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Shire plc – ‘10-K’ for 12/31/09 – ‘XML.R23’

On:  Friday, 2/26/10, at 12:40pm ET   ·   For:  12/31/09   ·   Accession #:  950103-10-520   ·   File #:  0-29630

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/26/10  Shire plc                         10-K       12/31/09   62:8.1M                                   Davis Polk & … LLP 01/FA

Annual Report   —   Form 10-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   2.87M 
 2: EX-10.26    Material Contract                                   HTML     37K 
 3: EX-21       Subsidiaries List                                   HTML     47K 
 4: EX-23.1     Consent of Experts or Counsel                       HTML     19K 
 5: EX-23.2     Consent of Experts or Counsel                       HTML     19K 
 6: EX-31.1     Certification -- §302 - SOA'02                      HTML     26K 
 7: EX-31.2     Certification -- §302 - SOA'02                      HTML     26K 
 8: EX-32.1     Certification -- §906 - SOA'02                      HTML     20K 
47: XML         IDEA XML File -- Definitions and References          XML    131K 
55: XML         IDEA XML File -- Filing Summary                      XML     94K 
52: XML.R1      Document And Entity Information                      XML     89K 
53: XML.R2      Consolidated Balance Sheets                          XML    268K 
32: XML.R3      Consolidated Balance Sheets (Parentheticals)         XML     57K 
37: XML.R4      Consolidated Balance Sheets (Parentheticals in       XML     33K 
                GBP)                                                             
45: XML.R5      Consolidated Statements of Operations                XML    365K 
44: XML.R6      Consolidated Statements of Operations                XML     51K 
                (Parentheticals)                                                 
59: XML.R7      Consolidated Statement of Changes in Shareholders'   XML   1.03M 
                Equity                                                           
22: XML.R8      Consolidated Statements of Comprehensive Income      XML    122K 
43: XML.R9      Components of Accumulated Other Comprehensive        XML     51K 
                Income                                                           
20: XML.R10     Consolidated Statements of Comprehensive Income      XML     59K 
                (Parentheticals)                                                 
19: XML.R11     Consolidated Statements of Cash Flows                XML    545K 
31: XML.R12     Description Of Operations                            XML     35K 
49: XML.R13     Summary Of Significant Accounting Policies           XML     80K 
33: XML.R14     Business combinations                                XML     79K 
34: XML.R15     Termination costs                                    XML     38K 
41: XML.R16     Gain on sale of product rights                       XML     35K 
62: XML.R17     Reorganization costs                                 XML     43K 
29: XML.R18     Intergration and Acquisition costs                   XML     35K 
15: XML.R19     Accounts receivable, net                             XML     38K 
36: XML.R20     Inventories                                          XML     37K 
48: XML.R21     Assets held for sale                                 XML     35K 
25: XML.R22     Prepaid expenses and other current assets            XML     37K 
46: XML.R23     Investments                                          XML     40K 
35: XML.R24     Property Plant and Equipment, net                    XML     38K 
58: XML.R25     Goodwill                                             XML     39K 
51: XML.R26     Other intangible assets, net                         XML     43K 
38: XML.R27     Accounts payable and accrued expenses                XML     43K 
42: XML.R28     Other current liabilities                            XML     37K 
18: XML.R29     Long-term debt                                       XML     40K 
21: XML.R30     Other long-term debt                                 XML     36K 
26: XML.R31     Other non-current liabilities                        XML     37K 
30: XML.R32     Derivative instruments                               XML     45K 
40: XML.R33     Fair value measurement                               XML     53K 
50: XML.R34     Commitments and contingencies                        XML     56K 
17: XML.R35     Shareholders Equity                                  XML     41K 
23: XML.R36     Earnings per share                                   XML     52K 
54: XML.R37     Segmental reporting                                  XML     97K 
57: XML.R38     Interest expense                                     XML     36K 
39: XML.R39     Other income (expenses), net                         XML     39K 
60: XML.R40     Retirement benefits                                  XML     34K 
24: XML.R41     Taxation                                             XML     86K 
61: XML.R42     Share-based compensation plans                       XML     71K 
28: XML.R43     Restatement of previously issued financial           XML     35K 
                statements                                                       
16: XML.R44     Income Access Share Trust Financial Statements       XML     62K 
27: XML.R45     Valuation and Qualifying Accounts Schedule           XML     45K 
56: EXCEL       IDEA Workbook of Financial Reports (.xls)            XLS    206K 
 9: EX-101.INS  XBRL Instance -- shpgf-20091231                      XML    826K 
11: EX-101.CAL  XBRL Calculations -- shpgf-20091231_cal              XML    203K 
12: EX-101.DEF  XBRL Definitions -- shpgf-20091231_def               XML     86K 
13: EX-101.LAB  XBRL Labels -- shpgf-20091231_lab                    XML    822K 
14: EX-101.PRE  XBRL Presentations -- shpgf-20091231_pre             XML    468K 
10: EX-101.SCH  XBRL Schema -- shpgf-20091231                        XSD     99K 


‘XML.R23’   —   Investments


This Financial Report is an XBRL XML File.


