Asset Acquisition

6 Months Ended

Jun. 30, 2025

Asset Acquisition [Abstract]

Asset Acquisition

Asset Acquisition

On April 21, 2025, we acquired the entire issued share capital of Chimerix at a price of $8.55 per share, payable in cash at closing, representing a total cash consideration of $944.2 million, funded with our cash and cash equivalents. As a result of this, Chimerix became an indirect wholly owned subsidiary of the Company. The acquisition of Chimerix was accounted for as an asset acquisition because it did not meet the definition of a business.

The total consideration paid and the allocation to assets acquired and liabilities assumed was (in thousands):

Consideration
Cash consideration to acquire Chimerix’s outstanding common stock	$	802,023
Cash consideration for Chimerix’s outstanding equity awards	142,131
Total cash consideration paid to Chimerix	944,154
Transaction costs	13,237
Total consideration	$	957,391
Assets Acquired and Liabilities Assumed
Cash	$	99,338
In-process research and development	905,362
Accrued liabilities	(53,066)
Other assets and liabilities	5,757
Total net assets acquired	$	957,391

The value attributed to in-process research and development relates to dordaviprone and was expensed as it was determined to have no alternative future use.