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ACQUISITION, LICENSING AGREEMENTS AND ASSETS HELD FOR SALE | 6 Months Ended
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Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract] |
ACQUISITION, LICENSING AGREEMENTS AND ASSETS HELD FOR SALE | ACQUISITION, LICENSING AGREEMENTS AND ASSETS HELD FOR SALE Option to Purchase All Ophthalmology Assets of Allegro Ophthalmics, LLC ("Allegro") On September 21, 2020, the Company announced that it had entered into an agreement to acquire an option to purchase all of the ophthalmology assets of Allegro (the "Option"), a privately held biopharmaceutical company focused on the development of therapies that regulate integrin functions for the treatment of ocular diseases. Among the assets to be acquired if the Option was exercised, were the worldwide rights to risuteganib (Luminate®), Allegro's lead investigational compound in retina, which is believed to simultaneously act on the angiogenic, inflammatory and mitochondrial metabolic pathways implicated in diseases such as intermediate dry Age-related Macular Degeneration. During the three months ended September 30, 2020, the Company made and expensed as acquired in-process research and development ("IPR&D") included in Other expense, net, an initial upfront payment of $10 million to acquire the Option. However, on June 23, 2021, Allegro notified the Company that it did not raise the additional funding required under the option agreement. Pursuant to the terms of the option agreement, the Option thereby terminated, and the Company exercised its right to convert the $10 million upfront payment into a minor equity interest in Allegro. The Company expects that it will make no additional payments pursuant to this option agreement. Licensing Agreements In the normal course of business, the Company may enter into select licensing and collaborative agreements for the commercialization and/or development of unique products. These products are sometimes investigational treatments in early stage development that target unique conditions. The ultimate outcome, including whether the product will be: (i) fully developed, (ii) approved by regulatory agencies, (iii) covered by third-party payors or (iv) profitable for distribution, is highly uncertain. The commitment periods under these agreements vary and include customary termination provisions. Expenses arising from commitments, if any, to fund the development and testing of these products and their promotion are recognized as incurred. Royalties due are recognized when earned and milestone payments are accrued when each milestone has been achieved and payment is probable and can be reasonably estimated. Assets Held for Sale On March 31, 2021, the Company announced that it and certain of its affiliates had entered into a definitive agreement to sell all of its equity interests in Amoun Pharmaceutical Company S.A.E. ("Amoun") for total gross consideration of approximately $740 million (including the assignment to the purchasing entity of an intercompany loan granted by the Company to Amoun), subject to certain adjustments (the “Amoun Sale”). The Amoun Sale closed on July 26, 2021. As part of the Amoun Sale, cash generated by Amoun during the period from the locked-box date of January 1, 2021 through closing was for the benefit of the purchasing entity, subject to working capital during such period. Amoun manufactures, markets and distributes branded generics of human and animal health products. The Amoun business was part of the International Rx segment (formerly included within the Bausch + Lomb/International segment) and was reclassified as held for sale as of December 31, 2020. As a result of meeting the criteria for held for sale classification, the carrying value of the Amoun business, was adjusted to its estimated fair value, less costs to sell, and the Company recognized an impairment loss of $96 million during the three months ended December 31, 2020. During the three and six months ended June 30, 2021, the Company recognized additional impairment losses of $20 million and $88 million, respectively. The total loss of $184 million was primarily due to the anticipated release of non-cash cumulative foreign currency translation losses of $340 million, which were included as part of the carrying value of the Amoun business when measuring for impairment. These losses were reclassified from Accumulated other comprehensive loss to Net loss upon completion of the sale. Included in the Consolidated Balance Sheets as of June 30, 2021 and December 31, 2020 are the following carrying amounts of the Amoun business' assets and liabilities held for sale.
(in millions) | June 30, 2021 |  | December 31, 2020
Prepaid expenses and other current assets: |  |  |
Cash and cash equivalents | $ | 62 |  |  | $ | — |
Trade receivables, net | 95 |  |  | 91 |
Inventories, net | 72 |  |  | 63 |
Prepaid expenses and other current assets | 11 |  |  | 8 |
| $ | 240 |  |  | $ | 162 |
Other non-current assets: |  |  |
Property, plant and equipment, net | $ | 71 |  |  | $ | 68 |
Goodwill and Intangible assets, net | 166 |  |  | 245 |
Deferred tax assets, net | 2 |  |  | 2 |
| $ | 239 |  |  | $ | 315 |
Accrued and other current liabilities: |  |  |
Accounts payable | $ | 10 |  |  | $ | 7 |
Accrued and other current liabilities | 24 |  |  | 28 |
| $ | 34 |  |  | $ | 35 |
Other non-current liabilities: |  |  |
Deferred tax liabilities, net | $ | 36 |  |  | $ | 36 |
Other non-current liabilities | 23 |  |  | 21 |
| $ | 59 |  |  | $ | 57 |

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