v3.26.3
Acquisitions (Tables)
 9 Months Ended
Sep. 30, 2026
Business Combination [Abstract]  
Business Combination
Total consideration transferred for the acquisition of Apellis is summarized as follows:
(In millions)
As of May 14, 2026
Cash consideration paid/payable to Apellis shareholders$5,406.0 
Contingent consideration(1)
4.1 
Total consideration$5,410.1 
(1) Contingent consideration represents the fair value of CVRs that are subject to the achievement of specified annual global net sales thresholds for SYFOVRE.
Business Combination, Recognized Asset Acquired and Liability Assumed
The following table summarizes the preliminary purchase price allocation of the separately identifiable assets acquired and liabilities assumed as of May 14, 2026:
(In millions)
Amounts Recognized as of Acquisition Date
May 14, 2026
Measurement Period Adjustments
Amounts Recognized as of Acquisition Date
(as adjusted)
May 14, 2026
Cash and cash equivalents$310.7 $— $310.7 
Accounts receivable384.4 — 384.4 
Inventory*712.0 (31.0)681.0 
Other current assets46.1 46.1 
Intangible assets (Completed technology)4,630.0 4,630.0 
Intangible assets (In-process research and development)*1.0 31.3 32.3 
Operating lease assets12.5 12.5 
Accounts payable(32.9)(32.9)
Accrued expense and other*(117.4)(1.0)(118.4)
Senior secured term loan(395.2)(395.2)
Convertible note(101.5)(101.5)
Operating lease liabilities(18.1)(18.1)
Deferred tax liability*(522.1)(1.3)(523.4)
Other, net(0.9)— (0.9)
Total identifiable net assets4,908.6 (2.0)4,906.6 
Goodwill*501.5 2.0 503.5 
Total assets acquired and liabilities assumed$5,410.1 $— $5,410.1 
*Measurement period adjustments since the transaction close date reflect updates to our estimated valuation of inventory, intangible assets, accrued expense and other, deferred tax liability, and goodwill.