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Business Combination (Tables) | 12 Months Ended
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Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract] |
Schedule of Total Purchase Price Consideration | The total purchase consideration was comprised of the following (in thousands):
Cash consideration for Antares shares outstanding as of May 24, 2022 |  | $ | 956,886 |
Consideration for Antares equity compensation awards(1) |  | 45,828 |
Consideration for seller transaction costs paid by Halozyme |  | 22,906 |
Consideration related to Antares closing indebtedness settled by Halozyme |  | 19,683 |
Cash consideration related to cash bonus awards paid by Halozyme |  | 365 |
Total purchase consideration |  | $ | 1,045,668 |
(1) Consideration for Antares equity compensation awards consists of $32.2 million paid for vested equity awards as well as $13.6 million paid for the pre-combination portion of unvested equity awards that were accelerated as part of the Merger Agreement. The fair value of the unvested equity awards attributable to the post-combination period of $8.7 million is included in our consolidated statements of income during the year ended December 31, 2022.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The judgments used to determine the estimated fair value assigned to each class of assets acquired and liabilities assumed, as well as asset lives, can materially impact our results of operations.
|  |  |  |  |  | Amounts recognized as of 12/31/2023
Total purchase consideration, net of $46,548 cash acquired |  |  |  |  |  | $ | 999,120 |
Assets |  |  |  |
Short-term investments |  |  |  |  |  | 498 |
Accounts receivable, net |  |  |  |  |  | 81,960 |
Inventories |  |  |  |  |  | 28,068 |
Prepaid expenses and other assets |  |  |  |  |  | 5,241 |
Property and equipment, net |  |  |  |  |  | 28,661 |
Intangibles, net |  |  |  |  |  | 589,800 |
Liabilities |  |  |  |
Accounts Payable |  |  |  |  |  | 7,197 |
Accrued expenses |  |  |  |  |  | 43,692 |
Deferred revenue, current portion |  |  |  |  |  | 2,509 |
Deferred revenue, net of current portion |  |  |  |  |  | 1,207 |
Deferred tax liabilities, net |  |  |  |  |  | 76,536 |
Other long-term liabilities |  |  |  |  |  | 20,788 |
Net assets acquired, excluding goodwill |  |  |  |  |  | 582,299 |
Goodwill |  |  |  |  |  | $ | 416,821 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class | Useful lives and final values are presented in the table below.
|  | Amount (in thousands) |  | Useful life (years)
Auto-Injector technology platform |  | $ | 402,000 |  |  | 7
XYOSTED proprietary product |  | 136,200 |  |  | 10
TLANDO product rights |  | 2,900 |  |  | 10
ATRS-1902 (IPR&D) |  | 48,700 |  |  | Indefinite
Fair value of intangible assets acquired |  | $ | 589,800 |  |  |
Schedule of Acquired Indefinite-lived Intangible Assets by Major Class | Useful lives and final values are presented in the table below.
|  | Amount (in thousands) |  | Useful life (years)
Auto-Injector technology platform |  | $ | 402,000 |  |  | 7
XYOSTED proprietary product |  | 136,200 |  |  | 10
TLANDO product rights |  | 2,900 |  |  | 10
ATRS-1902 (IPR&D) |  | 48,700 |  |  | Indefinite
Fair value of intangible assets acquired |  | $ | 589,800 |  |  |
Schedule of Business Acquisition, Pro Forma Information | The following unaudited pro forma financial information summarizes combined results of operations of Halozyme and Antares as if the companies had been combined as of the beginning of our fiscal year 2021 (in thousands).
|  | Year Ended December 31,
|  | 2022 |  | 2021
Total revenues |  | $ | 712,683 |  |  | $ | 627,292 |
Net income |  | 218,723 |  |  | 295,634 |

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