by a report and
      signed by an authorized senior officer of Biovail for the applicable
      period setting forth, in reasonable detail, and with itemized deductions,
      the quantity of the Product sold, used, or otherwise disposed of, Net
      Sales of the Product including the accounting determinations leading
      thereto and the calculated royalty payable for the period. Biovail shall
      keep and shall cause its Affiliates or sublicensees to keep accurate
      records and books of account of all Product manufactured and sold.

----------
[***] Omitted pursuant to a request for confidential treatment. The omitted
material has been separately filed with the Securities and Exchange
Commission.

                                       9
<Page>

                  (b) Upon 10 days' prior notice to Biovail and during normal
      business hours, but not more frequently than twice per year, DOV may cause
      an independent auditor paid for and selected by DOV (which selection shall
      be reasonably acceptable to Biovail) to inspect such records and books of
      Biovail and any Affiliate or Sublicensee marketing Products at their
      respective facilities for the three-year period immediately preceding the
      date of inspection to verify the correctness of the reports given to DOV
      under SECTION 5.4(a). Only one audit may be conducted in respect of any
      Calendar Quarter. The auditor's report shall be confined to the matters
      required to be reported by Biovail to DOV pursuant to SECTION 5.4(a). If
      the auditor determines that actual Net Sales exceed 105% of Net Sales
      reported, Biovail shall reimburse DOV for the costs of the audit.

                  (c) If such an audit determines that an error in the royalty
      calculation and payment by Biovail has been made, DOV shall immediately
      notify Biovail of the nature of the error and if (i) the error has
      resulted in an underpayment of royalty by Biovail, it shall pay the
      balance due within 10 days of its receipt of notice from DOV, and (ii) if
      the error has resulted in an overpayment of royalty by Biovail, DOV shall
      so advise Biovail, which may deduct it from the next quarterly payment,
      provided that if such overpayment exceeds $10,000, DOV shall within 10
      days return the overpayment to Biovail.

      SECTION 5.5. TAXES. Biovail, if required so to do by any applicable tax
law, may deduct any governmental withholding tax required to be deducted by it
on payment of royalties under SECTION 5.3 or on payment of any of the
Development Costs set out in SECTION 3.4, but shall account to the relevant tax
authorities for the sum so deducted and provide DOV with proof of such payment
from such authorities. Biovail shall provide reasonable assistance to DOV in
securing any benefits available to DOV with respect to governmental tax
withholdings by any relevant law or double tax treaty.

      SECTION 5.6. PAYMENTS. All payments hereunder shall be made in U.S.
dollars and by wire transfer to a bank account designated by DOV. For purposes
of determining the amount of Net Sales during any Calendar Quarter, all sales in
each other currency during such quarter shall be converted into dollars at the
rate in effect at the time such payment is due and payable hereunder, as then
reported by the Wall Street Journal. Any overdue amounts hereunder shall bear
interest at the lesser of 8% per annum and the maximum legal interest rate.

                         ARTICLE VI - REGULATORY MATTERS

      SECTION 6.1. MARKETING AUTHORIZATIONS. Biovail shall be responsible for
obtaining all Marketing Authorizations for the Product as the Committee may
determine should be obtained, in Biovail's own name and at its own expense. To
the extent permitted by law, DOV shall promptly take all necessary actions with
the applicable Regulatory Authorities to name Biovail as the applicant on all
active investigatory new drug applications, new drug applications or abbreviated
new drug applications for the Products and shall provide Biovail with a right of
reference and access to any and all Supporting Data owned or controlled by DOV,
solely for Biovail's regulatory purposes.

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<Page>

      SECTION 6.2. OTHER INFORMATION AND DATA. Each Party shall provide to the
other Party complete and accurate copies of all documentation containing
Supporting Data, adverse experience data (as defined below) and other data
relating to the Products prepared or acquired by such Party or any of its
respective Affiliates or sublicensees during the term of this Agreement. Copies
of Supporting Data shall be forwarded within 30 days after prepared or acquired.
Copies of adverse experience data shall be forwarded by facsimile or courier as
quickly as may be necessary to permit the recipient to comply with any
applicable legal requirements and in no event later than the earlier of 7
calendar days after such data is prepared or acquired and the date such data is
provided to any Regulatory Authority. As used herein, the phrase "ADVERSE
EXPERIENCE DATA" shall mean all data concerning any serious or unexpected
adverse effects, sideeffects and contraindications of any Product that come to
the attention of either Party, its Affiliates or sublicensees and of such a
nature and magnitude that it is required under the laws of the country to be
collected, maintained and reported to the appropriate Regulatory Authority.

                       ARTICLE VII - INTELLECTUAL PROPERTY

      SECTION 7.1. JOINT IMPROVEMENTS. Any Improvement resulting from the
Parties' joint efforts under this Agreement (including an invention in which one
or more inventors from DOV and Biovail, including individuals normally obliged
to assign an invention to a Party, have made an inventive contribution as
determined by U.S. patent law), and any patents issuing in respect of any such
invention, shall be issued in the name of Biovail but shall be jointly and
co-equally owned by DOV and Biovail and Biovail shall provide such documentation
relating to DOV's coownership as may be reasonably requested. No such patent may
be licensed to any other person without the consent of Biovail. All such patents
and patent applications shall be deemed to be a DOV Patent for all purposes of
this Agreement.

