ACQUISITIONS AND DISPOSITIONS
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3 Months Ended | ||||
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Mar. 31, 2013
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ACQUISITIONS AND DISPOSITIONS | |||||
ACQUISITIONS AND DISPOSITIONS |
Divestitures of IDP-111 and 5-FU
In connection with the acquisition of Dermik, the Company was required by the FTC to divest IDP-111, a generic version of BenzaClin®, and 5-FU, an authorized generic of Efudex®.
On February 3, 2012, the Company sold the IDP-111 and 5-FU products. In connection with the sale of the IDP-111 and 5-FU, the Company recognized $66.3 million of cash proceeds as alliance revenue in the first quarter of 2012 and expensed the carrying amounts of the IDP-111 and 5-FU assets of $69.2 million, in the aggregate, as cost of alliance revenue. The cash proceeds from this transaction are classified within investing activities in the consolidated statements of cash flows.
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