                                                                                                                                                                                
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<div style="font-size:12pt"><p>12.        Investments</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="480" align="left"><b> </b></td><td height="17" width="108" align="right"><b>December 31,</b></td><td height="17" width="108" align="right"><b>December 31,</b></td></tr><tr><td height="17" width="480" align="left"> </td><td height="17" width="108" align="right"><b>2009 </b></td><td height="17" width="108" align="right"><b>2008 </b></td></tr><tr><td height="17" width="480" align="left"> </td><td height="17" width="108" align="right"><b>$’M</b></td><td height="17" width="108" align="right"><b>$’M</b></td></tr><tr><td height="11" width="480" align="right"> </td><td height="11" width="108" align="right">____________</td><td height="11" width="108" align="right">____________</td></tr><tr><td height="17" width="480" align="left">Investments in private companies</td><td height="17" width="108" align="right">3.9 </td><td height="17" width="108" align="right">19.3 </td></tr><tr><td height="17" width="480" align="left">Available-for-sale securities</td><td height="17" width="108" align="right">87.0 </td><td height="17" width="108" align="right">6.1 </td></tr><tr><td height="17" width="480" align="left">Equity method investments</td><td height="17" width="108" align="right">14.8 </td><td height="17" width="108" align="right">17.5 </td></tr><tr><td height="11" width="480" align="right"> </td><td height="11" width="108" align="right">____________</td><td height="11" width="108" align="right">____________</td></tr><tr><td height="17" width="480" align="left"> </td><td height="17" width="108" align="right">105.7 </td><td height="17" width="108" align="right">42.9 </td></tr><tr><td height="11" width="480" align="right"> </td><td height="11" width="108" align="right">____________</td><td height="11" width="108" align="right">____________</td></tr></table><p>Disposal of Virochem Pharma Inc (“Virochem”)<br /><br />On March 12, 2009 the Company completed the disposal of its cost investment in Virochem to Vertex in a cash and stock transaction. The disposal was part of a transaction entered into by all the shareholders of Virochem with Vertex. The carrying amount of the Company’s investment in Virochem on March 12, 2009 was $14.8 million. Shire received total consideration of $19.2 million in cash and two million Vertex shares (valued at $50.8 million) from the disposal, recognizing a gain on disposal of $55.2 million which has been recognized in Other income/(expense), net during the year to December 31, 2009. <br /><br />Additional consideration of $2.0 million in cash and 0.2 million Vertex shares is being held in escrow until March 11, 2010 pending any warranty claims and breaches of representations made by Virochem and by all selling shareholders, including Shire. The escrow conditions are considered substantive and hence a gain has not been recognized relating to these amounts in the year to December 31, 2009. The Vertex stock received has been accounted for as an available-for-sale investment.<br /><br />Disposal of Questcor Pharmaceutical Inc (“Questcor”) <br /><br />For the year to December 31, 2008 Other (expense)/income net includes a gain of $9.4 million from the sale of Shire’s available-for-sale investment in Questcor, a specialty pharmaceutical company focused on providing prescription drugs for central nervous system disorders. Shire received cash consideration of $10.3 million on the sale of this investment.<br /><br />Other-than-temporary impairment of available-for-sale securities<br /><br />The Company recorded other-than-temporary impairments of $0.8 million, $58.0 million and $3.0 million against its available-for-sale securities in the years to December 31, 2009, 2008 and 2007 respectively.<br /><br />During the year to December 31, 2008 the Company recognized impairment charges of $44.3 million relating to its investment in Renovo Group plc, representing unrealized holding losses that were reclassified out of other comprehensive income into earnings in 2008, as management concluded that the impairment was other than temporary. The decline in the market value of the Company’s investment in Renovo Group plc initially arose from the results of clinical trials for JUVISTA which were announced over 2007 and 2008. During the third quarter of 2008, in considering whether the decline in value was temporary or “other than temporary” the Company considered the following factors: the severity of the decline from historical cost (87%) and its duration (eleven months); market analysts’ targets of Renovo Group plc’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. <br /><br />These factors, together with the significant decline in global equity markets during the third quarter of 2008 meant that the Company was unable to reasonably estimate the period over which a full recovery in the value of its investment in Renovo Group plc could occur. As such, the Company concluded that the decline in value was “other than temporary”. Therefore the full difference between the book value of the investment and the fair (market) value was recognized as an other than temporary impairment. Accordingly the Company recognized an impairment charge of $44.3 million for its investment in Renovo Group plc through the consolidated statement of operations in the third quarter of 2008. For purposes of computing the impairment charge fair value was assumed to be £0.26 per share, representing the closing price of Renovo Group plc securities on the London Stock Exchange on September 30, 2008.</p></div>
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2 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 5/25/10  SEC                               UPLOAD9/11/17    1:21K  Shire plc
 4/14/10  SEC                               UPLOAD9/11/17    1:31K  Shire plc
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Filing Submission 0000950103-10-000520   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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