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

imilar items. The RoW Territory License Agreement was determined to be at current market rates. The valuation of the New River Collaboration Agreements and their current market comparators has been based upon information available at the time of the acquisition and using the expectations and assumptions that have been deemed reasonable by Shire's management.

The US Collaboration Agreement was deemed less favourable to Shire at the time of the acquisition when compared with pricing for current market transactions for similar items; Shire has recorded a charge of US$100.0 million in the Consolidated income statement (together with related tax effects of US$32.7 million), to write down the value of capitalised upfront and milestone payments in respect of the New River Collaboration Agreement, on the effective settlement of the pre-existing relationship. Shire did not adjust the purchase price for New River to reflect any loss resulting from this effective settlement because settlement provisions in the US Collaboration Agreement available to the Group would have enabled effective settlement of the New River Collaboration Agreement at no cost to the Group. However, no charge has been recorded in respect of the RoW Territory License Agreement, as Shire has determined that this agreement was stated at current market rates.

Purchase price allocation

Shire's cost of acquiring New River of approximately US$2.6 billion has been allocated on a preliminary basis to the assets acquired and liabilities assumed according to their estimated fair values at the date of acquisition. The final determination of these fair values will be completed as soon as possible but no later than one year from the acquisition date. To the extent that these preliminary estimates of the fair value of the assets acquired and the liabilities assumed need to be adjusted, Shire will do so in accordance with IFRS 3.

The following table presents Shire's preliminary allocat
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SOURCE Shire plc
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