Goodwill and Intangible Assets, net

12 Months Ended

Dec. 31, 2012

Goodwill and Intangible Assets, net [Abstract]

Goodwill and Intangible Assets, net

6. Goodwill and Intangible Assets, net

In fiscal 2011, we acquired $8.5 million of goodwill in the Reverse Merger. We have not recognized any impairment charges, nor have we acquired additional goodwill in fiscal 2012 or 2011.

The Company performed its annual goodwill impairment test as of December 31, 2012, and notes that its goodwill does not appear to be impaired as of December 31, 2012.

Intangible assets, net of accumulated amortization is as follows (in thousands):

			As of December 31, 2012
	Initial Estimated Life		Cost		Accumulated Amortization			Net
Developed Technology		10 years	$	9,300	$	(3,736	)	$	5,564

The developed technology asset represents the present value of the estimated future FUZEON royalty stream (Note 11). Amortization expense totaled $3.2 million and $0.5 million for fiscal 2012 and 2011, respectively. The developed technology asset acquired in the Reverse Merger with Trimeris is being amortized over the estimated life of the royalty stream, in proportion to the related royalty revenue. As a result, the estimated level of amortization expense is weighted toward the earlier years. Assuming no change to our estimates of the Roche royalty stream, the Company expects amortization expense to approximate the following:

Fiscal Year	Amortization (in thousands)
2013	$	1,925
2014		1,347
2015		883
2016		574
2017 and beyond		835