      SECTION 7.2. IMPROVEMENTS MADE BY OR FOR ONE PARTY. Any Improvement under
this Agreement that is made by one of the Parties without the assistance of the
other, and any patents issued in respect of any such invention, shall be owned
by the Party making that Improvement. The Parties shall negotiate in good faith
for the inclusion in the license grant hereunder of any such patent owned by
DOV. Neither Party shall use a patent applied for by it prior to the Marketing
of the Product by Biovail to interfere with such Marketing.

      SECTION 7.3. PATENT PROTECTION. Biovail shall use Best Efforts in the
preparation, prosecution and maintenance (subject to SECTION 7.4 and SECTION
7.6) of any patents and any patent applications relating to any Product
(including any joint inventions as set forth in SECTION 7.1) that the Committee
elects to file and prosecute including any revisions, continuations, divisions
or re-issues. Biovail shall provide to DOV copies of relevant patent documents
within 30 days of Biovail receiving such documents. The cost of the preparation,
filing and prosecution of any patent application that the Committee determines
should be filed shall be borne equally by DOV and Biovail. Each Party shall
ensure that its employees and consultants assign to it all patent rights
relating to any inventions. With regard to any patent application based upon
Improvements pursuant to SECTION 7.1 that the Committee determines not to file,
the Parties shall negotiate in good faith as to which Party will be entitled to
file such application and on what terms, and with regard to any patent
application for Improvements pursuant to SECTION 7.2, the

                                       11
<Page>

Party responsible for such Improvement may at its own expense prepare, file and
prosecute any patent application.

      SECTION 7.4. PATENT INFRINGEMENT ALLEGATIONS.

                  (a) If any person alleges that the practice of the DOV
      Intellectual Property or any portion thereof or that the Manufacture or
      Marketing of any Product infringes any patent or any other intellectual
      property rights of any other person, Biovail shall defend against any such
      action including by defending the DOV Patent in the United States and
      elsewhere from any attacks, affirmative defenses, counterclaims, and
      declaratory judgment actions relating in any way to the DOV Patent. DOV
      shall cooperate fully with Biovail at DOV's own expense in the defense of
      any such claim or action.

                  (b) Any recovery from any such action shall first be applied
      in satisfaction of expenses and legal fees incurred by the Parties in
      connection with the action, and any balance remaining from any such
      recovery shall be divided between the Parties pro rata according to the
      losses incurred by the Parties by reason of the infringement.

      SECTION 7.5. FAILURE TO DEFEND. If Biovail fails to defend against any
claim or action as provided in SECTION 7.4 within the lessor of 60 days and the
time required for response after receipt of any process or claim, DOV shall,
subject to Biovail's consent, not to be unreasonably withheld, have the option
to defend such action at its own expense provided that Biovail shall cooperate
fully with DOV in the defense of any such action.

      SECTION 7.6. ENFORCEMENT OF DOV PATENT. Each of Biovail and DOV shall
immediately report to the other any infringement or any unauthorized use or
misuse of the DOV Intellectual Property that may come to its attention. Biovail
shall have the exclusive right to enforce the DOV Patent against others,
including the exclusive right to sue others for past, present and future
infringements of the DOV Patent, including the right to seek injunctions and/or
money damages, and to seek any other legal or equitable remedy authorized by
law, to protect the invention covered by the DOV Patent against violation by
third parties, to commence and prosecute any action or proceeding in respect of
any such infringement of the DOV Patent or misappropriation, and if necessary
may do so in the name of DOV. Biovail's attorneys shall represent both DOV and
Biovail in any such litigation, and Biovail shall have sole control over any
such litigation. DOV may retain its own attorneys at its own expense to advise
DOV with respect to Biovail's conduct of the litigation. DOV shall fully
co-operate with Biovail at the expense of Biovail and execute such documents and
do such acts and things as, in the opinion of Biovail, may be necessary or
desirable. If Biovail fails within a reasonable time, not to exceed 90 days, to
take appropriate steps against that infringement or misappropriation, DOV shall
be entitled to take such reasonable steps against such infringement or
misappropriation for the protection of Biovail's and/or DOV's rights, and if
necessary may do so in the name of and on behalf of Biovail.

                                       12
<Page>

      SECTION 7.7. REIMBURSEMENT OF LITIGATION COSTS. DOV shall, upon receipt of
all communications relative to such claims or proceedings including all
pleadings and an itemized accounting for all legal costs and expenses for which
reimbursement is requested by Biovail, reimburse Biovail for legal fees and
disbursements incurred pursuant to SECTIONS 7.4 or 7.6, up to a maximum of $1.5
million.

