GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

Intangible assets consisted of the following:

	September 30, 2020		December 31, 2019
Intangible assets:
Finite-lived intangible assets	$	638,468	$	652,734
Accumulated amortization	(211,296)		(196,154)
Net carrying value	$	427,172	$	456,580

In January 2020, the Company completed the sale of worldwide rights to Firdapse, the Company's commercial product for the treatment of Lambert-Eaton myasthenic syndrome, to a third party in exchange for a one-time cash payment of $67.2 million plus residual royalties. Under the terms of the agreement, the Company agreed to provide certain transition services to the third-party purchaser, such as customer sales and support, for up to 12 months after the closing of the transaction. During the first quarter of 2020, the Company recognized a before-tax net gain of $59.5 million related to the sale of the Firdapse intellectual property (IP) and existing inventory. Additionally, the Company recognized a $0.8 million reduction to goodwill and disposed of $32.2 million in intangible assets, including related accumulated amortization of $31.6 million, as a result of the sale of Firdapse.

During the second quarter of 2019, the Company recorded $15.0 million of gain on sale of intangible assets, reported in Gain on Sale of Nonfinancial Assets in the Consolidated Statements of Comprehensive Income (Loss), due to a third party's achievement of a commercial sales milestone related to a previously sold intangible asset.