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Divestment of Product Rights
3 Months Ended
Mar. 31, 2014
Gains (Losses) on Sales of Assets [Abstract]  
Divestment of product rights

3.       Divestment of product rights

 

On January 1, 2014 the Company transferred the marketing authorizations for the CALCICHEW range of products in the UK and Ireland to Takeda Pharmaceutical Company Limited. In addition in the first quarter of 2014 Shire received a cash consideration of $43.5 million from the sale of certain CALCICHEW trade marks to Takeda Nycomed AS (“Takeda”), resulting in a gain (net of taxes) of $43.5 million being recorded in the consolidated statement of income.

In the three months to March 31, 2014 the Company recorded total gains on the sale of product rights of $36.4 million (2013: $6.5 million), related to the sale of CALCICHEW trademarks to Takeda and the re-measurement of contingent consideration receivable from the 2010 divestment of DAYTRANA.

At March 31, 2014 the Company has recorded a receivable based on the fair value of future contingent consideration totaling $59.4 million (2013: $36.1 million), related to the divestment of DAYTRANA ($25.8 million) and the divestment of the DERMAGRAFT business ($33.6 million). The total contingent consideration receivable is split between current assets of $8.1 million (2013: $9.6 million) and non-current assets of $51.3 million (2013: $26.5 million).