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IFRS Information - First Half of 2007
Date:9/13/2007

Accounting for Pre-existing Relationships between the Parties to a Business Combination" ("EITF 04-1"). In accounting for the New River acquisition under IFRS, Shire has therefore applied the principles outlined in EITF 04-1 in accounting for the effective settlement of the New River Collaboration Agreements.

In accordance with EITF 04-1, Shire has measured the effective settlement of the New River Collaboration Agreements resulting from its pre-existing relationship with New River and has determined that, in respect of the US Collaboration Agreement, it was less favorable to the Company when compared with pricing for current market transactions for similar 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 the Company's management.

As the US Collaboration Agreement is deemed less favorable to the Company at the time of the acquisition when compared with pricing for current market transactions for similar items, the Company has recorded a charge of $100.0 million, (together with related tax effects of $32.7 million), on the effective settlement of the pre-existing relationship in the Consolidated Income Statement. Although settlement provisions in the US Collaboration Agreement available to the Company would have enabled effective settlement of the New River Collaboration Agreements at no incremental cost to the Company, existing intangible assets totaling $100.0 million, (representing up-front and milestone payments in respect of the New River Collaboration Agreements), have been written-off on effective settlement of the pre-existing relationship. No charge has been recorded in respect of the RoW Territory License Agreement, as the Company has determined that this agreement
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SOURCE Shire plc
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