Annual report pursuant to Section 13 and 15(d)

Acquisitions, Investments, and Licenses (Tables)

v2.4.0.8
Acquisitions, Investments, and Licenses (Tables)
12 Months Ended
Dec. 31, 2013
Business Acquisition [Line Items]  
Pro forma disclosure for acquisitions
The following table presents the pro forma results of the acquisitions of Cytochroma and PROLOR for the years ended December 31, 2013 and 2012 as if those acquisitions had been completed as of the beginning of each period, respectively.
 
For the years ended December 31,
(In thousands, except per share amounts)
2013
 
2012
Revenues
$
96,530

 
$
53,595

Loss from continuing operations
$

 
$
(63,479
)
Net loss
$
(147,546
)
 
$
(55,663
)
Net loss attributable to common shareholders
$
(145,027
)
 
$
(57,411
)
Basic and diluted loss from continuing operations per share
$
(0.37
)
 
$
(0.15
)
Basic and diluted loss from discontinuing operations per share
$

 
$

Basic and diluted loss per share
$
(0.37
)
 
$
(0.15
)
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 December 31, 2013:
(Dollars in thousands, except per share prices)
Investee name
 
Year
invested
 
Accounting method
 
Ownership at
December 31,
2013
 
Investment
 
Underlying equity in net assets
 
Closing share price
at December 31, 2013
for investments
available for sale
Cocrystal
 
2009
 
Equity method
 
16
%
 
2,500

 
205

 
 
 
Neovasc
 
2011
 
Equity method
 
6
%
 
3,798

 
325

 
 
 
Fabrus
 
2010
 
VIE, equity method
 
12
%
 
750

 
(160
)
 
 
 
BZNE common stock
 
2012
 
VIE, equity method
 
16
%
 
2,976

 
(1,686
)
 
 
 
RXi
 
2013
 
Equity method
 
19
%
 
15,000

 
2,444

 
 
 
Pharmsynthez
 
2013
 
Equity method
 
11
%
 
5,036

 
5,156

 
 
 
Zebra
 
2013
 
VIE, equity method
 
19
%
 
2,000

 
1,220

 
 
 
TESARO
 
2010
 
Investment available for sale
 
1
%
 
56

 
 
 
 
$
28.24

Neovasc options
 
2011
 
Investment available for sale
 
N/A

 
925

 
 
 
CA
$
4.10

ChromaDex
 
2012
 
Investment available for sale
 
1
%
 
1,320

 
 
 
 
$
1.52

ARNO
 
2013
 
Investment available for sale
 
5
%
 
2,000

 
 
 
 
$
3.20

Plus unrealized/realized gains on investments, options and warrants, net
 
12,766

 
 
 
 
 
Less accumulated losses in investees
 
(18,474
)
 
 
 
 
 
Total carrying value of equity method investees and investments, available for sale
 
$
30,653

 
 
 
 
 
Cytochroma and PROLOR [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 preliminary purchase price allocation and the estimated fair value of the net assets acquired and liabilities assumed in the acquisitions of Cytochroma and PROLOR at the dates of acquisition, which are subject to change until contingencies that existed on the acquisition date are resolved:
(In thousands)
Cytochroma
 
PROLOR
Current assets (1)
$
1,224

 
$
21,500

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

 
590,200

Patents
210

 

Total intangible assets
191,740

 
590,200

Goodwill
2,411

 
139,784

Property, plant and equipment
306

 
1,057

Other assets

 
371

Accounts payable and accrued expenses
(1,069
)
 
(9,866
)
Deferred tax liability

 
(156,403
)
Total purchase price
$
194,612

 
$
586,643

(1)Current assets include cash of $0.4 million and $20.5 million related to the Cytochroma and PROLOR acquisitions, respectively.
OPKO Lab, Farmadiet and ALS [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 acquisitions of OPKO Lab, Farmadiet and ALS at the dates of acquisition, which are subject to change while contingencies that existed on the acquisition dates are resolved: 
(In thousands)
OPKO Lab
 
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 OPKO Lab, 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.
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 December 31, 2013 and 2012. These assets are owned by, and these liabilities are obligations of, SciVac, not us.
 
December 31,
(In thousands)
2013
 
2012
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
2

 
$
174

Accounts receivable, net
283

 
387

Inventories, net
1,696

 
1,092

Prepaid expenses and other current assets
218

 
199

Total current assets
2,199

 
1,852

Property, plant and equipment, net
1,374

 
1,539

Intangible assets, net
1,111

 
1,154

Goodwill
1,821

 
796

Other assets
261

 
231

Total assets
$
6,766

 
$
5,572

Liabilities
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
1,136

 
$
1,108

Accrued expenses
6,498

 
2,859

Notes payable
1,537

 

Total current liabilities
9,171

 
3,967

Other long-term liabilities
1,240

 
1,529

Total liabilities
$
10,411

 
$
5,496