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Property, Plant and Equipment, Net
 12 Months Ended
Dec. 31, 2019
Property, Plant and Equipment [Abstract]  
Property, Plant and Equipment, Net Property, Plant and Equipment, Net
Property, plant and equipment, net consists of the following:
 
(in thousands)
 
DECEMBER 31,
 
 
2019
 
2018
 
Manufacturing equipment
 
$
18,073

 
$
2,366

 
Laboratory equipment
 
7,525

 
6,038

 
Furniture and fixtures
 
1,648

 
1,815

 
Software, computer and other equipment
 
7,772

 
2,702

 
Leasehold improvements
 
29,720

 
4,072

 
Construction-in-progress
 
3,892

 
49,057

 
Property, plant and equipment
 
68,630

 
66,050

 
Less: Accumulated depreciation
 
(10,483
)
 
(5,525
)
 
Property, plant and equipment, net
 
$
58,147

 
$
60,525


Depreciation expense was $5.1 million, $2.4 million and $1.4 million for the years ended December 31, 2019, 2018 and 2017, respectively.
Manufacturing Plant Build-Out
In the second quarter of 2019, the Company completed the build-out on its own manufacturing plant in Athlone, Ireland, for which it leases approximately 30,000 square feet of interior floor space and as such is not the legal owner of the space. However, in accordance with ASC Topic 842, the Company was deemed to be the owner of the leased space prior to completion of construction. Upon completion, the Company performed a sale-leaseback analysis and accounted for the transaction as a sale. The Company therefore derecognized the build-to-suit asset and the corresponding build-to-suit facility lease obligation of approximately $4.4 million as of the completion date. No gain or loss arose from the derecognition. The Company concurrently recognized an operating lease ROU asset and a corresponding operating lease liability related to the leaseback of the facility.
See Note 8 for additional information. The build-to-suit facility lease obligation was approximately $4.5 million as of December 31, 2018. Also, upon completion of the build-out in the second quarter of 2019, amounts previously classified as construction-in-progress related to the manufacturing plant placed into service have been transferred to leasehold improvements and manufacturing equipment and are being amortized in accordance with the Company’s policy. See Note 2 for additional information.