                   ARTICLE VIII - REPRESENTATIONS & WARRANTIES

      SECTION 8.1. BY DOV. DOV hereby represents and warrants to Biovail as
follows, but disclaiming all other warranties, express or implied, including any
implied warranty of merchantability, manufacturability and fitness for a
particular purpose:

                  (a) DOV has been duly organized and is validly existing as a
      corporation in good standing under the laws of the State of Delaware, with
      corporate power to conduct the business contemplated by this Agreement.
      DOV has the corporate power and authority to enter into this Agreement and
      to consummate the transactions contemplated hereby.

                  (b) The execution, delivery and performance of this Agreement,
      and the consummation of the transactions contemplated thereby, by DOV have
      been duly and validly authorized by all requisite corporate action. This
      Agreement has been duly executed and delivered by DOV and constitutes the
      legal, valid and binding obligation of DOV, enforceable against DOV in
      accordance with its terms, except as enforceability thereof may be limited
      by bankruptcy, insolvency, reorganization or other similar laws relating
      to or affecting the rights of creditors generally and by general
      principles of equity.

                  (c) The execution, delivery and performance of this Agreement
      and the consummation of the transactions contemplated by this Agreement by
      DOV do not conflict with or result in any breach of any of the provisions
      of, constitute a default under, result in a violation of, give rise to any
      right of termination under, or require any authorization, consent (except
      as may have been obtained), approval, exemption or other action by or
      notice to any court or governmental body under the provisions of DOV's
      articles of incorporation or bylaws or any indenture, mortgage, lease,
      loan agreement, license or other agreement or instrument to which DOV is a
      party or of any law, statute, rule or regulation or order, judgment or
      decree to which DOV is subject.

                  (d) DOV (i) is the owner of the entire right, title and
      interest in and to, the DOV Intellectual Property, free and clear of any
      liens or encumbrances and (ii) has not assigned or granted a license to
      the DOV Intellectual Property to, or entered into any inconsistent prior
      obligations with, any other person or entity that would restrict or impair
      the rights granted hereunder.

                  (e) To its knowledge (i) the DOV Patent is not currently
      infringed by any third party and (ii) the manufacture, use or sale of the
      Product will not infringe any

                                       13
<Page>

      patent, property or proprietary rights of any third party with respect to
      its use of the DOV Intellectual Property.

                  (f) DOV has not received any notice from any person or entity
      claiming to have any right, title or interest in or to the DOV
      Intellectual Property and to its knowledge there is no reason to expect
      that any such notice is forthcoming. To DOV's knowledge, there have been
      no third party claims asserted that would challenge or impair the license
      of the rights granted to Biovail herein including any claims based upon
      patent, copyright or trade secret laws nor to the knowledge of DOV are any
      such claims likely, nor is there any valid basis for any such claim.

                  (g) To DOV's knowledge there are no actions, suits,
      proceedings or inquiries pending or threatened in writing against or
      affecting DOV at law or in equity or before or by any federal, provincial,
      state, municipal or other governmental department, commission, board,
      bureau, agency or instrumentality, domestic or foreign, that may
      materially adversely affect DOV or the DOV Intellectual Property.

                  (h) To DOV's knowledge all information known to the inventor
      to be material to the patentability of the claims is disclosed in the DOV
      Patent and that the best mode contemplated by the inventor of carrying out
      the invention is set forth therein.

                  (i) To DOV's knowledge all the prior art that the inventor
      named in the DOV Patent may be aware and which may be material to the
      patentability of the Product has been disclosed to the United States
      Patent and Trademark Office during the prosecution of the DOV Patent.

                  (j) All Supporting Data to be supplied to Biovail or provided
      at the request of Biovail will, at the time the information is disclosed,
      accurately reflect the results of the tests and studies performed on the
      Product.

      SECTION 8.2. BY BIOVAIL. Biovail hereby represents and warrants to DOV as
      follows:

                  (a) Biovail has been duly organized and is validly existing as
      a corporation under the laws of Barbados, with corporate power to conduct
      the business contemplated by this Agreement. Biovail has the corporate
      power and authority to enter into this Agreement and to consummate the
      transactions contemplated by this Agreement.

                  (b) The execution, delivery and performance of this Agreement
      and the consummation of the transactions contemplated herein by Biovail
      have been duly and validly authorized by all requisite corporate action.
      This Agreement has been duly executed and delivered by Biovail and
      constitutes the legal, valid and binding obligations of Biovail,
      enforceable against it in accordance with its terms, except as
      enforceability thereof may be limited by bankruptcy, insolvency,
      reorganization or other similar laws relating to or affecting the rights
      of creditors generally, and by general principles of equity.

                                       14
<Page>

                  (c) The execution, delivery and performance of this Agreement
      and the consummation of the transactions contemplated by this Agreement by
      Biovail do not conflict with or result in any breach of any of the
      provisions of, constitute a default under, result in a violation of, or
      require any authorization, consent (except as may have been obtained),
      approval, exemption or other action by or notice to any court or
      governmental body, under the provisions of Biovail's articles of
      incorporation or memorandum of association or bylaws or any indenture,
      mortgage, lease, loan agreement, license or other agreement or instrument
      to which either is a party, or of any law, statute, rule or regulation or
      order, judgment or decree to which Biovail is subject.

