Shire’s shares climb on “positive news”

The shares of Shire, the UK’s third-largest pharmaceutical company, have reached 877 pence on the news that it had received an approvable letter from the US’ Food and Drug Administration (FDA) for a new attention-deficit/hyperactivity disorder (ADHD) drug.

Since no additional studies have been requested by the FDA for NRP104 (lisdexamfetamine dimesylate), Shire and its development partner, New River Pharmaceuticals, can continue their dialogue with the FDA while a trademark name is decided for the product.

Shire faces patent challenges for its current ADHD therapy, Adderall XR, while Adderall is available generically in the US through Barr Pharmaceuticals and Ranbaxy Laboratories.

Last month the company’s chief executive told an investors conference in London that Shire would cease to promote Adderall XR on the successful approval of NRP104, according to Dow Jones Newswires.

Commenting on the recent news, Mr Emmens said: “This approvable letter for NRP104 is positive news for Shire and our partner New River Pharmaceuticals.

“Following approval, NRP104 is expected to offer patients, their families, and healthcare providers an important new treatment for ADHD.”

Mr Emmens concluded by saying that the company looked forward to adding NRP104 to its ADHD portfolio.

In August, Shire announced it was on track with its product pipeline progress and new product launches. Mr Emmens predicted that he expected growth in the low double-digit range for 2006.