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Noven Pharmaceuticals, Inc. (NOVN) has been advised by Shire Limited that Shire's net sales of Daytrana(R) (methylphenidate transdermal system) have triggered the third and final $25 million sales milestone due to be paid to Noven.
Daytrana(R), licensed globally to Shire, was launched in June 2006. Payment of the milestone announced today was triggered upon Shire's net sales of Daytrana(R) exceeding $75 million in the 12-months preceding June 30, 2008. Under Noven's agreement with Shire, the $25 million milestone is due to be paid in the third quarter of 2008. As with prior Daytrana(R) sales milestones, Noven expects to defer recognition of the latest sales milestone and recognize it as license revenues over time.
Daytrana(R) is the first and only transdermal medication approved to treat the symptoms of Attention Deficit Hyperactivity Disorder (ADHD). It is approved for children aged six to twelve years with ADHD. The product combines the active ingredient methylphenidate with Noven's patented DOT Matrix(R) transdermal technology.
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