                  (d) Biovail has sufficient rights with respect to Cardizem CD
      and Tiazac to enable the reformulation and Marketing upon Committee
      determination of each such drug using the DOV Patent.

                          ARTICLE IX - INDEMNIFICATION

      SECTION 9.1. INDEMNIFICATION BY BIOVAIL. Biovail shall indemnify, defend
and hold harmless DOV and its Affiliates from and against any and all
liabilities, damages, losses, costs or expenses (including reasonable attorneys'
and professional fees and other expenses of litigation and/or arbitration)
resulting from a claim, suit or proceeding made or brought by a third party
against DOV arising under or resulting from or occurring as a result of (a) any
breach of the representations and warranties set forth in SECTION 8.2; (b) any
research, development, testing, Manufacture, importation, use, offer for sale,
sale or other distribution of any Product by Biovail or any of its Affiliates or
sublicensees (including product liability claims); or (c) failure of Biovail or
any of its Affiliates, contract manufacturers or Sublicensees to comply with any
provision of this Agreement, or with any applicable law, regulation or
administrative decision relating to any Product, except in each case to the
extent caused by the negligence or willful misconduct of DOV, provided that such
indemnification shall not apply to the extent the liability (i) results from the
invalidity of the DOV Patent or third-party ownership of DOV Know-How or (ii) is
based upon entering into including execution and delivery of this Agreement.

      SECTION 9.2. INDEMNIFICATION BY DOV. DOV shall indemnify, defend and hold
harmless Biovail and their Affiliates from and against any and all liabilities,
damages, losses, costs or expenses (including reasonable attorneys' and
professional fees and other expenses of litigation and/or arbitration) resulting
from a claim, suit or proceeding made or brought by a third party against either
arising under or resulting from (a) any breach of the representations and
warranties set forth in SECTION 8.1; (b) any research, development, testing,
Manufacture, importation, use, offer for sale, sale or other distribution of any
Product by DOV or any of its Affiliates, contract manufacturers or sublicensees
(including product liability claims;) or (c) failure of DOV or any of its
Affiliates, contract manufacturers or sublicensees to comply with any provision
of this Agreement, or with any applicable law, regulation or administrative
decision relating to the Product, except in each case to the extent caused by
the negligence or willful misconduct of Biovail. Such indemnification shall not
apply to the extent the liability (i) results from the invalidity of any Biovail
patent or other intellectual property or (ii) is based upon entering into
including execution and delivery of this Agreement.

                                       15
<Page>

      SECTION 9.3. SUBROGATION. If any indemnified Party intends to claim
indemnification under this ARTICLE IX it shall promptly notify the other Party
in writing of such alleged claim. The indemnifying Party shall have the sole
right to control the defense and settlement thereof. The indemnified Party shall
cooperate with the indemnifying Party and its legal representatives in the
investigation of any action, claim or liability covered by this ARTICLE IX. The
indemnified Party shall not, except at its own cost, voluntarily make any
payment or incur any expense with respect to any claim or suit without the prior
written consent of the indemnifying Party. In addition, the indemnifying Party
shall be subrogated to the rights of the indemnified Party against any third
Party, and such indemnified Party hereby assigns to the indemnifying Party all
claims, causes of action and other rights that the indemnified Party may then
have against any third party, including Affiliates and sublicensees and, in the
case of DOV, against any contract manufacturer of the Product, with respect to
the claim, suit or proceeding. Conversely, and without in any way limiting the
obligation of either Party to indemnify the other Party as herein provided, to
the extent that any Party shall fail to perform its indemnification obligations
under SECTION 9.1 or SECTION 9.2, such Party owing a duty of indemnification
hereby assigns to the indemnified Party to whom indemnification is owed all
claims, cause of action and other rights that the Party owing such duty may then
have against any third party, including Affiliates and sublicensees with respect
to the claim, suit or proceeding.

      SECTION 9.4. INSURANCE.

                  (a) Biovail shall maintain comprehensive general liability
      insurance, product liability insurance as well as other types of insurance
      in type and amount considered to be reasonable and prudent given the types
      of risks involved in the research, formulation, regulatory work,
      Manufacturing and Marketing of the Product. Biovail shall maintain such
      coverage with one or more third party commercial insurance carriers for
      the term of this Agreement plus the period of any applicable statutory
      limitation. Biovail shall cause DOV to be named as an additional insured
      on all such policies, at DOV's expense, and provide DOV with copies of the
      endorsements to such policies naming DOV as an additional insured. Biovail
      shall instruct its insurance carriers providing such coverage to notify
      DOV in writing of any material change in coverage provided by such
      policies.

                  (b) DOV shall maintain comprehensive general liability
      insurance in type and amount considered to be reasonable and prudent given
      the types of risks involved in the development and clinical trials of
      similar products. DOV shall maintain such coverage with one or more third
      party commercial insurance carriers. DOV shall, at the request of Biovail
      and at Biovail's expense, cause Biovail to be named as an additional
      insured on all such policies and provide Biovail with copies of the
      endorsements to such policies naming Biovail as an additional insured. DOV
      shall instruct its insurance carriers providing such coverage to notify
      Biovail in writing of any material change in coverage provided by such
      policies.

