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Acquisitions (Tables) | 3 Months Ended
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Mar. 31, 2021
Business Combinations [Abstract] |
Schedule of the amounts recognized for assets acquired and liabilities assumed | The following table summarizes the preliminary amounts recognized for assets acquired and liabilities assumed as of the acquisition date:
Estimated Fair Value at January 22, 2021 |
Cash | $ | 90.5 |
Acquired IPR&D(1) | 834.0
Goodwill(2) | 111.0
Deferred tax liabilities | (100.2) |
Other assets and liabilities, net | (31.5) |
Acquisition date fair value of consideration transferred | 903.8
Less: |
Cash acquired | (90.5) |
Fair value of CVR liability(3) | (65.9) |
Cash paid, net of cash acquired | $ | 747.4 |
(1) Acquired IPR&D intangibles primarily relate to PR001. (2) The goodwill recognized from this acquisition is not deductible for tax purposes. (3) See Note 6 for a discussion on the estimation of the CVR liability.
Schedule of asset acquisitions | The following table summarizes our asset acquisitions during the three months ended March 31, 2021 and 2020:
Counterparty | Compound(s) or Therapy | Acquisition Month |  | Phase of Development (1) |  | Acquired IPR&D Expense
Precision Biosciences, Inc. | Research and development of potential in vivo therapies for genetic disorders | January 2021 |  | Pre-clinical |  | $ | 107.8 |
Merus N.V. | CD3-engaging T-cell re-directing bispecific antibodies for the potential treatment of cancer | January 2021 |  | Pre-clinical |  | 46.5 |
Asahi Kasei Pharma Corporation | AK1780, an orally bioavailable P2X7 receptor antagonist for the potential treatment of chronic pain conditions | January 2021 |  | Phase I |  | 20.0 |
Rigel Pharmaceuticals, Inc. | R552, a receptor-interacting serine/threonine-protein kinase 1 (RIPK1) inhibitor, for the potential treatment of autoimmune and inflammatory diseases | March 2021 |  | Phase I |  | 125.0 |
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 treatment and prevention of COVID-19 | March 2020 |  | Pre-clinical |  | 25.0 |
(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 an acquired IPR&D expense of $25.0 million in May 2020 upon closing of the transaction.

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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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