GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

The change in the carrying value of Goodwill was as follows:


	December 31,
	2021		2020
Beginning balance	$	196,199	$	197,039


Disposition	—		(840)
Ending carrying value	$	196,199	$	196,199

In January 2020, the Company completed the sale of worldwide rights to Firdapse, the Company's commercial product for the treatment of Lambert-Eaton myasthenic syndrome, to a third party in exchange for a one-time cash payment of $67.2 million plus residual royalties. Under the terms of the agreement, the Company agreed to provide certain transition services to the third-party purchaser, such as customer sales and support, for up to 12 months after the closing of the transaction. During the first quarter of 2020, the Company recognized a before-tax net gain of $59.5 million related to the sale of the Firdapse intellectual property (IP) and existing inventory. As a result of the sale of Firdapse, in the first quarter of 2020 the Company recognized a $0.8 million reduction to Goodwill and disposed of $32.2 million in intangible assets, including related accumulated amortization of $31.6 million.

The Company performed its annual assessment for goodwill impairment for the year ended December 31, 2021 and no goodwill impairment charges were recorded.

Intangible Assets, Net consisted of the following:


	December 31,
	2021		2020
Finite-lived intangible assets	$	677,350	$	644,087


Accumulated amortization	(288,698)		(226,816)
Net carrying value	$	388,652	$	417,271

During the fourth quarter of 2021 the Company capitalized a $6.0 million Voxzogo regulatory approval milestone payment as a finite-lived intangible asset in the Company's Consolidated Balance Sheet following the FDA's approval of Voxzogo.

The following table summarizes the carrying value and estimated remaining life of the Company’s finite-lived intangible assets as of December 31, 2021:


	Net Balance		Average Remaining Life
Acquired intellectual property	$	295,299	6.0 years
Technology transfer	74,055		Not applicable (1)
Repurchased royalty rights	12,937		1.9 years
License payments	6,203		8.7 years
Other	158		1.4 years
Total	$	388,652

(1)The technology transfer intangible asset has not yet been placed into service.

As of December 31, 2021, the estimated future amortization expense associated with the Company’s finite-lived intangible assets, exclusive of the technology transfer asset that has not been placed into service, was as follows:


Fiscal Year	Amount
2022	$	62,606
2023	61,978
2024	55,702
2025	36,426
2026	36,426
Thereafter	61,459
	$	314,597

In 2019, the Company received $25.0 million due to the achievement by a third party of development and regulatory milestones and commercial sales milestones related to a previously sold intangible asset, which the Company recorded as a Gain on Sale of Nonfinancial Assets in the Consolidated Statements of Operations.