Annual report pursuant to Section 13 and 15(d)

Acquisitions, Investments, and Licenses (Tables)

v2.4.0.6
Acquisitions, Investments, and Licenses (Tables)
12 Months Ended
Dec. 31, 2012
Business Acquisition [Line Items]  
Pro Forma Result of Combined Companies
                 
    For the years Ended December 31,  

(In thousands, except per share amounts)

  2011     2010  

Revenue

  $ 36,238     $ 34,102  

Loss from continuing operations

  $ (20,879   $ (12,606

Net loss attributable to common shareholders

  $ (1,368   $ (23,295

Basic and diluted loss from continuing operations per share

  $ (0.00   $ (0.08

Basic and diluted loss from discontinued operations per share

  $ (0.00   $ (0.04

Basic and diluted loss per share

  $ (0.00   $ (0.12
Maximum exposure of unconsolidated investments
                                     

(Dollars in thousands)

Investee name

  Year
invested
   

Accounting method

  Ownership at
December 31,
2012
    Investment     Underlying
equity in
net assets
 

Sorrento

    2009     Equity method     20   $ 2,300     $ 1,219  

Cocrystal

    2009     Equity method     16     2,500       1,012  

Neovasc

    2011     Equity method     4     2,013       144  

Fabrus

    2010     VIE, equity method     13     650       11  

BZNE common stock

    2012     VIE, equity method     12     1,276     $ (301

Less accumulated losses in investees

  

    (4,718        
                       

 

 

         

Total carrying value of equity method investees

  

  $ 4,021          
                       

 

 

         

TESARO

    2010     Investment available for sale     2   $ 731          

Neovasc options

    2011     Investment available for sale     N/A       925          

BZNE Note and conversion feature

    2012     VIE, investment available for sale     N/A       1,700          

ChromaDex

    2012     Investment available for sale     1     1,320          

Plus unrealized gains on investments, options and warrants, net

  

    6,939          
                       

 

 

         

Total carrying value of investments, available-for-sale

  

  $ 11,615          
                       

 

 

         

Total

                      $ 15,636          
                       

 

 

         
ALS Acquisition [Member]
 
Business Acquisition [Line Items]  
Fair value allocation of net assets acquired and liabilities assumed at the date of acquisition
                         

(in thousands)

  OURLab     Farmadiet     ALS  

Current assets (1) (2)

  $ 6,020     $ 8,367     $ 767  

Intangible assets:

                       

Customer relationships

    3,860       436       —    

Technology

    1,370       3,017       —    

In-process research and development

    —         1,459       —    

Product registrations

    —         2,930       2,300  

Licenses

    70       —         —    

Covenants not to compete

    6,900       187       —    

Tradename

    1,830       349       680  
   

 

 

   

 

 

   

 

 

 

Total intangible assets

    14,030       8,378       2,980  

Goodwill

    29,629       8,062       458  

Property, plant and equipment

    2,117       7,205       24  

Other assets

    37       611       —    

Accounts payable and accrued expenses (2)

    (3,214     (3,438     (229

Deferred tax liability

    (6,356     (3,169     —    

Debt assumed

    —         (7,829     —    
   

 

 

   

 

 

   

 

 

 

Total purchase price

  $ 42,263     $ 18,187     $ 4,000  
   

 

 

   

 

 

   

 

 

 

 

(1) 

Current assets include cash of $1.1 million, $0.2 million and $33 thousand related to the OURLab, Farmadiet and ALS acquisitions, respectively.

(2) 

Current assets, accounts payable and accrued expenses include $1.9 million, respectively for a contingency loss and offsetting indemnification asset. Refer to Note 14.

FineTech [Member]
 
Business Acquisition [Line Items]  
Fair value allocation of net assets acquired and liabilities assumed at the date of acquisition
         

(In thousands)

     

Current assets (including cash of $2,000)

  $ 3,358  

Intangible assets:

       

Customer relationships

    14,200  

Technology

    2,700  

Non-compete

    1,500  

Tradename

    400  
   

 

 

 

Total intangible assets

    18,800  

Goodwill

    11,623  

Plant and equipment

    1,358  

Other assets

    1,154  

Accounts payable and accrued expenses

    (910

Deferred tax liability

    (2,457

Contingent consideration

    (4,747
   

 

 

 

Total purchase price

  $ 28,179  
   

 

 

 
OPKO Diagnostics [Member]
 
Business Acquisition [Line Items]  
Fair value allocation of net assets acquired and liabilities assumed at the date of acquisition
         

(In thousands)

     

Current assets (including cash of $351)

  $ 378  

Technology

    44,400  

Goodwill

    17,977  

Equipment

    333  

Other assets

    18  

Accounts payable and accrued expenses

    (655

Deferred tax liability

    (17,254

Contingent consideration

    (12,745
   

 

 

 

Total purchase price

  $ 32,452  
   

 

 

 
Curna Acquisition [Member]
 
Business Acquisition [Line Items]  
Fair value allocation of net assets acquired and liabilities assumed at the date of acquisition
         

(In thousands)

     

Current assets (including cash of $5)

  $ 38  

Fixed assets

    21  

Intangible assets

       

In-process research and development

    10,000  

Patents

    290  
   

 

 

 

Total intangible assets

    10,290  

Goodwill

    4,827  

Accounts payable and accrued expenses

    (54

Deferred tax liability

    (3,999

Contingent consideration

    (580
   

 

 

 

Total purchase price

  $ 10,543  
   

 

 

 
SciGen [Member]
 
Business Acquisition [Line Items]  
Fair value allocation of net assets acquired and liabilities assumed at the date of acquisition
         

(In thousands)

     

Current assets (including cash of $54)

  $ 1,493  

Intangible assets:

       

Customer relationships

    40  

Technology

    1,090  
   

 

 

 

Total intangible assets

    1,130  

Goodwill

    760  

Plant and equipment

    1,520  

Accounts payable and accrued expenses

    (1,970

Deferred tax liability

    (283
   

 

 

 

Total

  $ 2,650  
   

 

 

 
Summary of consolidated assets and non-recourse liabilities related to SciGen
         

(In thousands)

  December 31,
2012
 

Assets

       

Current assets:

       

Cash and cash equivalents

  $ 174  

Accounts receivable, net

    387  

Inventories, net

    1,092  

Prepaid expenses and other current assets

    199  
   

 

 

 

Total current assets

    1,852  

Property, plant and equipment, net

    1,539  

Intangible assets, net

    1,154  

Goodwill

    796  

Other assets

    231  
   

 

 

 

Total assets

  $ 5,572  
   

 

 

 

Liabilities

       

Current liabilities:

       

Accounts payable

  $ 1,108  

Accrued expenses

    2,859  
   

 

 

 

Total current liabilities

    3,967  

Other long-term liabilities

    1,529  
   

 

 

 

Total liabilities

  $ 5,496