By Cliff Peale
The Cincinnati Enquirer

Shire Pharmaceuticals Group more than doubled its operating income in 2002 to $340 million, and a new acquisition of a transdermal patch to deliver one of its biggest products should help increase those results, the company said today.

Shire, the British company that operates its U.S. headquarters in Newport, said it would pay up to $150 million for the worldwide sales and marketing rights to the Methypatch delivery system from Noven Pharmaceuticals Inc.

The deal will help Shire expand the business for its Adderall treatment for Attention Deficit and Hyperactivity Disorder. Including a once-a-day version, Adderall posted total sales of $427.7 million in 2002, up 22 percent.

The Noven product is the only patch so far to deliver ADHD treatments, Shire said. It will launch the product in the U.S. in the second half of this year.

"This is an acquisition that is core to Shire's strategy," said Bill Nuerge, president and chief executive officer of Shire U.S. "Methypatch strengthens our position as the ADHD support company."

Overall, Shire posted total revenue of $1.1 billion in 2002, including discontinued operations and up 21 percent compared to 2001. Net income was $250.6 million, compared to $38.8 million in 2001.

Shares in Shire closed at $14.75, down 59 cents.