Property, Plant and Equipment, Net

6 Months Ended

Jun. 30, 2020

Property, Plant and Equipment [Abstract]

Property, plant and equipment, net consists of the following:


(in thousands)	JUNE 30, 2020		DECEMBER 31, 2019
Manufacturing equipment	$	21,527	$	18,073
Laboratory equipment	7,811		7,525
Furniture and fixtures	1,664		1,648
Software, computer and other equipment	7,994		7,772
Leasehold improvements	30,026		29,720
Construction-in-progress	936		3,892
Property, plant and equipment	69,958		68,630
Less: Accumulated depreciation	(13,781)		(10,483)
Property, plant and equipment, net	$	56,177	$	58,147

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 ASU 2016-02, Leases, 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.

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.