Goodwill and Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of goodwill and other intangible assets

Goodwill and other intangible assets comprise the following (in millions):

	As of June 30, 2020							As of December 31, 2019
	Gross		Accumulated Amortization			Net		Gross		Accumulated Amortization			Net
Goodwill	$	28.0	$	—		$	28.0	$	28.0	$	—		$	28.0
Other intangible assets:
Technology, patents, and trade names	6.7		(5.4		)	1.3		6.7		(5.3		)	1.4
In-process research and development(1)	128.9		—			128.9		128.9		—			128.9
Total	$	163.6	$	(5.4	)	$	158.2	$	163.6	$	(5.3	)	$	158.3

(1)

In April 2020, the FDA issued a complete response letter related to our Trevyent^® new drug application (NDA) indicating that some of the deficiencies previously raised by the FDA had not yet been addressed to its satisfaction. We determined this to be a potential indicator of impairment of our in-process research and development (IPR&D) asset related to Trevyent, which had a carrying value of $107.3 million as of June 30, 2020. We obtained a third-party valuation of the IPR&D asset to estimate its fair value using the income approach, together with Level 3 valuation inputs, including estimated future cash flows and a discount rate. Significant judgment is required to determine the probability of success of a drug candidate as well as the associated revenue from a future product launch. Based on this valuation, the fair value was in excess of carrying value; therefore, the IPR&D asset was not impaired as of June 30, 2020. The value of the IPR&D asset could be subject to future impairment analyses depending on future discussions with the FDA and the FDA’s review of our planned NDA resubmission, among other factors.