(8) INTANGIBLE ASSETS

Intangible assets consisted of the following:

	December 31,
	2015			2014
Intangible assets:
Finite-lived intangible assets	$	129,572		$	123,365
Indefinite-lived intangible assets		607,548			74,430
Gross intangible assets:		737,120			197,795
Less: Accumulated amortization		(53,124	)		(41,217	)
Net carrying value	$	683,996		$	156,578

Finite-Lived Intangible Assets

The following table summarizes the net-book-value and estimated remaining life of the Company’s finite-lived intangible assets at December 31, 2015:

	Net Balance at December 31, 2015		Average Remaining Life
Repurchased royalty rights	$	53,438	7.9 years
Acquired intellectual property		19,652	8.6 years
License payments for marketing approvals		2,380	5.7 years
SRCC in-place and above market tenant leases		978	Remaining lease terms
Total	$	76,448

As of December 31, 2015, the estimated future amortization expense associated with the Company’s finite-lived intangible assets for each of the five succeeding fiscal years is as follows:

Fiscal Year	Amount
2016	$	11,371
2017		10,904
2018		10,874
2019		10,605
2020		8,188
Thereafter		24,506
	$	76,448

Indefinite-Lived Intangible Assets

Indefinite-lived intangible assets consisted of the following:

	December 31,
	2015		2014
In-Process Research and Development:
Talazoparib	$	—	$	35,150
Kyndrisa		533,064		—
Other exons		41,044		—
Reveglucosidase alfa		25,010		25,010
Other acquired pre-clinical compounds		8,430		14,270
Net carrying value	$	607,548	$	74,430

Intangible assets related to IPR&D assets are considered to be indefinite-lived until the completion or abandonment of the associated R&D efforts. During the period the assets are considered indefinite-lived, they will not be amortized but will be tested for impairment on an annual basis and between annual tests if the Company becomes aware of any events occurring or changes in circumstances that would indicate a reduction in the fair value of the IPR&D assets below their respective carrying amounts. If and when development is complete, which generally occurs if and when regulatory approval to market a product is obtained, the associated assets would be deemed finite-lived and would then be amortized based on their respective estimated useful lives at that point in time.

On October 6, 2015, the Company completed the sale of talazoparib to Medivation Inc. (Medivation). Pursuant to the Asset Purchase Agreement, Medivation paid the Company an upfront payment of $410.0 million upon the closing of the transaction. In addition, contingent upon the successful development and commercialization of talazoparib, Medivation will pay the Company milestone payments of up to $160.0 million and mid-single digit percentage royalties on net sales of talazoparib. During the fourth quarter of 2015, the Company recognized a net gain of $369.5 million related to the sale of the talazoparib intangible assets. See Note 6 to these Consolidated Financial Statements for additional discussion.

Based on the current U.S. development efforts the Company recorded an impairment charge of $198.7 million during the fourth quarter of 2015. The Marketing Authorization Application (MAA) for Kyndrisa remains under review in the EU. The Company anticipates that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA) will provide an opinion for its MAA for Kyndrisa in the second quarter of 2016. If the CHMP opinion is positive, the MAA will be referred to the European Commission (EC). If the MAA is approved by the EC, the Company would receive marketing authorization for Kyndrisa in all EU Member States.

Additionally, during the fourth quarter of 2015, the Company performed its annual impairment review and determined that no other intangible assets were impaired as of December 31, 2015.