Acquisition (Tables) |
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Sep. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Preliminary Consideration Transferred | The preliminary fair value of consideration transferred is summarized as follows (in thousands):
(1)The cash consideration paid at closing of $266.1 million reflects the initial cash consideration of $375.0 million, less $180.0 million of indebtedness and $3.0 million of transaction expenses, plus $3.9 million of estimated closing cash, $66.7 million of working capital adjustments and $3.5 million of prepayment adjustments, each as determined pursuant to the terms of the Purchase Agreement. Certain amounts remain subject to customary post-closing adjustments. (2)The Company issued 28.9 million shares of its Class A common stock to the sellers of Kashiv. The fair value of the equity consideration was based on the $17.88 closing price of the Company’s Class A common stock on NASDAQ on August 10, 2026, adjusted by a 5% discount for lack of marketability reflecting temporary transfer restrictions associated with the then-unregistered shares. (3)The sellers of Kashiv are eligible to receive up to $350.0 million in contingent milestone payments upon the achievement of certain regulatory milestones in the United States for up to six designated Kashiv product candidates (consisting of up to $250.0 million for the first tranche of designated products and up to $100.0 million for the second tranche of designated products). The preliminary fair value of the contingent consideration for milestone payments on the acquisition date of approximately $137.0 million was based on significant Level 3 inputs that were not observable in the market. Key assumptions included the discount rate, probability of achievement of milestones, and projected year of payments. Refer to Note 16. Fair Value Measurements for additional information on the methodology and determination of this liability. (4)The sellers of Kashiv are also eligible to receive, during the 12-year period following the acquisition date, royalty payments equal to 25% of the amount by which annual aggregate gross profits for certain products exceed specified gross profit hurdle amounts for the corresponding annual royalty period. The preliminary fair value of the contingent consideration for royalty payments on the acquisition date of approximately $252.0 million was based on significant Level 3 inputs that were not observable in the market. Key assumptions included projected future gross profits for the underlying products, the timing and probability of expected payments, and the discount rate applied to the estimated future cash flows. Refer to Note 16. Fair Value Measurements for additional information on the methodology and determination of this liability. (5)Represents amounts paid at closing to repay certain debt obligations of Kashiv, including related prepayment amounts. (6)Represents an estimated amount due from the sellers related to post-closing purchase price adjustments. (7)The pre-existing balances between the Company and Kashiv were effectively settled upon completion of the acquisition.
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| Schedule of Preliminary Purchase Price Allocation for the Acquisitions | The initial accounting for the acquisition remains incomplete, primarily related to the valuation of certain acquired assets and liabilities, including working capital, property, plant and equipment, intangible assets and contingent consideration, due to the proximity of the acquisition date to the balance sheet date of September 30, 2026. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed as of the acquisition date (in thousands):
(1)Includes a $6.5 million inventory fair value step-up adjustment, which will be recognized in cost of goods sold as the related inventory is sold. (2)Includes a $10.9 million fair value step-up adjustment for acquired property, plant and equipment from its historical carrying value to its preliminary fair value, which will be recognized over the remaining service lives of the assets as depreciation expense. (3)Includes a $2.0 million adjustment to reflect favorable lease terms relative to market. (4)Includes $4.1 million of long-term restricted cash.
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| Schedule of Acquired Intangible Assets | The preliminary fair values and estimated useful lives of identifiable intangible assets acquired as of August 10, 2026 were as follows (in thousands):
(1)During September 2026, following the regulatory approval and launch of lanreotide, the related acquired IPR&D was reclassified to marketed product rights and began amortizing over an estimated useful life of approximately five years. (2)IPR&D assets are considered indefinite‑lived until completion or abandonment of the related projects and are not amortized during the development period. Upon commercialization, the Company will determine a useful life and begin amortization.
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| Schedule of Pro Forma Information | The unaudited pro forma combined results of operations for the three and nine months ended September 30, 2026 and 2025 (assuming the closing of the Kashiv Acquisition occurred on January 1, 2025) were as follows (in thousands):
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