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Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
Schedule of Recognized Identified 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 December 1, 2022
Cash$153.2 
Acquired IPR&D(1)
184.0
Goodwill(2)
181.2
Other assets and liabilities, net28.9 
Acquisition date fair value of consideration transferred 547.3
Less:
Cash acquired(153.2)
Fair value of CVR liability(3)
(66.9)
Cash paid, net of cash acquired$327.2 
(1) Acquired IPR&D intangibles primarily relate to GJB2.
(2) The goodwill recognized from this acquisition is attributable primarily to future unidentified projects and products and the assembled workforce for Akouos and 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 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. In the third quarter of 2022, we impaired the intangible asset related to PR001. See Note 5 for additional information.
(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.
Schedule of Research and Development Assets Acquired Other than Through Business Combination
The following table summarizes our significant asset acquisitions during 2022, 2021, and 2020.
CounterpartyCompound(s),Therapy, or AssetAcquisition Month
Phase of Development(1)
Acquired IPR&D Expense
BioMarin Pharmaceutical Inc.Priority Review VoucherFebruary 2022Not applicable$110.0 
Foghorn Therapeutics Inc.Pre-clinical targets that could lead to potential new oncology medicinesDecember 2021Pre-clinical316.6 
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 
Precision Biosciences, Inc. Potential in vivo therapies for genetic disordersJanuary 2021Pre-clinical107.8 
Innovent Biologics, Inc. (Innovent)
Sintilimab injection, an anti-PD-1 monoclonal antibody immuno-oncology medicine, for geographies outside of China(2)
October 2020Phase III200.0 
Petra Pharma Corporation (Petra)
Mutant-selective PI3Kα inhibitor that could lead to potential new medicine
May 2020Pre-clinical174.8 
Disarm Therapeutics, Inc. Disease-modifying therapeutics program for patients with axonal degenerationOctober 2020Pre-clinical126.3 
(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) In 2022, we terminated our license for sintilimab injection for geographies outside of China and reverted rights to Innovent.