Quarterly report pursuant to Section 13 or 15(d)

Acquisitions, Investments, and Licenses (Tables)

v2.4.0.8
Acquisitions, Investments, and Licenses (Tables)
6 Months Ended
Jun. 30, 2013
Business Acquisition [Line Items]  
Pro Forma Result of Combined Companies
The following table includes the pro forma results for the three and six months ended June 30, 2013 and 2012 of the combined companies as though the acquisition of Cytochroma had been completed as of the beginning of each period, respectively.
 
For the three months ended June 30,
 
For the six months ended June 30,
(In thousands)
2013
 
2012
 
2013
 
2012
Revenues
$
23,821

 
$
12,393

 
$
55,197

 
$
23,351

Net loss
$
(4,353
)
 
$
(10,840
)
 
$
(42,583
)
 
$
(20,050
)
Net loss attributable to common shareholders
$
(3,394
)
 
$
(11,398
)
 
$
(41,496
)
 
$
(21,164
)
Basic and diluted loss per share
$
(0.01
)
 
$
(0.04
)
 
$
(0.13
)
 
$
(0.07
)
Maximum exposure of unconsolidated investments
The following table reflects our maximum exposure, accounting method, ownership interest and underlying equity in net assets of each of our unconsolidated investments as of June 30, 2013:
(Dollars in thousands, except per share prices)
Investee name
 
Year
invested
 
Accounting method
 
Ownership at
June 30,
2013
 
Investment
 
Underlying equity in net assets
 
Closing share price
at June 30, 2013
for investments
available for sale
Sorrento
 
2009
 
Equity method
 
20
%
 
$
2,300

 
$
1,219

 
 
 
Cocrystal
 
2009
 
Equity method
 
16
%
 
2,500

 
514

 
 
 
Neovasc
 
2011
 
Equity method
 
4
%
 
3,235

 
486

 
 
 
Fabrus
 
2010
 
VIE, equity method
 
13
%
 
650

 
(64
)
 
 
 
BZNE common stock
 
2012
 
VIE, equity method
 
12
%
 
1,276

 
(641
)
 
 
 
RXi
 
2013
 
Equity method
 
21
%
 
15,000

 
3,230

 
 
 
Pharmsynthez
 
2013
 
Equity method
 
10
%
 
5,036

 
5,171

 
 
 
TESARO
 
2010
 
Investment available for sale
 
1
%
 
56

 
 
 
 
$
32.74

Neovasc options
 
2011
 
Investment available for sale
 
N/A

 
925

 
 
 
CA
$
2.95

BZNE Note and conversion feature
 
2012
 
VIE, investment available for sale
 
N/A

 
1,700

 
 
 
 

ChromaDex
 
2012
 
Investment available for sale
 
1
%
 
1,320

 
 
 
 
$
0.78

Plus unrealized gains on investments, options and warrants, net
 
3,671

 
 
 
 
 
Less accumulated losses in investees
 
(10,979
)
 
 
 
 
 
Total carrying value of equity method investees and investments, available for sale
 
$
26,690

 
 
 
 
 
Cytochroma acquisition [Member]
 
Business Acquisition [Line Items]  
Estimated fair value of the net assets acquired and liabilities assumed in the acquisition of at the date of acquisition
The following table summarizes the estimated fair value of the net assets acquired and liabilities assumed in the acquisition of Cytochroma at the date of acquisition, which are subject to change while contingencies that existed on the acquisition date are resolved:
(In thousands)
 
Current assets (including cash of $378 thousand)
$
1,224

Intangible assets:
 
In-process research and development
191,530

Patents
210

Total intangible assets
191,740

Goodwill
2,411

Property, plant and equipment
306

Accounts payable and accrued expenses
(1,069
)
Total purchase price
$
194,612

SciVac [Member]
 
Business Acquisition [Line Items]  
Summary of consolidated assets and non-recourse liabilities related to SciVac
The following table represents the consolidated assets and non-recourse liabilities related to SciVac as of June 30, 2013 and December 31, 2012. These assets are owned by, and these liabilities are obligations of, SciVac, not us.
(In thousands)
June 30,
2013
 
December 31,
2012
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
363

 
$
174

Accounts receivable, net
266

 
387

Inventories, net
1,573

 
1,092

Prepaid expenses and other current assets
132

 
199

Total current assets
2,334

 
1,852

Property, plant and equipment, net
1,425

 
1,539

Intangible assets, net
1,128

 
1,154

Goodwill
822

 
796

Other assets
298

 
231

Total assets
$
6,007

 
$
5,572

Liabilities
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
1,254

 
$
1,108

Accrued expenses
5,157

 
2,859

Notes payable
1,132

 

Total current liabilities
7,543

 
3,967

Other long-term liabilities
282

 
1,529

Total liabilities
$
7,825

 
$
5,496