Acquisitions, Investments, and Licenses (Tables)
|
6 Months Ended |
Jun. 30, 2014
|
Business Acquisition [Line Items] |
|
Pro forma disclosure for acquisitions |
The following table includes the pro forma results for the three and six months ended June 30, 2014 of the combined companies as though the acquisition of OPKO Biologics and OPKO Renal had been completed as of the beginning of the period presented.
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For the three months ended June 30, |
|
For the six months ended June 30, |
(In thousands) |
2014 |
2013 |
|
2014 |
2013 |
Revenues |
23,545 |
23,821 |
|
45,818 |
55,197 |
Net loss |
(26,077) |
(14,238) |
|
(71,163) |
(51,809) |
Net loss attributable to common shareholders |
(25,480) |
(13,279) |
|
(70,026) |
(50,303) |
Basic and diluted loss per share |
$(0.06) |
$(0.03) |
|
$(0.17) |
$(0.13) |
|
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, 2014:
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(Dollars in thousands, except per share prices)
Investee name
|
|
Year
invested
|
|
Accounting method |
|
Ownership at
June 30, 2014
|
|
Investment |
|
Underlying equity in net assets |
|
Closing share price
at June 30, 2014
for investments
available for sale
|
Neovasc |
|
2011 |
|
Equity method |
|
6 |
% |
|
3,798 |
|
|
1,454 |
|
|
|
|
Senesco |
|
2014 |
|
Equity method |
|
4 |
% |
|
750 |
|
|
366 |
|
|
|
|
RXi |
|
2013 |
|
Equity method |
|
15 |
% |
|
15,000 |
|
|
1,918 |
|
|
|
|
Pharmsynthez |
|
2013 |
|
Equity method |
|
17 |
% |
|
11,300 |
|
|
6,405 |
|
|
|
|
Zebra |
|
2013 |
|
VIE, equity method |
|
19 |
% |
|
2,000 |
|
|
840 |
|
|
|
|
Cocrystal |
|
2009 |
|
Equity method |
|
16 |
% |
|
5,476 |
|
|
993 |
|
|
|
|
Neovasc options |
|
2011 |
|
Investment available for sale |
|
N/A |
|
|
925 |
|
|
|
|
|
$ |
6.25 |
|
ChromaDex |
|
2012 |
|
Investment available for sale |
|
1 |
% |
|
1,320 |
|
|
|
|
|
$ |
1.30 |
|
ARNO |
|
2013 |
|
Investment available for sale |
|
5 |
% |
|
2,000 |
|
|
|
|
|
$ |
1.78 |
|
Cocrystal 10 yr warrants |
|
2014 |
|
Investment available for sale |
|
N/A |
|
|
500 |
|
|
|
|
|
|
Senesco warrants |
|
2014 |
|
Investment available for sale |
|
N/A |
|
|
228 |
|
|
|
|
|
|
Plus unrealized gains on investments, options and warrants, net |
|
8,827 |
|
|
|
|
|
|
Less accumulated losses in investees |
|
(18,696 |
) |
|
|
|
|
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Total carrying value of equity method investees and investments, available for sale |
|
$ |
33,428 |
|
|
|
|
|
|
|
Cytochroma and PROLOR
|
|
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 purchase price allocation and the fair value of the net assets acquired and liabilities assumed in the acquisitions of OPKO Renal and OPKO Biologics at the dates of acquisition. The purchase price allocation for OPKO Biologics is subject to change while contingencies that existed on the acquisition date are resolved:
|
|
|
|
|
|
|
|
|
(In thousands) |
OPKO Renal |
|
OPKO Biologics |
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 OPKO Renal and OPKO Biologics acquisitions, respectively.
|
SciVac
|
|
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, 2014 and December 31, 2013. These assets are owned by, and these liabilities are obligations of, SciVac, not us.
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|
(In thousands) |
June 30, 2014 |
|
December 31,
2013
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
433 |
|
|
$ |
2 |
|
Accounts receivable, net |
516 |
|
|
283 |
|
Inventories, net |
1,700 |
|
|
1,696 |
|
Prepaid expenses and other current assets |
529 |
|
|
218 |
|
Total current assets |
3,178 |
|
|
2,199 |
|
Property, plant and equipment, net |
1,412 |
|
|
1,374 |
|
Intangible assets, net |
1,055 |
|
|
1,111 |
|
Goodwill |
1,757 |
|
|
1,821 |
|
Other assets |
263 |
|
|
261 |
|
Total assets |
$ |
7,665 |
|
|
6,766 |
|
Liabilities |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
1,007 |
|
|
$ |
1,136 |
|
Accrued expenses |
8,298 |
|
|
6,498 |
|
Notes payable |
3,903 |
|
|
1,537 |
|
Total current liabilities |
13,208 |
|
|
9,171 |
|
Other long-term liabilities |
261 |
|
|
1,240 |
|
Total liabilities |
$ |
13,469 |
|
|
$ |
10,411 |
|
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