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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the amounts recognized for assets acquired and liabilities assumed as of the acquisition date:
Estimated Fair Value at May 23, 2024 |
Cash | $ | 2.3 |
Goodwill(1) | 816.5 |
Property and equipment | 108.5 |
Other assets and liabilities, net | (0.3) |
Acquisition date fair value of consideration transferred | 927.0 |
Less: |
Cash acquired | (2.3) |
Cash paid, net of cash acquired | $ | 924.7 |
(1) The goodwill recognized from this acquisition is primarily attributable to the synergies between the manufacturing capabilities of the site and our products as well as the assembled workforce of the site, which is deductible for tax purposes. The following table summarizes the amounts recognized for assets acquired and liabilities assumed as of the acquisition date:
Estimated Fair Value at December 27, 2023 |
Cash | $ | 302.7 |
Acquired IPR&D | 196.0
Goodwill(1) | 853.9
Other assets and liabilities, net | (14.3) |
Acquisition date fair value of consideration transferred | 1,338.5 |
Less: |
Cash acquired | (302.7) |
Cash paid, net of cash acquired | $ | 1,035.8 |
(1) The goodwill recognized from this acquisition is primarily attributable to the radiopharmaceutical discovery, development, and manufacturing capabilities and the assembled workforce for POINT, which is not deductible for tax purposes. The following table summarizes the 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) | 185.6
Other assets and liabilities, net | 24.5 |
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 primarily attributable 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.
Research and Development Asset Acquired in Transaction Other than Business Combination or Joint Venture Formation | The following table summarizes our significant asset acquisitions during 2024, 2023, and 2022.
Counterparty | Compound, Therapy, or Asset | Acquisition Month |  | Phase of Development(1) |  | Acquired IPR&D Charge |  |
Morphic Holding, Inc. (Morphic) | MORF-057, inhibitor of α4β7 integrin for the treatment of inflammatory bowel disease | August 2024 |  | Phase 2 |  | $ | 2,548.5 |  |  |
Mablink Biosciences SAS | MBK-103, a folate receptor alpha antibody drug conjugate for the treatment of ovarian cancer | December 2023 |  | Pre-clinical |  | 256.6 |  |  |
Beam Therapeutics Inc. | Opt-in right for programs targeting PCSK9, ANGPTL3 and an undisclosed liver-mediated, cardiovascular target | October 2023 |  | Phase 1 |  | 216.3 |  |  |
DICE Therapeutics, Inc. (DICE) | DC-806, an oral IL-17 inhibitor for the treatment of chronic diseases in immunology(2) | August 2023 |  | Phase 2 |  | 1,915.5 |  |  |
Versanis Bio, Inc. (Versanis) | Bimagrumab, a monoclonal antibody for the treatment of people living with obesity and obesity-related complications | August 2023 |  | Phase 2 |  | 604.1 |  |  |
Emergence Therapeutics AG (Emergence) | ETx-22, a Nectin-4 antibody-drug conjugate for the treatment of urothelial cancer | August 2023 |  | Pre-clinical |  | 406.5 |  |  |
BioMarin Pharmaceutical Inc. | Priority Review Voucher | February 2022 |  | Not applicable |  | 110.0 |  |  |
(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) In 2024, we discontinued development of this molecule in favor of another molecule in development.

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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 -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479907/805-20-50-1 + Details
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- Definition Tabular disclosure of capitalized cost and amount of writeoff for research and development asset acquired in transaction other than business combination or from joint venture formation or both. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482665/350-30-50-1 + Details
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