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Shire plc: IFRS Results for the Year Ending December 31, 2007
Date:3/25/2008

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Shire paid an initial sum of US$50 million to New River in January 2005 on signing the original collaboration agreement and a further US$50 million was paid by Shire to New River following acceptance of the filing of a New Drug Application ("NDA") by the FDA in January 2006. These payments were capitalised by Shire as intangible assets in accordance with IAS 38, 'Intangible Assets'. As at the acquisition date, no amortisation had been recorded in respect of these intangible assets as they were not yet available for use as final DEA scheduling was yet to be received.

As Shire has a pre-existing relationship with New River, Shire has accounted for the acquisition of New River as a multiple element transaction, with one element being the business combination and one element being the effective settlement of Shire's pre-existing relationship with New River. As no specific guidance exists under IFRS 3 'Business Combinations' governing the accounting for business combinations when a pre-existing relationship is present, Shire has analogised the multiple element approach as outlined in IAS 18, 'Revenue', together with specific guidance in US GAAP in respect of accounting for business combinations when pre-existing relationships exist as outlined in Emerging Issues Task Force 04-1, 'Accounting for Pre-existing Relationships between the Parties to a Business Combination' ("EITF 04-1"). In accounting for the New River acquisition under IFRS, Shire has therefore applied the principles outlined in EITF 04-1 in accounting for the effective settlement of the New River Collaboration Agreements.

In accordance with the principles of EITF 04-1, Shire has measured the effective settlement of the New River Collaboration Agreements resulting from its pre-existing relationship with New River and has determined that, in respect of the US Collaboration Agreement, it was less favourable to Shire when compared with pricing for current market transactions for s
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SOURCE Shire plc
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