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Shire plc – ‘10-K’ for 12/31/09 – ‘XML.R44’

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.R44’   —   Income Access Share Trust Financial Statements


This Financial Report is an XBRL XML File.


                                                                                                                                                                                
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<div style="font-size:12pt"><p>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM<br /><br />To Lloyds TSB Offshore Trust Company Limited, Trustee of the Shire Income Access Share Trust and the Board of Directors and Stockholders of Shire plc <br /><br />We have audited the accompanying balance sheets of the Shire Income Access Share Trust (the “Trust”) as of December 31, 2009 and 2008 and the related statements of income, statements of changes in equity and statements of cash flows for the year ended December 31, 2009 and the period from August 29, 2008 to December 31, 2008. These financial statements are the responsibility of the Trustee and Shire plc’s management. Our responsibility is to express an opinion on these financial statements based on our audit. <br /><br />We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Trust is not required to have an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the Trust’s internal control over financial reporting. Accordingly, we express no such separate opinion. Our audit of the financial statements included examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.<br /><br />In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Shire Income Access Share Trust at December 31, 2009 and 2008, and the results of its operations and cash flows for the year to December 31, 2009 and the period from August 29, 2008 to December 31, 2008, in conformity with accounting principles generally accepted in the United States of America. <br /><br /><br /><br />DELOITTE LLP<br />London, United Kingdom<br />February 26, 2010<br /><br /></p><p>SHIRE INCOME ACCESS SHARE TRUST<br />BALANCE SHEETS</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="362" align="left"><b> </b></td><td height="17" width="61" align="center"><b>Notes</b></td><td height="17" width="145" align="right"><b>December 31, 2009</b></td><td height="17" width="145" align="right"><b>December 31, 2008</b></td></tr><tr><td height="17" width="362" align="left"><b> </b></td><td height="17" width="61" align="left"> </td><td height="17" width="145" align="right"><b>$’M </b></td><td height="17" width="145" align="right"><b>$’M </b></td></tr><tr><td height="17" width="362" align="right"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">ASSETS</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="left"> </td><td height="17" width="145" align="left"> </td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right"> </td><td height="17" width="145" align="right"> </td></tr><tr><td height="17" width="362" align="left">Total assets</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">-</td><td height="17" width="145" align="right">-</td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">LIABILITIES AND EQUITY</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="left"> </td><td height="17" width="145" align="left"> </td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right"> </td><td height="17" width="145" align="right"> </td></tr><tr><td height="17" width="362" align="left">Total liabilities</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">-</td><td height="17" width="145" align="right">-</td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">Equity:</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right"> </td><td height="17" width="145" align="right"> </td></tr><tr><td height="17" width="362" align="left">Capital account</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">-</td><td height="17" width="145" align="right">-</td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">Total equity</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">-</td><td height="17" width="145" align="right">-</td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">Total liabilities and equity </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">-</td><td height="17" width="145" align="right">-</td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr></table><p><br />SHIRE INCOME ACCESS SHARE TRUST<br />STATEMENTS OF INCOME</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="362" align="left"><b> </b></td><td height="17" width="61" align="center"><b> </b></td><td height="17" width="145" align="right"><b>Year to</b></td><td height="17" width="145" align="right"><b>Period to</b></td></tr><tr><td height="17" width="362" align="left"><b> </b></td><td height="17" width="61" align="center"><b>Notes</b></td><td height="17" width="145" align="right"><b>December 31, 2009</b></td><td height="17" width="145" align="right"><b>December 31, 2008</b></td></tr><tr><td height="17" width="362" align="left"><b> </b></td><td height="17" width="61" align="left"> </td><td height="17" width="145" align="right"><b>$’M </b></td><td height="17" width="145" align="right"><b>$’M </b></td></tr><tr><td height="17" width="362" align="right"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">Dividend income</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">45.9 </td><td height="17" width="145" align="right">7.2 </td></tr><tr><td height="17" width="362" align="right"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">Net income</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">45.9 </td><td height="17" width="145" align="right">7.2 </td></tr><tr><td