NOVEN ANNOUNCES CLOSING OF
METHYPATCH® LICENSE TRANSACTION

Noven Receives $25 Million Closing Payment from Shire

Miami, FL, April 4, 2003 -- Noven Pharmaceuticals, Inc. (NASDAQ: NOVN) today announced that the previously announced transaction licensing its once-daily methylphenidate transdermal system (intended to be marketed as MethyPatch®) to Shire Pharmaceuticals Group plc has closed. Noven received $25 million from Shire at closing.

MethyPatch is Noven's developmental methylphenidate patch for Attention-Deficit Hyperactivity Disorder (ADHD). A New Drug Application for the product, filed with the U.S. Food and Drug Administration in June 2002, is currently under FDA review.

As announced on February 27, in exchange for global rights to MethyPatch, Shire agreed to pay $25 million at closing, $50 million upon receipt of final FDA approval of MethyPatch, and payments of up to $75 million upon achievement of certain MethyPatch sales milestones. For accounting purposes, all payments (including the $25 million closing payment) will be deferred and recognized as Noven revenue over a period of years.

About Noven
Noven Pharmaceuticals, Inc., headquartered in Miami, Florida, is a leading developer of advanced transdermal drug delivery technologies and prescription transdermal products. Together with Novartis Pharmaceuticals Corporation, Noven owns a profitable women's health products company called Novogyne Pharmaceuticals. Noven's existing products include advanced estrogen transdermal delivery systems (including Vivelle-Dot®, licensed to Novogyne, and Estradot®, licensed to Novartis Pharma AG) and combination estrogen/progestin transdermal delivery systems (including CombiPatch®, licensed to Novogyne, and Estalis®, licensed to Novartis Pharma AG). With a range of additional products in development, including MethyPatch®, licensed to Shire, Noven is committed to becoming the world's premier transdermal drug delivery company. For additional information on Noven, visit http://www.noven.com.


This release contains forward-looking information related to the business of Noven that can be identified by the use of forward-looking terminology such as "will" and similar words and phrases. Such statements are qualified by and subject to the risks and uncertainties specified in Noven's most recent filings with the Securities and Exchange Commission and those specified herein, including the risk that the remaining milestone payments may not be paid if MethyPatch is not approved or if Shire does not achieve the specified sales levels.

 

Contact:
Investor & Media Contact
Joseph C. Jones
Vice President – Corporate Affairs
Noven Pharmaceuticals, Inc.
(305) 253-1916

 

Copyright ©  2003 Noven Pharmaceuticals, Inc. All rights reserved.