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Acquisitions and Divestiture (Tables) | 12 Months Ended
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Dec. 31, 2020
Business Combinations [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the amounts recognized for assets acquired and liabilities assumed in the acquisition of Loxo as of the acquisition date:
Estimated Fair Value at February 15, 2019
Acquired IPR&D(1) | $ | 4,670.0 |
Finite-lived intangibles(2) | 980.0 |
Deferred income taxes | (1,032.8) |
Other assets and liabilities - net | (26.4) |
Total identifiable net assets | 4,590.8 |
Goodwill(3) | 2,326.9 |
Total consideration transferred - net of cash acquired | $ | 6,917.7 |
(1) $4.60 billion of the acquired IPR&D relates to selpercatinib (LOXO-292). (2) Contract-based intangibles (primarily related to Vitrakvi) which are being amortized to cost of sales on a straight-line basis over their estimated useful lives, were expected to have a weighted average useful life of approximately 12 years from the acquisition date. (3) The goodwill recognized from this acquisition is attributable primarily to future unidentified projects and products and the assembled workforce for Loxo and is not deductible for tax purposes.
Schedule of Research and Development Assets Acquired Other than Through Business Combination | The following table and narrative summarize our asset acquisitions during 2020, 2019, and 2018.
Counterparty | Compound(s),Therapy, or Asset | Acquisition Month |  | Phase of Development(1) |  | Acquired IPR&D Expense
Sitryx Therapeutics Limited | Pre-clinical targets that could lead to potential new medicines for autoimmune diseases | March 2020 |  | Pre-clinical |  | $ | 52.3 |
AbCellera Biologics Inc. (AbCellera)(2) | Neutralizing antibodies for the treatement and prevention of COVID-19 | March 2020 |  | Pre-clinical |  | 25.0 |
Shanghai Junshi Biosciences Co., Ltd. (Junshi Biosciences) | Neutralizing antibodies for the treatment and prevention of COVID-19 | May 2020 |  | Pre-clinical |  | 20.0 |
Undisclosed | Pre-clinical target that could lead to potential new medicine | May 2020 |  | Pre-clinical |  | 174.8 |
Evox Therapeutics Ltd | Pre-clinical research collaboration for the potential treatment of neurological disorders | June 2020 |  | Pre-clinical |  | 22.0 |
Innovent Biologics, Inc. (Innovent) | Sintilimab injection, an anti-PD-1 monoclonal antibody immuno-oncology medicine, for geographies outside of China | October 2020 |  | Phase III |  | 200.0 |
Disarm Therapeutics, Inc. (Disarm) | Disease-modifying therapeutics program for patients with axonal degeneration | October 2020 |  | Pre-clinical |  | 126.3 |
Fochon Pharmaceuticals, Ltd. | Pre-clinical molecule targeting hematological malignancies | November 2020 |  | Pre-clinical |  | 40.0 |
AC Immune SA | Tau aggregation inhibitor small molecules for the potential treatment of Alzheimer's disease and other neurodegenerative diseases | January 2019 & September 2019(3) |  | Pre-clinical |  | 127.1 |
ImmuNext, Inc. | Novel immunometabolism target | March 2019 |  | Pre-clinical |  | 40.0 |
Avidity Biosciences, Inc. | Potential new medicines in immunology and other select indications | April 2019 |  | Pre-clinical |  | 25.0 |
Centrexion Therapeutics Corporation | CNTX-0290, a novel, small molecule somatostatin receptor type 4 agonist | July 2019 |  | Phase I |  | 47.5 |
Sigilon Therapeutics, Inc. | Encapsulated cell therapies for the potential treatment of type 1 diabetes | April 2018 |  | Pre-clinical |  | 66.9 |
AurKa Pharma Inc. | AK-01, an Aurora kinase A inhibitor | June 2018 |  | Phase I |  | 81.8 |
ARMO BioSciences, Inc. (ARMO) | Cancer therapy - pegilodecakin | June 2018 |  | Phase III |  | 1,475.8 |
Anima Biotech Inc. | Translation inhibitors for selected neuroscience targets | July 2018 |  | Pre-clinical |  | 30.0 |
SIGA Technologies, Inc. | Priority Review Voucher | October 2018 |  | Not applicable |  | 80.0 |
Chugai Pharmaceutical Co., Ltd. | OWL833, an oral non-peptidic GLP-1 receptor agonist | October 2018 |  | Pre-clinical |  | 50.0 |
NextCure, Inc. | Immuno-oncology cancer therapies | November 2018 |  | Pre-clinical(4) |  | 28.1 |
Dicerna Pharmaceuticals Inc. | Cardio-metabolic disease, neurodegeneration, and pain | December 2018 |  | Pre-clinical |  | 148.7 |
Hydra Biosciences | TRPA1 antagonists program for the potential treatment of chronic pain syndromes | December 2018 |  | Pre-clinical |  | 22.6 |
(1) The phase of development presented is as of the date of the arrangement and represents the phase of development of the most advanced asset acquired, where applicable. (2) We recognized the acquired IPR&D expense of $25.0 million in May 2020 upon closing of the transaction. (3) We recognized acquired IPR&D expenses of $96.9 million in January 2019 upon entering into a license agreement and $30.2 million in September 2019 upon entering into an amendment to the license agreement. (4) This research and development collaboration agreement terminated effective March 2020.

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=121647850&loc=d3e4845-128472 + Details
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- Definition Tabular disclosure of the nature and amounts of capitalized costs of a research and development nature that were acquired in a transaction other than a business combination, the amount of such assets charged to expense during the period, and identification of the income statement caption in which the charges are included. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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