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Shire's New Product Portfolio Delivers Strong Quarterly Performance
Date:10/29/2008

information on this litigation can be found in our filings with the SEC, including our Annual Report on Form 10-K for the year to December 31, 2007.

Other (expenses)/income, net

Other (expenses)/income for three months to September 30, 2008 includes impairment charges in respect of the Company's available for sale securities totalling $54.1 million (2007 : $nil), including $43.7 million relating to the Company's investment in Renovo.

The decline in the market value of the Company's investment in Renovo initially arose from the results of clinical trials for JUVISTA announced by Renovo over 2007 and 2008. In considering whether the decline in value is temporary or "other than temporary" under US GAAP, the Company had to consider the following factors: the severity of the decline from historical cost (87%) and its duration (eleven months); market analysts' targets of Renovo's share price for the next 18-24 months; and the revised expected filing date for JUVISTA due to the adoption of a sequential rather than parallel Phase 3 development plan.

These factors, together with the significant decline in global equity markets during the third quarter of 2008 mean that the Company is unable to reasonably estimate the period over which a full recovery in the value of its investment in Renovo could occur. As such, the Company had to conclude that for US GAAP purposes the decline in value is "other than temporary".

In such circumstances US GAAP requires the full difference between the book value of the investment and the fair (market) value be recognized as an other than temporary impairment, even when there is an intention to continue to hold the investment. Accordingly the Company has recognized an impairment charge of $43.7 million through the Statement of Operations in the three months to September 30, 2008. If in the future JUVISTA's Phase 3 trials report positively and Renovo's other products progress through development, Renovo's share
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SOURCE Shire Plc
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