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Acquisitions (Tables)
 12 Months Ended
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 equipment108.5 
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&D196.0
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, net24.5 
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 diseaseAugust 2024Phase 2$2,548.5 
Mablink Biosciences SASMBK-103, a folate receptor alpha antibody drug conjugate for the treatment of ovarian cancerDecember 2023Pre-clinical256.6 
Beam Therapeutics Inc.Opt-in right for programs targeting PCSK9, ANGPTL3 and an undisclosed liver-mediated, cardiovascular targetOctober 2023Phase 1216.3 
DICE Therapeutics, Inc. (DICE)
DC-806, an oral IL-17 inhibitor for the treatment of chronic diseases in immunology(2)
August 2023Phase 21,915.5 
Versanis Bio, Inc. (Versanis)Bimagrumab, a monoclonal antibody for the treatment of people living with obesity and obesity-related complicationsAugust 2023Phase 2604.1 
Emergence Therapeutics AG (Emergence)
ETx-22, a Nectin-4 antibody-drug conjugate for the treatment of urothelial cancerAugust 2023Pre-clinical406.5 
BioMarin Pharmaceutical Inc.Priority Review VoucherFebruary 2022Not applicable110.0 
(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.