ACQUISITION-RELATED (GAINS) CHARGES, RESTRUCTURING CHARGES AND OTHER

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Acquisition-related (gains) charges, restructuring charges and other for the three and six months ended June 30, 2023 and 2022 summarized below (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Severance-related expenses	$	—	$	950	$	—	$	4,065
Acquisition-related fees	709		2,168		1,198		4,013
Other acquisition expenses	—		104		—		552
Total acquisition-related charges	709		3,222		1,198		8,630
Flexion contingent consideration	(18,258)		(12,523)		(6,640)		(13,317)
MyoScience contingent consideration	—		(8,757)		—		(9,034)

Restructuring charges	936		—		936		—
Total acquisition-related (gains) charges, restructuring charges and other	$	(16,613)	$	(18,058)	$	(4,506)	$	(13,721)

Flexion Acquisition

The Company recognized acquisition-related costs of $0.7 million and $1.2 million during the three and six months ended June 30, 2023, respectively, primarily related to the remaining Flexion leases. The Company recognized acquisition-related costs of $3.2 million and $8.6 million during the three and six months ended June 30, 2022, respectively, primarily related to severance, legal fees, third-party services and other one-time charges.

The Company recognized $18.3 million and $6.6 million contingent consideration gains during the three and six months ended June 30, 2023, respectively. The Company recognized $12.5 million and $13.3 million of contingent consideration gains during the three and six months ended June 30, 2022, respectively. See Note 9, Financial Instruments, for information regarding the method, key assumptions used in the fair value measurements of contingent consideration and more information regarding the changes in fair value.

MyoScience Acquisition

The Company recognized $8.8 million and $9.0 million of contingent consideration gains during the three and six months ended June 30, 2022, respectively. See Note 9, Financial Instruments, for information regarding the method, key assumptions used in the fair value measurements of contingent consideration and more information regarding the changes in fair value.

Restructuring Charges

In June 2023, the Company implemented a restructuring plan in an effort to improve its operational efficiencies. The restructuring charges are predominantly related to one-time employee termination benefits through a reduction of headcount, such as severance and related costs. During the three and six months ended June 30, 2023, the Company recognized $0.9 million of restructuring charges, of which $0.4 million was paid. The remaining $0.5 million is expected to be paid in the third quarter of 2023.