Acquisitions (Tables)

9 Months Ended

Sep. 30, 2022

Acquisitions

Schedule of consideration paid for acquisition

The total consideration paid for the BDSI acquisition was approximately $669,431 consisting of the following (in thousands, except per share amounts):

Fair Value of Purchase Price Consideration	Amount
Fair value of purchase price consideration paid at closing:
Cash consideration for all outstanding shares of BDSI's common and preferred stock (103,235,298 shares acquired at $5.60 per share)	$	578,118
Cash consideration paid to settle RSUs and in-the-money options		28,309
Cash paid to settle BDSI debt		63,004
Total purchase consideration	$	669,431

Schedule of preliminary allocation of acquisition purchase price

The following tables set forth the preliminary allocation of the BDSI Acquisition purchase price to the estimated fair value of the net assets acquired at the Acquisition Date (in thousands):

	Amounts Recognized at the Acquisition Date
Assets Acquired
Cash and cash equivalents	$	97,362
Accounts receivable		55,495
Inventory		77,382
Prepaid expenses and other current assets		6,125
Property and equipment		1,242
Operating lease assets		481
Intangible assets		435,000
Total assets	$	673,087
Liabilities Assumed
Accounts payable	$	12
Accrued expenses		18,115
Accrued rebates, returns and discounts		56,261
Operating lease liabilities		481
Deferred tax liabilities		58,881
Total liabilities	$	133,750
Total identifiable net assets acquired		539,337
Goodwill		130,094
Total consideration transferred	$	669,431

Schedule of Unaudited Pro Forma Summary of Operations

The following table shows the unaudited pro forma summary of operations for the three and nine months ended September 30, 2022 and 2021, as if the BDSI Acquisition had occurred on January 1, 2021. This pro forma information does not purport to represent what the Company’s actual results would have been if the acquisition had occurred as of January 1, 2021, and is not indicative of what such results would be expected for any future period (in thousands, except per share amounts):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Total revenues	$	127,013	$	119,934	$	363,664	$	373,055
Net (loss) income	$	12,603	$	(14,725)	$	(6,347)	$	10,089

Schedule of acquisition related expenses

	Three Months Ended September 30, 2022		Nine Months Ended September 30, 2022
Transaction costs	$	—	$	14,718
Employee-related expenses		—		8,008
BDSI directors and officers insurance		—		4,492
Other acquisition expenses		463		3,991
Total acquisition related expenses	$	463	$	31,209