3. Business Combinations
On April 19, 2007 Shire completed its acquisition of New River by way of a short-form merger, in an all-cash transaction. The acquisition was effected by merging Shuttle Corporation, an indirect wholly owned subsidiary of Shire, with and into New River, with New River continuing as the surviving corporation. As consideration, Shire paid to New River's shareholders $64 in cash for each share of New River common stock outstanding at the time of the acquisition.
The acquisition of New River allows Shire to capture the full economic value of VYVANSE, and gain control of the future development and commercialization of this product.
The pediatric indication of VYVANSE was approved by the FDA on February 23, 2007 and Shire received notification from the DEA of the final Schedule II classification for VYVANSE on May 3, 2007.
The acquisition of New River has been accounted for as a purchase
business combination in accordance with IFRS 3 "Business Combinations"
("IFRS 3"). Under the purchase method of accounting, the assets and
liabilities of New River are recorded at their fair values at the
acquisition date. The financial statements and reported income statement of
Shire issued after the completion of the acquisition reflect these fair
values, with the results of New River being included within the
|SOURCE Shire plc|
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