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                           ARTICLE X - CONFIDENTIALITY

      SECTION 10.1. NON-USE AND NON-DISCLOSURE. DOV and Biovail acknowledge and
agree that the other Party's Confidential Information is confidential and
proprietary to the disclosing Party. Without the consent of the other, the
receiving Party shall not use or disclose to any third party the disclosing
Party's Confidential Information for any purpose other than as permitted or
required hereunder, provided that each Party may on a need-to-know basis
disclose Supporting Data to its respective Affiliates or sublicensees or
potential sublicensees provided thateach such recipient executes a non-use and
non-disclosure agreement with terms comparable to the terms hereof. Each Party
shall take the same reasonable measures necessary to prevent any disclosure by
its employees, agents, contractors, or consultants of the other Party's
Confidential Information as it applies to the protection of its own Confidential
Information of like value.

      SECTION 10.2. PUBLICATIONS. Prior to the publication or presentation of
any information or data arising from the Development Program, the publishing
Party shall submit to the other Party a summary of the proposed publication or
presentation at least 60 days prior to the submission thereof for publication or
presentation to provide the reviewing Party with an opportunity to review and
comment on the contents of the proposed publication or presentation, and to
identify any Confidential Information of the reviewing Party to be deleted from
the proposed publication or presentation. The reviewing Party shall provide any
comments to the publishing Party or identify any of the reviewing Party's
Confidential Information to be deleted from the proposed publication or
presentation within 30 days of receipt of the proposed publication or
presentation. If so requested by the reviewing Party, the publishing Party shall
delete any of the reviewing Party's Confidential Information and shall delay
publication up to an additional 60 days to allow the reviewing Party to take
such measures as it deems appropriate to establish and preserve its proprietary
rights. If the reviewing Patty fails to comment within the 30 day review period,
the publishing Party shall be free to proceed with publication or presentation.

      SECTION 10.3. EXCLUSIONS. Information shall not be considered Confidential
Information hereunder if it:

                  (a) is, or becomes, part of the public knowledge or literature
      through no fault, act or omission of the receiving Party provided that
      Confidential Information shall not be deemed to have entered the public
      domain by reason of its having been filed with any Regulatory Authority;

                  (b) was, or becomes, available to the receiving Party from a
      source other than the disclosing Party, which source has rightfully
      obtained the same information and has no obligation of confidentiality to
      the disclosing Party with respect to it;

                  (c) is independently developed by or for the receiving Party
      without use of the Confidential Information;

                  (d) is made available on an unrestricted basis by the
      disclosing Party to a third party unaffiliated with the disclosing Party;

                                       17
<Page>

                  (e) legally is required to be disclosed provided that the
      receiving Party shall give reasonable notice to the disclosing Party of
      such requirement and shall cooperate with the disclosing Party in
      reasonable legal efforts to limit or mitigate any such disclosure so as to
      preserve the proprietary nature of any Confidential Information contained
      therein; or

                  (f) is clinical information or data reasonably required for
      the Marketing of the Product.

      SECTION 10:4. DURATION; SURVIVING OBLIGATION. Each Party's obligations of
non-use and non-disclosure of the other Party's Confidential Information shall
apply during the term of this Agreement and shall also survive for seven years
its termination or expiration for any reason.

      SECTION 10.5. INJUNCTIVE RELIEF. Damages at law may be an inadequate
remedy for breach of any of the covenants, promises and agreements contained in
this ARTICLE X and accordingly either Party shall be entitled to seek injunctive
relief with respect to such breach, including specific performance or an order
enjoining the breaching Party from any threatened, or from the continuation of
any actual breach of such covenants, promises or agreements. The rights set
forth in this SECTION 10.5 shall be in addition to any other rights that either
DOV or Biovail may have at law or in equity.

                           ARTICLE XL - FORCE MAJEURE

      SECTION 11.1. DEFINITION AND NOTICE. "FORCE MAJEURE" means any event, not
existing as of the date hereof and not reasonably within the control of the
Parties as of such date that materially prevents or makes commercially
unreasonable one Party's performance of its obligations under this Agreement
other than obligations to render statements and make payments pursuant to the
provisions of this Agreement. Force Majeure shall include fire, storm,
earthquake, flood, acts of State or other governmental action, war or civil
unrest, strikes, and prolonged shortage of energy or any other supplies. A Party
affected by an event of Force Majeure shall promptly provide the other Party
with written notice describing the event, its cause and foreseeable duration,
and its possible consequences upon performance under this Agreement.

      SECTION 11.2. SUSPENSION OF PERFORMANCE. After an affected Party has given
notice under SECTION 11.1, that Party shall be relieved of any liability under
this Agreement, except for the obligation to pay amounts due and owing, but only
to the extent and only for so long as the Force Majeure prevents performance.
The other Party may likewise suspend the performance of all or part of its
obligations, except for the obligation to pay any amounts due and owing, to the
extent that such suspension is commercially reasonable.

