GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Jun. 30, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

Intangible assets consisted of the following:

	June 30, 2020		December 31, 2019
Intangible assets:
Finite-lived intangible assets	$	629,156	$	652,734
Accumulated amortization	(195,775)		(196,154)
Net carrying value	$	433,381	$	456,580

In January 2020, the Company completed the sale of worldwide rights to Firdapse, the Company's commercial product for the treatment of Lambert-Eaton myasthenic syndrome, to a third party in exchange for a one-time cash payment of $67.2 million plus residual royalties. Under the terms of the agreement, the Company agreed to provide certain transition services to the third-party purchaser, such as customer sales and support, for up to 12 months after the closing of the transaction. During the first quarter of 2020, the Company recognized a before-tax net gain of $59.5 million related to the sale of the Firdapse intellectual property and existing inventory. Additionally, the Company recognized a $0.8 million reduction to goodwill and disposed of $32.2 million in intangible assets, including related accumulated amortization of $31.6 million, as a result of the sale of Firdapse.

During the second quarter of 2019, $326.4 million of indefinite-lived intangible assets were reclassified to finite-lived as the underlying in-process research and development was put in use with an estimated useful life of approximately nine years, resulting from the completion of Palynziq program development upon receiving European regulatory approval.

During the second quarter of 2019, the Company recorded $15.0 million of gain on sale of intangible assets, reported in Gain on Sale of Nonfinancial Assets in the Consolidated Statements of Comprehensive Income (Loss), due to a third party's achievement of a commercial sales milestone related to a previously sold intangible asset.