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ACQUISITIONS (Tables) | 12 Months Ended
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Dec. 31, 2022
ACQUISITIONS |
Schedule of consideration paid for acquisition | The total consideration paid for the BDSI acquisition was approximately $669,431 consisting of the following (in thousands, except per share amounts): ​
​ | ​ | ​
Fair Value of Purchase Price Consideration | Amount
Fair value of purchase price consideration paid at closing: | ​ | ​
Cash consideration for all outstanding shares of BDSI's common and preferred stock (103,235,298 shares acquired at $5.60 per share) | $ | 578,118
Cash consideration paid to settle RSUs and in-the-money options | ​ | 28,309
Cash paid to settle BDSI debt | ​ | 63,004
Total purchase consideration | $ | 669,431
​
Schedule of preliminary allocation of acquisition purchase price | The following tables set forth the preliminary allocation of the BDSI Acquisition purchase price to the estimated fair value of the net assets acquired at the Acquisition Date (in thousands): ​
​ | ​ | ​ | ​
​ | ​ | Amounts Recognized at the Acquisition Date
Assets Acquired | ​ | ​ | ​
Cash and cash equivalents | ​ | $ | 97,362
Accounts receivable | ​ | ​ | 55,495
Inventory | ​ | ​ | 77,382
Prepaid expenses and other current assets | ​ | ​ | 6,125
Property and equipment | ​ | ​ | 1,242
Operating lease assets | ​ | ​ | 481
Intangible assets | ​ | ​ | 435,000
Total assets | ​ | $ | 673,087
Liabilities Assumed | ​ | ​ | ​
Accounts payable | ​ | $ | 12
Accrued expenses | ​ | ​ | 18,115
Accrued rebates, returns and discounts | ​ | ​ | 56,261
Operating lease liabilities | ​ | ​ | 481
Deferred tax liabilities | ​ | ​ | 62,482
Total liabilities | ​ | $ | 137,351
Total identifiable net assets acquired | ​ | ​ | 535,736
Goodwill | ​ | ​ | 133,695
Total consideration transferred | ​ | $ | 669,431
​
Schedule of Unaudited Pro Forma Summary of Operations | The following table shows the unaudited pro forma summary of operations for the years ended December 31, 2022 and 2021, as if the BDSI Acquisition had occurred on January 1, 2021. This pro forma information does not purport to represent what the Company’s actual results would have been if the acquisition had occurred as of January 1, 2021, and is not indicative of what such results would be expected for any future period: ​
​ | ​ | ​ | ​ | ​ | ​
​ | Years Ended December 31,
​ | 2022 | ​ | 2021
Total revenues | $ | 493,284 | ​ | $ | 443,571
Net income | $ | 8,674 | ​ | $ | 15,015
​
Schedule of acquisition related expenses | ​
​ | ​ | ​
​ | Year Ended December 31, 2022
Transaction costs | $ | 14,718
Employee-related expenses | ​ | 8,008
BDSI directors and officers insurance | ​ | 4,492
Other acquisition expenses | ​ | 4,079
Total acquisition related expenses | $ | 31,297

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