Shire plc (LSE: SHP, NASDAQ: SHPGY), the global specialty biopharmaceutical company, announced the divestiture of Daytrana(R) (methylphenidate transdermal system) to Noven Pharmaceuticals, Inc. Daytrana, which is approved and marketed in the US for the treatment of Attention Deficit Hyperactivity Disorder (ADHD) in children and adolescents, will continue to be available for patients through Noven.
Shire's divestiture agreement grants Noven global marketing rights for Daytrana and is effective October 1, 2010. The book value of the assets to be disposed is approximately $95 million (or a gross, pre-amortization value of approximately $150 million). Shire's 2010 outlook of Non GAAP earnings trending towards $4.00 per ADS which was recently announced in its second quarter earnings press release is unchanged.
Noven developed and manufactures Daytrana, and Noven licensed Daytrana to Shire in 2003. The US Food and Drug Administration (FDA) approved Daytrana as a treatment for ADHD in children and adolescents in April 2006 and June 2010, respectively.
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