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Minority and Equity-method Investments | 9 Months Ended
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Sep. 30, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Minority and Equity-method Investments | 7. Minority and Equity-method Investments 2024 During the nine months ended September 30, 2024, the Company completed several minority investments. The following table reflects the consideration transferred (in millions):
Name |  | Financial Statement Classification |  | Date Acquired |  | Total Consideration |  |  | Cash Consideration |
NovAliX |  | Other long-term assets |  | July 31, 2024 |  | $ | 49.0 |  |  | $ | 33.8 |
Other minority investments |  | Other long-term assets |  | Various |  |  | 12.2 |  |  |  | 12.2 |
|  |  |  |  |  | $ | 61.2 |  |  | $ | 46.0 |
On July 31, 2024, the Company acquired a minority equity interest in NovAliX a preclinical contract research organization specializing in expert drug discovery services, headquartered in Strasbourg, France. The Company obtained a 30% interest in NovAliX’s common stock in exchange for consideration of EUR 31.5 million (approximately $33.8 million). The Company accounts for its investment in NovAliX using the equity-method of accounting. Concurrent with the transaction, the Company entered into an agreement with the remaining shareholders that provides the Company with the right to purchase, and the shareholders with the right to sell, the remaining ownership of NovAliX for cash at a contractually defined redemption value exercisable beginning in 2029 and ending in 2034. The Company recognized a liability, classified in other long-term liabilities in the consolidated balance sheet, related to the potential obligation to acquire the remaining equity interests if the purchase option is exercised, estimated at EUR 13.6 million (approximately $15.2 million) using the discounted cash flow method. In the three and nine months ended September 30, 2024, the Company recognized $4.4 and $24.6 mi llion impairment charges, respectively, to write down the carrying value of certain minority investments which are accounted for under the measurement alternative. Included in these impairment charges are changes in value of certain investments based on established pricing for additional financing rounds. The impairment charges are included in “Interest and other income (expense), net” in the consolidated statements of income and comprehensive income. 2023 During the nine months ended September 30, 2023, the Company completed several minority investments. These investments are accounted for under the measurement alternative, and as such, the investment values also represent the carrying value at September 30, 2023. The following table reflects the consideration transferred for the investments (in millions):
Name |  | Financial Statement Classification |  | Date Acquired |  | Total Consideration |  |  | Cash Consideration |
Other Investments |  | Other long-term assets |  | Various |  |  | 19.2 |  |  |  | 19.2 |
|  |  |  |  |  |  | 19.2 |  |  |  | 19.2 |
In the three months ended September 30, 2023, the Company did no t record any realized gains or impairment charges related to its minority investments. In the nine months ended September 30, 2023, the Company recorded a realized gain of $6.8 million from the sale of a minority investment. In the nine months ended September 30, 2023, the Company recognized $18.3 million in impairment charges to write down the carrying value of certain minority investments. The realized gain and impairment charge are included in “Interest and other income (expense), net” in the consolidated statements of income and comprehensive income.

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