Discontinued Operations and Disposal Groups (Tables)

12 Months Ended

Dec. 31, 2022

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

The following table presents the net liabilities transferred for the sale of the oncology business at March 31, 2021:

(in thousands)	March 31, 2021
Assets
Current assets:
Accounts receivable, net	$	25,386
Collaboration receivable – related party	2,253
Collaboration receivable – other	2,438
Inventory	16,190
Prepaid expenses and other current assets	7,125
Total current assets of discontinued operations	53,392
Other non-current assets	2,234
Total assets of discontinued operations	$	55,626
Liabilities
Current liabilities:
Accounts payable	$	4,245
Accrued expenses	30,288
Total current liabilities of discontinued operations	34,533
Liability related to the sale of future revenue, net of debt issuance costs	264,281
Total liabilities of discontinued operations	298,814
Net liabilities distributed to Servier	$	(243,188)

The following table presents the gain on the sale for the year ended December 31, 2021:

(in thousands)	December 31, 2021
Cash proceeds	$	1,802,936
Less: transaction and insurance costs	(53,573)
Plus: net liabilities distributed, including working capital adjustment	239,770
Gain on sale, pre-tax	1,989,133
Income tax expense	(12,799)
Gain on sale, net of tax	$	1,976,334

The following table presents the financial results of the discontinued operations:

(in thousands)	2021		2020
Revenues:
Product revenue, net	$	36,909	$	121,089
Collaboration revenue – related party	1,350		68,274
Collaboration revenue – other	491		3,571
Royalty revenue – related party	2,659		10,262
Total revenue	41,409		203,196
Cost and expenses:
Cost of sales	706		2,805
Research and development	41,564		146,659
Selling, general and administrative	8,551		33,965
Total cost and expenses	50,821		183,429
(Loss) income from discontinued operations	(9,412)		19,767
Non-cash interest expense for the sale of future revenue	(5,697)		(17,832)
Gain on the sale of the oncology business	1,989,133		—
Income from discontinued operations, pre-tax	1,974,024		1,935
Income tax expense	(12,799)		—
Net income from discontinued operations	$	1,961,225	$	1,935