height="17" width="362" align="right"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr></table><p>SHIRE INCOME ACCESS SHARE TRUST<br />STATEMENTS OF CHANGES IN EQUITY<br /></p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="320" align="left"><b> </b></td><td height="17" width="131" align="right"><b>Capital account</b></td><td height="17" width="131" align="right"><b>Revenue account</b></td><td height="17" width="131" align="right"><b>Total equity</b></td></tr><tr><td height="17" width="320" align="left"><b> </b></td><td height="17" width="131" align="right"><b>$’M</b></td><td height="17" width="131" align="right"><b>$’M</b></td><td height="17" width="131" align="right"><b>$’M</b></td></tr><tr><td height="17" width="320" align="right"> </td><td height="17" width="131" align="right">________________</td><td height="17" width="131" align="right">________________</td><td height="17" width="131" align="right">________________</td></tr><tr><td height="17" width="320" align="left">At December 31, 2007</td><td height="17" width="131" align="right">-</td><td height="17" width="131" align="right">-</td><td height="17" width="131" align="right">-</td></tr><tr><td height="17" width="320" align="left"> </td><td height="17" width="131" align="right"> </td><td height="17" width="131" align="right"> </td><td height="17" width="131" align="right"> </td></tr><tr><td height="17" width="320" align="left">Net income for the period</td><td height="17" width="131" align="right">-</td><td height="17" width="131" align="right">7.2 </td><td height="17" width="131" align="right">7.2 </td></tr><tr><td height="17" width="320" align="left"> </td><td height="17" width="131" align="right"> </td><td height="17" width="131" align="right"> </td><td height="17" width="131" align="right"> </td></tr><tr><td height="17" width="320" align="left">Distributions made</td><td height="17" width="131" align="right">-</td><td height="17" width="131" align="right">(7.2)</td><td height="17" width="131" align="right">(7.2)</td></tr><tr><td height="17" width="320" align="left"> </td><td height="17" width="131" align="right">________________</td><td height="17" width="131" align="right">________________</td><td height="17" width="131" align="right">________________</td></tr><tr><td height="17" width="320" align="left">At December 31, 2008</td><td height="17" width="131" align="right">-</td><td height="17" width="131" align="right">-</td><td height="17" width="131" align="right">-</td></tr><tr><td height="17" width="320" align="right"> </td><td height="17" width="131" align="right"> </td><td height="17" width="131" align="right"> </td><td height="17" width="131" align="right"> </td></tr><tr><td height="17" width="320" align="left">Net income for the period</td><td height="17" width="131" align="right">-</td><td height="17" width="131" align="right">45.9 </td><td height="17" width="131" align="right">45.9 </td></tr><tr><td height="17" width="320" align="left"> </td><td height="17" width="131" align="right"> </td><td height="17" width="131" align="right"> </td><td height="17" width="131" align="right"> </td></tr><tr><td height="17" width="320" align="left">Distributions made</td><td height="17" width="131" align="right">-</td><td height="17" width="131" align="right">(45.9)</td><td height="17" width="131" align="right">(45.9)</td></tr><tr><td height="17" width="320" align="left"> </td><td height="17" width="131" align="right">________________</td><td height="17" width="131" align="right">________________</td><td height="17" width="131" align="right">________________</td></tr><tr><td height="17" width="320" align="left">As at December 31, 2009</td><td height="17" width="131" align="right">-</td><td height="17" width="131" align="right">-</td><td height="17" width="131" align="right">-</td></tr><tr><td height="17" width="320" align="left"> </td><td height="17" width="131" align="right">________________</td><td height="17" width="131" align="right">________________</td><td height="17" width="131" align="right">________________</td></tr></table><p><br />SHIRE INCOME ACCESS SHARE TRUST<br />STATEMENTS OF CASHFLOWS</p><table style="border-collapse: collapse; margin-top: 20px;"><tr><td height="17" width="362" align="left"><b> </b></td><td height="17" width="61" align="center"><b> </b></td><td height="17" width="145" align="right"><b>Year to</b></td><td height="17" width="145" align="right"><b>Period to</b></td></tr><tr><td height="17" width="362" align="left"><b> </b></td><td height="17" width="61" align="center"><b>Notes</b></td><td height="17" width="145" align="right"><b>December 31, 2009</b></td><td height="17" width="145" align="right"><b>December 31, 2008</b></td></tr><tr><td height="17" width="362" align="left"><b> </b></td><td height="17" width="61" align="left"> </td><td height="17" width="145" align="right"><b>$’M </b></td><td height="17" width="145" align="right"><b>$’M </b></td></tr><tr><td height="17" width="362" align="right"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">CASH FLOWS FROM OPERATING ACTIVITIES:</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="left"> </td><td height="17" width="145" align="left"> </td></tr><tr><td height="17" width="362" align="right"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right"> </td><td height="17" width="145" align="right"> </td></tr><tr><td height="17" width="362" align="left">Net income</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">45.9 </td><td height="17" width="145" align="right">7.2 </td></tr><tr><td height="17" width="362" align="right"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">Net cash provided from operating activities(A )</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">45.9 </td><td height="17" width="145" align="right">7.2 </td></tr><tr><td height="17" width="362" align="right"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">CASH FLOWS FROM INVESTING ACTIVITIES:</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="left"> </td><td height="17" width="145" align="left"> </td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">Net cash provided by investing activities(B)</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">-</td><td height="17" width="145" align="right">-</td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">CASH FLOWS FROM FINANCING ACTIVITIES:</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right"> </td><td height="17" width="145" align="right"> </td></tr><tr><td height="17" width="362" align="left">Distributions made</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">(45.9)</td><td height="17" width="145" align="right">(7.2)</td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">Net cash used in financing activities(C)</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">(45.9)</td><td height="17" width="145" align="right">(7.2)</td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">Net increase in cash and cash equivalents (A+B+C)</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">-</td><td height="17" width="145" align="right">-</td></tr><tr><td height="17" width="362" align="left">Cash and cash equivalents at beginning of period</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">-</td><td height="17" width="145" align="right">-</td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr><tr><td height="17" width="362" align="left">Cash and cash equivalents at end of period</td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">-</td><td height="17" width="145" align="right">-</td></tr><tr><td height="17" width="362" align="left"> </td><td height="17" width="61" align="center"> </td><td height="17" width="145" align="right">________________</td><td height="17" width="145" align="right">________________</td></tr></table><p>NOTES TO THE SHIRE INCOME ACCESS SHARE TRUST FINANCIAL STATEMENTS<br /><br /><br />(a)        The Trust <br /><br />The Shire Income Access Share Trust (the “Trust”) was established on August 29, 2008 by Shire Biopharmaceuticals Holdings (formerly Shire plc) (“Old Shire”). The Trust is governed by the applicable laws of England and Wales and is resident in Jersey. The Trustee of the Trust is Lloyds TSB Offshore Trust Company Limited, 25 New Street, St Helier, Jersey, JE4 8RG.<br /><br />The Trust was established as part of the Income Access Share mechanism, as outlined in ITEM 5: of this Annual Report on Form 10-K of Shire plc and its subsidiaries (collectively referred to as either “Shire” or the “Company”.<br /><br />(b)        Basis of preparation<br /><br />The financial statements of the Trust have been prepared in accordance with accounting principles generally accepted in the (“US GAAP”). The financial statements have been prepared under the historical cost convention. <br /><br />The preparation of financial statements in conformity with US GAAP requires the use of certain accounting estimates. It also requires management to exercise its judgement in the process of applying the Trust’s accounting policies. Actual results may differ from these estimates. <br /><br /></p><p>The results of operations, and the financial position and cash flows of the Trust are also consolidated in the Company’s financial statements, as contained on pages F-75 to F-76.<br /><br />(c)        Summary of significant accounting policies<br /><br />i)        Functional currency<br /><br />The functional currency of the Trust is US dollars. <br /><br />ii)        Foreign currency translation <br /><br />Income and expense items denominated in currencies other than the functional currency are translated into the functional currency at the rate ruling on their transaction date. Monetary assets and liabilities recorded in currencies other than the functional currency have been expressed in the functional currency at the rates of exchange ruling at the respective balance sheet dates. Differences on translation are included in the statement of income.<br /><br />iii)        Dividend income<br /><br />Interim dividends declared on the Income Access Share are recognised on a paid basis unless the dividend has been confirmed by a general meeting of Shire, in which case income is recognised on the record date of the dividend by Shire on its ordinary shares.<br /><br />(d)        Capital account<br /><br />The Capital account is represented by the Income Access Share of 5 pence settled in the Trust by Old Shire.<br /><br />(e)        Distributions made<br /><br />Distributions are made to those shareholders of Shire who have elected to receive dividends from the Trust in accordance with the Trust Deed. Unclaimed dividends are not included in distributions made. There were no unclaimed dividends at December 31, 2009. Amounts are recorded as distributed once a wire transfer or check is issued. All checks are valid for one year from the date of issue. Any wire transfers that are not completed are replaced by cheques. To the extent that cheques expire or are returned unrepresented, the Trust records a liability for unclaimed dividends and a corresponding amount of cash.<br /><br />(f)        Financial instruments<br /><br />The Trust, in its normal course of business, is not subject to market risk, credit risk or liquidity risk. The Trustees do not consider that any foreign exchange exposure will materially affect the operations of the Trust.<br /></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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