After winning a court ruling just last week, Eugene is now backing off on his vow to oust the Canadian drugmaker’s board and elect his own team at a rescheduled Biovail shareholder meeting next month, Reuters reports. Instead, Melnyk, who is Biovail’s biggest shareholder, now plans to develop his own private drugmaker, which he will call Trimel Biopharma.

The moves come just days after an Ontario judge ruled that a vote on electing the Biovail board at the June 25 shareholder meeting was taken improperly, and he ordered Biovail to reconvene its annual shareholders meeting.

In trying to reassert control over Biovail at the June meeting, Melnyk proposed a new emphasis on Biovail’s pipeline, including a return to making generics and acquiring more products and technologies. Why? He claimed he lost confidence in the board and wanted it replaced. Biovail’s current management wants to shut manufacturing plants in Puerto Rico and focus to new central nervous system meds.

“Biovail has said that their new plan will return the company to greatness. As the company’s largest shareholder, I hope they are right. It is time for excuses to stop and for them to perform,” Melnyk says in a statement. “I will continue to monitor the actions and progress of the Biovail board and will take such action as I feel is appropriate in the interests of myself and the remaining Biovail shareholders.”

Here is Melnyk’s ‘BetterBiovail‘ web site, although the statement has not yet been posted.