Assets Held for Sale |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets Held for Sale | 5. Assets Held for Sale During the fourth quarter of 2015, the Company committed to a plan to sell certain assets and liabilities associated with the Company’s international business. This event qualified for held for sale accounting and the Company has determined that the fair value of the net assets being sold significantly exceeds the carrying value as of December 31, 2015. The transaction was finalized in the first quarter of 2016. Effective January 7, 2016, the Canadian subsidiary of the Company, entered into an asset purchase agreement, the Purchase Agreement, pursuant to which it would sell substantially all of the assets of its Canadian radiopharmacies and Gludef manufacturing and distribution business to one of its existing Canadian radiopharmacy customers. The purchase price for the asset sale was $9.0 million in cash, which is subject to certain working capital adjustment calculations. The Purchase Agreement contained customary representations, warranties and covenants by each of the parties. Subject to certain limitations, the buyer will be indemnified for damages resulting from breaches or inaccuracies of the Company’s representations, warranties and covenants in the Purchase Agreement. As part of the transaction, the Company and the buyer also entered into a customary transition services agreement and a long-term supply contract under which the Company will supply the buyer with the Company’s products on commercial terms and under which the buyer has agreed to certain product purchase commitments. The Company does not believe the sale of certain net assets in the international business constitute a strategic shift that would have a major effect on its operations or financial results. As a result, this transaction has not been classified as discontinued operations in the Company’s financial statements and has been classified as assets and liabilities held for sale as of December 31, 2015.
The following table summarizes the major classes of assets and liabilities classified as held for sale as of December 31, 2015.
|