Assets and Liabilities Held For Sale |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets and Liabilities Held For Sale | Assets and Liabilities Held for Sale On June 27, 2025, the Company entered into a definitive agreement (the “Stock Purchase Agreement”) with BioCryst Ireland Limited (“BioCryst Ireland”), a wholly owned subsidiary that operates the European ORLADEYO business, and Neopharmed Gentili S.p.A. (“Neopharmed”). Under the terms of the Stock Purchase Agreement, the Company has agreed to sell to Neopharmed all of its equity interests in BioCryst Ireland, which, together with its subsidiaries, holds certain assets, rights and employees related to our European ORLADEYO business. In connection with the sale, the Company will enter into several agreements with Neopharmed, including an Amended & Restated Intellectual Property License Agreement, a Trademark License Agreement, a Global Brand and Support Agreement, a Supply Agreement, and a Transition Services Agreement. Under the terms of the Stock Purchase Agreement, Neopharmed will pay $250,000 in upfront consideration for the European assets and rights related to ORLADEYO, with up to an additional $14,000 in contingent milestone payments based on future sales performance in Central and Eastern Europe. Neopharmed will also pay a $15,000 royalty release fee to RPI 2019 Intermediate Finance Trust. The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions. The Company intends to use the transaction proceeds to retire all remaining term debt. As of June 30, 2025, the Company concluded that the criteria under ASC 360-10-45-9 for classification as held for sale were met for BioCryst Ireland. Accordingly, the assets and liabilities of BioCryst Ireland are classified as a disposal group held for sale in the Company’s condensed consolidated balance sheet. The disposal group is not considered a discontinued operation under ASC 205-20, as it does not represent a strategic shift that will have a major effect on the Company’s operations or financial results. Therefore, the results of operations for BioCryst Ireland are included in income from continuing operations for all periods presented. No impairment loss was recognized in connection with the classification of the disposal group as held for sale, as the estimated fair value less costs to sell exceeded its carrying value. The following table summarizes the assets and liabilities of BioCryst Ireland that are classified as held for sale on the unaudited condensed consolidated balance sheet as of June 30, 2025 (in thousands):
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