UPDATE-1 Melnyk plans new drug firm if Biovail fight fails

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TORONTO, June 25 (Reuters) - Biovail Corp (BVF.TO)(BVF.N) founder Eugene Melnyk plans to start a new drug company if his attempt to replace Biovail's board of directors fails.

Melnyk told reporters on Wednesday the new company would be called Trimel Pharmaceuticals and would have start-up costs of between C$50 million ($49.5 million) and C$100 million.

Bruce Brydon, who was Biovail CEO from 1995 to 2001, would head the new company.

Biovail Corp (BVF.TO) (BVF.N) said earlier on Wednesday that shareholders had rejected the slate of directors proposed by Melnyk that would have put the company's focus on "difficult to manufacture" generic drugs, as well as acquiring more products and technologies.

Melnyk is threatening a court challenge, arguing the shareholders meeting lacked a quorum after he withheld his personal holdings from balloting.

If the challenge fails, Melnyk said that Trimel will take up the strategy he has proposed for Biovail.

($1=$1.01 Canadian) (Reporting by Cameron French; Editing by Peter Galloway)