Note 9. Goodwill and Intangible Assets

On August 17, 2018, JSP notified the Company that it would not extend or renew the JSP Distribution Agreement when the current term expired on March 23, 2019. The Company determined that JSP’s decision represented a triggering event under U.S. GAAP to perform an analysis to determine the potential for impairment of goodwill. On October 4, 2018, the Company completed the analysis based on market data and concluded a full impairment of goodwill, totaling $339.6 million, was required.

Intangible assets, net as of December 31, 2019 and June 30, 2019 consisted of the following:


	Weighted	Gross Carrying Amount				Accumulated Amortization				Intangible Assets, Net
	Avg. Life	December 31,		June 30,		December 31,		June 30,		December 31,		June 30,
(In thousands)	(Yrs.)	2019		2019		2019		2019		2019		2019
Definite-lived:
Cody Labs import license	15	$	581	$	581	$	(444)	$	(424)	$	137	$	157
KUPI product rights	15		416,154		416,154		(111,455)		(97,583)		304,699		318,571
KUPI trade name	2		2,920		2,920		(2,920)		(2,920)		—		—
KUPI other intangible assets	15		19,000		19,000		(5,195)		(4,562)		13,805		14,438
Silarx product rights	15		10,000		10,000		(3,056)		(2,722)		6,944		7,278
Other product rights	12		33,942		26,579		(4,678)		(4,243)		29,264		22,336
Total definite-lived		$	482,597	$	475,234	$	(127,748)	$	(112,454)	$	354,849	$	362,780

Indefinite-lived:
KUPI in-process research and development	—	$	18,000	$	18,000	$	—	$	—	$	18,000	$	18,000
Silarx in-process research and development	—		18,000		18,000		—		—		18,000		18,000
Other product rights	—		32,000		12,449		—		—		32,000		12,449
Total indefinite-lived			68,000		48,449		—		—		68,000		48,449
Total intangible assets, net		$	550,597	$	523,683	$	(127,748)	$	(112,454)	$	422,849	$	411,229

The Company recorded amortization expense of $8.2 million in each of the three months ended December 31, 2019 and December 31, 2018, respectively. For the six months ended December 31, 2019 and 2018, the Company recorded amortization expense of $15.2 million and $16.4 million, respectively.

The Company previously entered into a distribution and supply agreement with Dexcel Pharma Technologies to distribute Venlafaxine XR upon FDA approval. In the second quarter of Fiscal 2020, Dexcel Pharma Technologies received FDA approval and the Company initiated commercial launch of the product. The Company paid total consideration of $3.0 million upon reaching certain milestones, which is included within the “Other product rights” category of definite-lived intangible assets.

Future annual amortization expense consisted of the following as of December 31, 2019:


(In thousands)	Amortization
Fiscal Year Ending June 30,	Expense
2020	$	16,607
2021		33,214
2022		33,111
2023		32,904
2024		32,567
Thereafter		206,446
	$	354,849