      SECTION 11.3. TERMINATION. If the period of Force Majeure continues for
more than one year, either Party may terminate this Agreement upon giving notice
to the other Party without incurring liability other than the obligation to make
payments due to such date.

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                       ARTICLE XII - TERM AND TERMINATION

      SECTION 12.1. TERM OF AGREEMENT. The term of this Agreement shall commence
on the date hereof and unless earlier terminated in accordance with the
provisions of this ARTICLE XII shall continue in full force and effect until
expiration of the DOV Patent and any extension and, unless a Party gives notice
of termination after such expiration, from year to year thereafter.

      SECTION 12.2. TERMINATION AND OTHER REMEDIES FOR DEFAULT.

                  (a) DOV shall have the right to terminate this Agreement if

                        (i) Biovail has not made a commercial sale of the
            Product within six months following the grant of Marketing
            Authorization or otherwise fails to meet its obligations under
            SECTION 4.1 with respect to obtaining Marketing Authorization or
            Marketing the Product, provided that in such case DOV shall pay
            Biovail [***]% of the Net Sales of the Product up to the Development
            Costs contributed by Biovail pursuant to SECTION 3.4;

                        (ii) Marketing Authorization has not been obtained with
            five years of the date hereof;

                        (iii) clinical trials for an extended release
            formulation of the Product with either anti-angina or
            hypertension-suppressing indications using DOV Intellectual Property
            (A) are not conducted on a commercially reasonable schedule within
            24 months of the date hereof owing to the failure to secure a
            Committee determination opposed by the Biovail members but favored
            by the DOV members to conduct such trials or establish such a
            schedule or (B) once conducted are suspended over objection of the
            Biovail members for more than six months owing to litigation or
            threat thereof challenging Biovail's right to carry out its
            obligations hereunder;

                        (iv) Biovail defaults with respect to any other material
            obligation including any obligations set forth in SECTIONS 3.4, 5.2
            and 5.3, provided that DOV shall pay Biovail the excess if any of
            [***]% of Net Sales of the Product up to the Development Costs
            contributed by Biovail pursuant to SECTION 3.4 over the payments
            owing to DOV pursuant to SECTIONS 3.4, 5.2 and 5.3;

      provided further that in each above case, DOV shall notify Biovail in
      writing specifying the nature of Biovail's non-compliance and Biovail
      shall have 30 days following receipt of such notice to cure such
      non-compliance and if such non-compliance is not cured within such period,
      DOV may by written notice terminate this Agreement.

                  (b) If DOV defaults under any provision of this Agreement, and
      fails to remedy such default within 60 days after receipt by DOV of
      Biovail's written notice thereof, Biovail may by notice to DOV suspend its
      obligation to pay royalties under this

----------
[***] Omitted pursuant to a request for confidential treatment. The omitted
material has been separately filed with the Securities and Exchange
Commission.

                                       19
<Page>

      Agreement during the pendancy of such default. No such suspension shall
      affect the license herein granted. Biovail shall also have the right, in
      the case of a default by DOV under SECTIONS 3.4, 3.5 or 3.6, to reduce
      royalties payable to DOV up to amount of Development Costs contributed by
      Biovail pursuant to SECTION 3.4.

      SECTION 12.3. TERMINATION FOR BANKRUPTCY. If Biovail becomes insolvent or
bankrupt, makes any assignment for the benefit of creditors, fails generally to
pay its debts as they become due, is adjudged bankrupt, or if a receiver,
custodian, or trustee of Biovail's property or a major part of its property is
appointed, or if any other proceeding for relief under any bankruptcy law or
similar law for the relief of debtors is instituted by or against Biovail and,
if instituted against Biovail, is consented to or not dismissed within 60 days
after such institution, this Agreement and the licenses herein granted may be
terminated by notice in writing from DOV.

      SECTION 12.4. FURTHER EFFECT OF TERMINATION OR EXPIRATION. Upon any
termination of this Agreement or of any rights granted by this Agreement, the
following additional provisions shall apply:

                  (a) Biovail shall promptly make any payment unpaid but earned
      under SECTION 5.2 or SECTION 5.3.

                  (b) Biovail and its Affiliates and Sublicensees shall have the
      right to sell any remaining inventory of finished Products in the ordinary
      course of business, subject to the payment of royalties hereunder and
      until such inventory can be reasonably transferred to DOV.

                  (c) Promptly after termination of this Agreement, each
      receiving Party shall return to each disclosing Party all of such
      disclosing Party's Confidential Information, or at the request of the
      disclosing Party, shall destroy such Confidential Information and shall
      certify such destruction in writing to the disclosing Party.

                  (d) The license granted under SECTION 2.1 shall revert to DOV,
      in such event, Biovail shall, to the extent permitted by law, assign to
      DOV any Marketing Authorizations for the Product and name DOV as the
      applicant for all active investigatory new drug applications, new drug
      applications and abbreviated new drug applications, as applicable, and
      take all necessary actions with the appropriate Regulatory Authorities to
      effect such assignment to DOV.

