Equity method investments

6 Months Ended

Jun. 30, 2021

Equity Method Investments and Joint Ventures [Abstract]

The Company has invested $4.9 million to obtain a 49% interest in the voting share capital of Oncacare Limited ("Oncacare"). The Company’s investment in Oncacare is accounted for under the equity method due to the Company's ability to exercise significant influence over Oncacare that is considered to be greater than minor. The Company records its pro rata share of the earnings/losses of this investment in 'Share of equity method investments' in the Condensed Consolidated Statement of Operations.

The majority investor has the right to sell the 51% majority voting share capital exclusively to the Company in a two and half year period commencing from January 1, 2023 and ICON also has the right to acquire the 51% majority voting share capital from August 1, 2025.

The following table represents our equity method investments at June 30, 2021:


	Ownership Percentage		Carrying Value		Carrying Value
	June 30, 2021		June 30, 2021		December 31, 2020
			(in thousands)
Oncacare Limited	49	%	$	3,751	$	4,534

The Company has invested $4.9 million in Oncacare, which includes $2.5 million that was paid on June 30, 2021.

The Company has recorded a loss of $0.5 million representing its pro rata share of the losses in Oncacare for the three month period ended June 30, 2021. The Company recorded a loss of $0.8 million for the six months ended June 30, 2021.