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Acquisitions and Divestiture (Tables)
 12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [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 Prevail as of the acquisition date:
Estimated Fair Value at January 22, 2021
Cash$90.5 
Acquired IPR&D(1)
824.0
Goodwill(2)
126.8
Deferred tax liabilities(106.0)
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 7 for a discussion on the estimation of the CVR liability.
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 assets4,590.8 
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 for Vitrakvi and a Phase I molecule which were amortized to cost of sales on a straight-line basis over their estimated useful lives and were expected to have a weighted average useful life of approximately 12 years from the acquisition date. In the fourth quarter of 2021 we impaired the intangible for the Phase I molecule. See Note 5 for additional information.
(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 2021, 2020, and 2019.
CounterpartyCompound(s),Therapy, or AssetAcquisition Month
Phase of Development(1)
Acquired IPR&D Expense
Precision Biosciences, Inc. Potential in vivo therapies for genetic disordersJanuary 2021Pre-clinical$107.8 
Merus N.V.
CD3-engaging T-cell re-directing bispecific antibodies for the potential treatment of cancerJanuary 2021Pre-clinical46.5 
Asahi Kasei Pharma CorporationAK1780, an orally bioavailable P2X7 receptor antagonist for the potential treatment of chronic pain conditionsJanuary 2021Phase I20.0 
Rigel Pharmaceuticals, Inc. R552, a receptor-interacting serine/threonine-protein kinase 1 (RIPK1) inhibitor, for the potential treatment of autoimmune and inflammatory diseasesMarch 2021Phase I125.0 
MiNA Therapeutics Limited Pre-clinical targets that could lead to potential new medicines May 2021Pre-clinical25.0 
Protomer Technologies Inc. Glucose-sensing insulin programJuly 2021Pre-clinical57.3 
CounterpartyCompound(s),Therapy, or AssetAcquisition Month
Phase of Development(1)
Acquired IPR&D Expense
Kumquat Biosciences Inc.Pre-clinical small molecules that stimulate tumor-specific immune responses July 2021Pre-clinical55.0 
Lycia Therapeutics, Inc.Several potential modalities across a spectrum of therapeutic areas and diseasesAugust 2021Pre-clinical35.0 
ProQR Therapeutics N.V. Pre-clinical targets that could lead to potential new medicines for genetic disorders in the liver and nervous systemSeptember 2021Pre-clinical26.7 
QILU Regor Therapeutics Inc.Pre-clinical targets that could lead to potential new medicines for metabolic disordersDecember 2021Pre-clinical30.0 
Foghorn Therapeutics Inc.Pre-clinical targets that could lead to potential new oncology medicinesDecember 2021Pre-clinical316.6 
Entos Pharmaceuticals Inc.Pre-clinical targets that could lead to potential new nucleic acid-based therapies targeting the central and peripheral nervous systemDecember 2021Pre-clinical30.0 
Sitryx Therapeutics LimitedPre-clinical targets that could lead to potential new medicines for autoimmune diseasesMarch 2020Pre-clinical52.3 
AbCellera Biologics Inc. (AbCellera)
Neutralizing antibodies for the treatment and prevention of COVID-19
March 2020(2)
Pre-clinical25.0 
Shanghai Junshi Biosciences Co., Ltd. (Junshi Biosciences)Neutralizing antibodies for the treatment and prevention of COVID-19May 2020Pre-clinical20.0 
Petra Pharma Corporation (Petra)
Mutant-selective PI3Kα inhibitor that could lead to potential new medicine
May 2020Pre-clinical174.8 
Evox Therapeutics LimitedPre-clinical targets for the potential treatment of neurological disordersJune 2020Pre-clinical22.0 
Innovent Biologics, Inc. (Innovent)Sintilimab injection, an anti-PD-1 monoclonal antibody immuno-oncology medicine, for geographies outside of ChinaOctober 2020Phase III200.0 
Disarm Therapeutics, Inc. Disease-modifying therapeutics program for patients with axonal degenerationOctober 2020Pre-clinical126.3 
Fochon Pharmaceuticals, Ltd.Pre-clinical molecule targeting hematological malignanciesNovember 2020Pre-clinical40.0 
CounterpartyCompound(s),Therapy, or AssetAcquisition Month
Phase of Development(1)
Acquired IPR&D Expense
AC Immune SATau aggregation inhibitor small molecules for the potential treatment of Alzheimer's disease and other neurodegenerative diseases
January 2019 & September 2019(3)
Pre-clinical127.1 
ImmuNext, Inc.Novel immunometabolism targetMarch 2019Pre-clinical40.0 
Avidity Biosciences, Inc.Potential new medicines in immunology and other select indicationsApril 2019Pre-clinical25.0 
Centrexion Therapeutics CorporationCNTX-0290, a novel, small molecule somatostatin receptor type 4 agonistJuly 2019Phase I47.5 
(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 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.