                  (e) The Parties' respective rights and obligations under
      SECTION 12.4, ARTICLE VI (Regulatory Matters), SECTIONS 7.1, 7.2, 7.3,
      7.7, ARTICLES IX (Indemnification), X (Confidentiality), XIII (Dispute
      Resolution) and XV(Miscellaneous) shall survive termination of this
      Agreement.

                        ARTICLE XIII - DISPUTE RESOLUTION

                                       20
<Page>

      SECTION 13.1. NEGOTIATION. Subject to SECTION 13.2, the Parties agree to
consult and negotiate in good faith to resolve any dispute, controversy or claim
that arises out of or relates to this Agreement.

      SECTION 13.2. RESERVATION FOR LITIGATION. Each Party expressly reserves
the right to seek judicial relief from a court of competent jurisdiction (i) if
another Party is or appears to be in violation of such other Party's obligations
of non-use and non-disclosure under ARTICLE X above, including any injunction or
other preliminary relief and (ii) for a claim involving ownership of the DOV
Patent and interpretation of the respective rights and obligations under ARTICLE
II, provided that if a Party's claim combines claims covered by both SECTION
13.1 and the foregoing, such claim may be presented to a court if the claim is
otherwise arbitrable cannot, in the judgment of such court, be fairly or
conveniently separated.

      SECTION 13.3. ARBITRATION. Subject to SECTION 13.2, any dispute,
controversy or claim that arises out of or relates to this Agreement that is not
resolved under SECTION 13.1 shall be settled by final and binding arbitration in
accordance with the International Arbitration Rules of the American Arbitration
Association ("AAA") in effect on the date hereof, as modified by SECTION 13.4.
Judgment upon the award rendered by the arbitrators may be entered in any court
of competent jurisdiction. The place of arbitration shall be mutually agreed to
by the Parties or, failing such agreement, shall be either New York, New York or
Toronto, Ontario, as determined by a flip of a coin. The arbitration shall be
conducted in the English language by one neutral arbitrator selected by mutual
agreement of the Parties or, if such agreement is not possible within 30 days of
the initial demand for such arbitration, the arbitrator shall be selected from a
list of three persons provided by the AAA. The arbitrator shall have experience
in the pharmaceutical industry and technology licensing.

      SECTION 13.4. SPECIAL RULES. Notwithstanding any provision to the contrary
in the AAA's International Arbitration Rules, the Parties hereby stipulate that
any arbitration hereunder shall be subject to the following special rules: (a)
the arbitrators may not award or assess punitive or special or consequential
damages against either Party even if in the case of special or consequential
damages the Party has been advised of the possibility of such damage; and (b)
each Party shall bear its own costs and expenses of the arbitration and one-half
of the fees and costs of the arbitrators, subject to the right of the
arbitrator, in his or her sole discretion, to award all such reasonable costs,
expenses and fees to the prevailing Party.

      SECTION 13.5. SURVIVAL. The duty of the Parties to arbitrate any dispute,
controversy or claim under this ARTICLE XIII shall survive termination of this
Agreement.

                           ARTICLE XIV - MISCELLANEOUS

      SECTION 14.1. ENTIRE AGREEMENT. This Agreement constitutes the entire
agreement of the Parties with respect to the subject matter hereof, and
supersedes all previous agreements by and between the Parties as well as all
proposals, oral or written, and all prior or contemporaneous negotiations,
conversations or discussions between the Parties related to this Agreement.

                                       21
<Page>

      SECTION 14.2. PUBLICITY. Any public announcement or disclosure by DOV or
Biovail regarding the Agreement shall be mutually agreed upon by the Parties
provided that either Party may disclose the terms hereof to prospective
investors or make public disclosures to the extent required by state or federal
securities or other law. With respect to a disclosure required by law, each
Party shall to the extent practicable share the proposed disclosure in advance
with the other Party and take into account in good faith the comments, if any,
made by such Party provided that such comments are made in a timely manner and
provided further that the disclosing Party shall retain the final decision
regarding content and timing of such disclosure.

      SECTION 14.3. RELATIONSHIP. The Parties are independent contractors and
shall not be deemed to have formed any partnership, joint venture or other
relationship. Neither Party shall make, or represent to any other person that it
has the power or authority to make, any financial or other commitment on behalf
of the other Party.

      SECTION 14.4. ASSIGNMENT. This Agreement shall be binding upon and inure
to the benefit of the Parties and their respective successors and permitted
assigns, but except pursuant to SECTION 2.2 neither DOV nor Biovail, shall have
the right to assign or otherwise transfer its rights and obligations under this
Agreement except with the prior written consent of the other Party, provided
that (i) a successor in interest by merger, operation of law, assignment,
purchase or otherwise of Biovail's diltiazem based products, or of all or
substantially all the business and assets of either shall acquire all rights and
obligations of such Party hereunder without any such consent and (ii) either may
transfer to an Affiliate without any such consent. Any prohibited assignment
shall be null and void.

