v3.25.2
Acquisitions (Tables)
 6 Months Ended
Jun. 30, 2025
Business Combination [Abstract]  
Business Combination
Total consideration transferred for the acquisition of HI-Bio is summarized as follows:
(In millions)
As of July 2, 2024
Cash consideration paid to HI-Bio shareholders(1)
$1,137.3 
Contingent consideration485.1 
Total consideration$1,622.4 
(1) Represents total consideration paid to shareholders of HI-Bio of $1.15 billion, plus an additional $43.7 million related to working capital adjustments as of the transaction close date, less $56.4 million of cash paid for HI-Bio's outstanding, non-vested equity awards, inclusive of employer taxes, which were recognized as compensation attributable to the post-acquisition service period and therefore not reflected as a component of total consideration.
Business Combination, Recognized Asset Acquired and Liability Assumed
The following table summarizes the amounts recognized for assets acquired and liabilities assumed as of the acquisition date, and reflects measurement period adjustments made to the amounts initially recorded as of the acquisition date on July 2, 2024. The related impact to our condensed consolidated statements of income that would have been recognized in previous periods if the adjustments were recognized as of the acquisition date is immaterial.
(In millions)
Amounts Recognized as of Acquisition Date
(as adjusted)
June 30, 2025
Cash and cash equivalents$62.5 
Intangible assets:
IPR&D - felzartamab (IgAN)920.0 
IPR&D - felzartamab (AMR)
450.0 
IPR&D - felzartamab (PMN)265.0 
Other clinical programs7.9 
Prepaid expense and other assets(1)
1.4 
Operating lease assets1.2 
Accounts payable(1.1)
Accrued liabilities(35.0)
Deferred tax liability(1)
(309.3)
Operating lease liabilities(1.2)
Total identifiable net assets1,361.4 
Goodwill(1)
261.0 
Total assets acquired and liabilities assumed$1,622.4 
(1) Includes measurement period adjustments recorded in 2025 that increased prepaid expense and other assets by $0.4 million, net deferred tax liability by $4.9 million and goodwill by $4.5 million.