Payment of the milestone announced was triggered upon Shire’s net sales of Daytrana 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 sales milestones, Noven expects to defer recognition of the latest sales milestone and recognize it as license revenues over time.
Daytrana is said to be 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 12 years with ADHD. The product combines the active ingredient methylphenidate with Noven’s patented DOT Matrix transdermal technology.