On September 10, 2007 Shire sold EQUETRO(TM) (carbamazepine) to Validus Pharmaceuticals Inc. ("Validus") for a cash consideration of $7.5 million and transferred to Validus all post approval study commitments.
Class Action Shareholder suit
In January and February 2003, various parties filed purported securities fraud class action lawsuits against TKT and several of its former officers and directors in the United States District Court for the District of Massachusetts. In April 2003, the Court consolidated the various matters under one matter: In Re Transkaryotic Therapies, Inc., Securities Litigation, C.A. No 03-10165-RWZ. The plaintiffs alleged, among other things, that the defendants made false and misleading statements and failed to disclose material information regarding REPLAGAL during the period between January 4, 2001 and January 10, 2003. In October 2007, all the parties to the legal proceedings reached an agreement in principle to resolve the matter, subject to Court approval, for $50 million. Shire will contribute $27 million towards the settlement and its insurance carriers will contribute the remaining $23 million. The $27 million settlement cost has been provided for within SG&A during this quarter.
Further information on this litigation can be found in our filings with the US Securities and Exchange Commission ("SEC") including our Annual Report on Form 10-K for the year to December 31, 2006.
On October 8, 2007 the Company announced the sale of a portfolio of non
core products to Laboratorios Almirall S.A. ("Almirall") for a cash
consideration of $213 million. The portfolio comprises the dermatology
products SOLARAZE(R) (3% gel, diclofenac sodium (3%w/w)) and VANIQA(R)
(eflornithine hydrochloride) and six non-promoted products across a range
of indications, which are sold by Shire primarily in the UK, France,
|SOURCE Shire plc|
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