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BUSINESS COMBINATIONS AND ASSET ACQUISITIONS (Tables)

9 Months Ended

Sep. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of business acquisitions, by acquisition

The combination date fair value of the consideration transferred for Ashion was approximately $110.0 million, which consisted of the following:

(In thousands)
Cash						$	74,775
Common stock issued						16,224
Contingent consideration						19,000
Total purchase price						$	109,999

The combination date fair value of the consideration transferred for Thrive was approximately $2.19 billion, which consisted of the following:

(In thousands)
Common stock issued						$	1,175,431
Cash						584,996
Contingent consideration						331,348
Fair value of replaced equity awards						52,245
Previously held equity investment fair value						43,034
Total purchase price						$	2,187,054

Schedule of recognized identified assets acquired and liabilities assumed

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date.

(In thousands)
Cash and cash equivalents						$	2,474
Accounts receivable						2,349
Inventory						1,811
Prepaid expenses and other current assets						425
Property, plant and equipment						9,947
Operating lease right-of-use assets						548
Developed technology						39,000
Total identifiable assets acquired						$	56,554
Accounts payable						(1,477)
Accrued liabilities						(1,190)
Operating lease liabilities, current portion						(343)
Other current liabilities						(98)
Operating lease liabilities, less current portion						(205)
Total liabilities assumed						$	(3,313)
Net identifiable assets acquired						$	53,241
Goodwill						56,758
Net assets acquired						$	109,999

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date:

(In thousands)						Preliminary Allocation January 5, 2021						Measurement Period Adjustments						Allocation as of September 30, 2021
Cash and cash equivalents						$	241,748					$	—					$	241,748
Prepaid expenses and other current assets						3,939						—						3,939
Property, plant and equipment						29,977						—						29,977
Operating lease right-of-use assets						39,027						—						39,027
Other long-term assets						67						—						67
In-process research and development (IPR&D)						1,250,000						—						1,250,000
Total identifiable assets acquired						$	1,564,758					$	—					$	1,564,758
Accounts payable						(3,222)						—						(3,222)
Accrued liabilities						(6,218)						(1,862)						(8,080)
Operating lease liabilities, current portion						(2,980)						—						(2,980)
Operating lease liabilities, less current portion						(38,622)						—						(38,622)
Deferred tax liability						(272,905)						—						(272,905)
Total liabilities assumed						$	(323,947)					$	(1,862)					$	(325,809)
Net identifiable assets acquired						$	1,240,811					$	(1,862)					$	1,238,949
Goodwill						946,243						1,862						948,105
Net assets acquired						$	2,187,054					$	—					$	2,187,054

The purchase price was allocated to the underlying assets acquired and liabilities assumed based upon their estimated fair values as follows:

(In thousands)						Preliminary Allocation March 3, 2020						Measurement Period Adjustments						Final Allocation March 3, 2021
Net operating assets						$	6,133					$	(760)					$	5,373
Goodwill						29,695						736						30,431
Developed technology						7,800						—						7,800
Net operating liabilities						(3,123)						(80)						(3,203)
Total purchase price						$	40,505					$	(104)					$	40,401

The following table summarizes the allocation of the purchase price to the fair values assigned to the assets acquired and liabilities assumed:

(In thousands)
Consideration
Cash paid for acquisition of PFS Genomics outstanding shares						$	33,569
Assets acquired and liabilities assumed
Cash						496
IPR&D asset						33,074
Other assets and liabilities						(1)
Net assets acquired						$	33,569

Schedule of share-based payment award, stock options, valuation assumptions

The fair value of options assumed were based on the assumptions in the following table:

Option Plan Shares Assumed
Risk-free interest rates						0.11% - 0.12%
Expected term (in years)						1.26 - 1.57
Expected volatility						65.54% - 71.00%
Dividend yield						—%
Weighted average fair value per share of options assumed						$109.74 - $124.89

Business acquisition, pro forma information

The following unaudited pro forma financial information summarizes the combined results of operations for the Company and Thrive, as though the companies were combined as of the beginning of January 1, 2020.

						Three Months Ended September 30,												Nine Months Ended September 30,
(In thousands)						2021						2020						2021						2020
Total revenues						$	456,379					$	408,363					$	1,293,275					$	1,025,052
Net loss before tax						(170,797)						(224,860)						(536,253)						(575,981)

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- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

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