Subsequent Events

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Events

19. Subsequent Events

On July 7, 2022, the Company entered into an agreement to sell all of its equity interests in its China subsidiaries, which are primarily engaged in API manufacturing operations, to TiHe Capital (Beijing) Co., Ltd. for RMB 124.4 million, or approximately $19.0 million in cash. The Company will receive at least 70% of the proceeds on the Closing Date, followed by 20% within three months after the Closing Date, and the remaining balance within six months after the Closing Date. Proceeds from the transaction will be used in part toward repaying existing debt and operating the business. The transaction is subject to customary closing conditions, including obtaining certain regulatory approvals in China. The Company evaluated the China API Operations as a discontinued operation. Refer to Note 4 - Discontinued Operations for additional information. The Company has recorded this transaction as a discontinued operation and has recorded its discontinued assets at the lesser of cost or fair value less cost to sell.