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Acquisition, Collaborations And Other Arrangements | 3 Months Ended
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Mar. 31, 2020
Acquisition, Collaborations and Other Arrangements [Abstract] |
Acquisition, Collaborations and Other Arrangements [Text Block] | ACQUISITION, COLLABORATIONS AND OTHER ARRANGEMENTS We continue to pursue acquisitions, in licensing and strategic collaborations and other similar arrangements with third parties for the development and commercialization of certain products and product candidates. These arrangements may include non-refundable up-front payments, expense reimbursements or payments by us for options to acquire certain rights, contingent obligations by us for potential development and regulatory milestone payments and/or sales-based milestone payments, royalty payments, revenue or profit sharing arrangements, cost sharing arrangements and equity investments. Acquisition Forty Seven On April 7, 2020, we acquired all of the outstanding common stock of Forty Seven, Inc. (Forty Seven), a clinical-stage immuno-oncology company focused on developing therapies targeting cancer immune evasion pathways and specific cell targeting approaches, for a price of $95.50 per share in cash, or approximately $4.9 billion. As a result, Forty Seven became our wholly-owned subsidiary. Forty Seven’s lead program, magrolimab, is a monoclonal antibody in clinical development for the treatment of myelodysplastic syndrome, acute myeloid leukemia, non-Hodgkin lymphoma and solid tumors. This transaction will be accounted for as an asset acquisition because the lead asset, magrolimab, represents substantially all the fair value of the assets acquired. As such, substantially all of the purchase price will be expensed as acquired in-process research and development (IPR&D) within Research and development expenses on our Condensed Consolidated Statements of Income during the three months ended June 30, 2020. Collaborations and Other Arrangements During the three months ended March 31, 2020 and 2019, we entered into several collaborative and other similar arrangements, including equity investments and licensing arrangements, that we do not consider to be individually material. Cash outflows and accrued expenses for up-front payments related to these arrangements totaled $105 million and $187 million for the three months ended March 31, 2020 and 2019, respectively, of which $97 million and $126 million, respectively, were recorded as up-front collaboration and licensing expenses within Research and development expenses on our Condensed Consolidated Statements of Income. Under the financial terms of these arrangements, we may be required to make payments upon achievement of developmental, regulatory and commercial milestones, which could be significant. Future milestone payments, if any, will be reflected in our Condensed Consolidated Statements of Income when the corresponding events become probable. In addition, we may be required to pay significant royalties on future sales if products related to these arrangements are commercialized. The payment of these amounts, however, is contingent upon the occurrence of various future events, which have a high degree of uncertainty of occurrence.

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