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Acquisitions (Tables) | 3 Months Ended
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Mar. 31, 2025
Business Combinations [Abstract] |
Schedule of Business Acquisitions, by Acquisition | Total consideration transferred for the acquisition of HI-Bio is summarized as follows:
(In millions) |  | As of July 2, 2024
Cash consideration paid to HI-Bio shareholders(1) |  | $ | 1,137.3 |
Contingent consideration |  | 485.1 |
Total consideration |  | $ | 1,622.4 |
(1) Represents total consideration paid to shareholders of HI-Bio of $1.15 billion, plus an additional $43.7 million related to working capital adjustments as of the transaction close date, less $56.4 million of cash paid for HI-Bio's outstanding, non-vested equity awards, inclusive of employer taxes, which were recognized as compensation attributable to the post-acquisition service period and therefore not reflected as a component of total consideration.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary purchase price allocation of the separately identifiable assets acquired and liabilities assumed as of July 2, 2024:
(In millions) |  |  |  |  |  | Amounts Recognized as of Acquisition Date (as adjusted) March 31, 2025
Cash and cash equivalents |  |  |  |  |  | $ | 62.5 |
Intangible assets: |  |  |  |  |  |
IPR&D - felzartamab (IgAN) |  |  |  |  |  | 920.0 |
IPR&D - felzartamab (AMR) |  |  |  |  |  | 450.0 |
IPR&D - felzartamab (PMN) |  |  |  |  |  | 265.0 |
Other clinical programs |  |  |  |  |  | 7.9 |
Prepaid expense and other assets |  |  |  |  |  | 1.0 |
Operating lease assets |  |  |  |  |  | 1.2 |
Accounts payable |  |  |  |  |  | (1.1) |
Accrued liabilities |  |  |  |  |  | (35.0) |
Deferred tax liability(1) |  |  |  |  |  | (299.3) |
Operating lease liabilities |  |  |  |  |  | (1.2) |
Total identifiable net assets |  |  |  |  |  | 1,371.0 |
Goodwill(1) |  |  |  |  |  | 251.4 |
Total assets acquired and liabilities assumed |  |  |  |  |  | $ | 1,622.4 |
(1) Includes measurement period adjustments recorded during the first quarter of 2025 that decreased deferred tax liability and goodwill by approximately $5.1 million, as a result of certain income tax adjustments.

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479328/805-10-50-2 + Details
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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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