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Assets and liabilities held for sale | 3 Months Ended
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Mar. 31, 2023
Discontinued Operations and Disposal Groups [Abstract] |
Assets and liabilities held for sale | Assets and liabilities held for sale On February 15, 2023, the Company entered into a definitive agreement with Bavarian Nordic, under which we agreed to sell our travel health business, including rights to Vaxchora and Vivotif, as well as our development-stage chikungunya vaccine candidate CHIKV VLP, the Company’s manufacturing site in Bern, Switzerland and certain of its development facilities in San Diego, California. Additionally, approximately 280 employees are expected to join Bavarian Nordic as a result of the transaction. The transaction is expected to close in the second quarter of 2023, subject to certain customary closing conditions. In the accompanying Condensed Consolidated Balance Sheet as of March 31, 2023, the assets and liabilities of our travel health business are classified as held for sale and are measured at the lower of (i) the carrying value of the disposal group and (ii) the fair value of the disposal group, less costs to sell. Effective with the designation of the travel health business as held for sale on February 15, 2023, we suspended recording depreciation of property, plant and equipment and amortization of finite-lived intangible assets and right-of-use assets while these assets are classified as held for sale. Any loss resulting from the measurement is recognized in the period the held for sale criteria are met. Conversely, gains are not recognized until the date of sale. Gains and losses recognized from a sale of a disposal group will be recognized in income (loss) from operating activities. Assets and liabilities classified as held for sale in the Condensed Consolidated Balance Sheets as of March 31, 2023 consist of the following:
|  | March 31, 2023
Assets held for sale: |  |
Cash and cash equivalents |  | $ | 2.6 |
Accounts receivable, net |  | 1.7 |
Inventories, net |  | 13.8 |
Prepaid expenses and other current assets |  | 4.1 |
Property, plant and equipment, net |  | 97.1 |
Intangible assets, net |  | 102.9 |
Other assets |  | 3.4 |
Total assets held for sale |  | $ | 225.6 |
Liabilities held for sale: |  |
Accounts payable |  | $ | 9.7 |
Accrued expenses |  | 5.9 |
Accrued compensation |  | 6.9 |
Other current liabilities |  | 2.4 |
Deferred tax liability |  | 3.9 |
Other liabilities |  | 8.7 |
Total liabilities held for sale |  | $ | 37.5 |

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -URI https://asc.fasb.org/topic&trid=2155823 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=2122178 + Details
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