Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Disposal Groups, Including Discontinued Operations

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
Revenues:
Product revenue, net	$	36,909
Collaboration revenue – related party	1,350
Collaboration revenue – other	491
Royalty revenue – related party	2,659
Total revenue	41,409
Cost and expenses:
Cost of sales	706
Research and development	41,564
Selling, general and administrative	8,551
Total cost and expenses	50,821
(Loss) income from discontinued operations	(9,412)
Non-cash interest expense for the sale of future revenue	(5,697)
Gain on the sale of the oncology business	1,989,133
Income from discontinued operations, pre-tax	1,974,024
Income tax expense	(12,799)
Net income from discontinued operations	$	1,961,225