      SECTION 14.5. NO CONSEQUENTIAL DAMAGES. No Party shall be liable to the
other for punitive or special or consequential damages even if in the case of
special or consequential damages the Party has been advised of the possibility
of such damage.

      SECTION 14.6. NOTICES. Except as may be otherwise provided in this
Agreement, any notice, demand or request given, made or required to be made
shall be in writing and shall be effective, unless otherwise provided herein,
when received after delivery by (a) registered air mail, postage prepaid; (b)
facsimile with electronic confirmation of receipt; or (c) a reputable
international courier such as Federal Express or DHL at the addresses set forth
below or to any other address that a Party specifies in writing.

      If to Biovail, to:

      Biovail Laboratories Incorporated
      Chelston Park, Building 2
      Collymore Rock
      St. Michael BH1
      Barbados, West Indies
      Attention: Mr. Ken Cancellara,
                 Senior Vice President and General Counsel.

                                       22
<Page>

      With a copy to

      Biovail Corporation
      2488 Dunwin Drive
      Mississauga, Ontario L5L lJ9
      Attention: Mr. Ken Cancellara,
                 Senior Vice President and General Counsel.

      If to DOV, to:

      DOV Pharmaceutical, Inc.
      433 Hackensack Avenue
      Hackensack, New Jersey 07601
      Attention: Chief Executive Officer

      With a copy to:

      Goodwin, Procter LLP
      599 Lexington Avenue
      New York, NY 10022
      Attention: J. Robert Horton, Esq.

      SECTION 14.7. GOVERNING LAW. This Agreement shall be governed by, and
interpreted and construed in accordance with, the law of the State of New York
(regardless of the laws that might otherwise govern under applicable principles
of conflicts of law).

      SECTION 14.8. AMENDMENT. This Agreement may not be amended except by
written agreement signed by all Parties.

      SECTION 14.9. SEVERABILITY. If one or more of the provisions of this
Agreement is subsequently declared invalid or unenforceable, this Agreement
shall be treated as though that provision were not in this Agreement, and this
shall not affect the validity or enforceability of the remaining provisions of
this Agreement unless those provisions that are invalidated or unenforceable are
clearly material and inseparable from the other provisions. The Agreement as
modified shall be applied and construed to reflect substantially the good faith
intent of the Parties and to achieve the economic effects originally intended by
the terms hereof.

      SECTION 14.10. COUNTERPARTS. This Agreement may be executed in two or more
counterparts, and each such counterpart shall be deemed an original hereof.
Counterparts may be executed either in original or faxed form and the Parties
adopt any signatures received by a fax machine as the original signatures of the
Parties.

      SECTION 14.11. WAIVER. No failure by either Party to take any action or
assert any right hereunder shall be deemed to be a waiver of such right in the
event of the continuation or repetition of the circumstances giving rise to such
right. A waiver by either Party of a breach or

                                       23
<Page>

violation of any provision of this Agreement shall not constitute or be
construed as a waiver of any other breach or violation of this Agreement.

            [THE REMAINDER OF THIS PAGE IS LEFT INTENTIONALLY BLANK]

                                       24
<Page>

      IN WITNESS WHEREOF, DOV and Biovail have caused this Agreement to be
executed by their respective duly authorized officers as of the date first above
written.

                                        DOV PHARMACEUTICAL, INC.

                                        By: /s/ Arnold Lippa
                                            ------------------------------------
                                            Name: Arnold Lippa
                                            Title: Chief Executive Officer

                                        BIOVAIL LABORATORIES INCORPORATED,

                                        By: ____________________________________
                                            Name: Eugene Melnyk
                                            Title: President

                                       25
<Page>

      IN WITNESS WHEREOF, DOV and Biovail have caused this Agreement to be
executed by their respective duly authorized officers as of the date first above
written.

                                        DOV PHARMACEUTICAL, INC.

                                        By: /s/ Arnold Lippa
                                            ------------------------------------
                                            Name: Arnold Lipppa
                                            Title: CEO

                                        BIOVAIL LABORATORIES INCORPORATED,

                                        By: ____________________________________
                                            Name:
                                            Title:

                                       25
<Page>

      IN WITNESS WHEREOF, DOV and Biovail have caused this Agreement to be
executed by their respective duly authorized officers as of the date first above
written.

                                        DOV PHARMACEUTICAL, INC.

                                        By: ____________________________________
                                            Name:
                                            Title:

                                        BIOVAIL LABORATORIES INCORPORATED,

                                        By: /s/ Eugene Melnyk
                                            ------------------------------------
                                            Name: Eugene Melnyk
                                            Title: President

                                       25
<Page>

      Products for the treatment of hypertension and angina currently marketed
or under development by or for Biovail Laboratories Limited or its Affiliates.

      The following list of products is delivered as the list contemplated by
Section |X| of the License Agreement of January 12, 2001 between Biovail
Laboratories Limited and DOV Pharmaceutical, Inc. [***]

----------
[***] Omitted pursuant to a request for confidential treatment. The omitted
material has been separately filed with the Securities and Exchange
Commission.

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