Acquisition (Tables)

3 Months Ended

Mar. 31, 2022

Schedule of recognized identified assets acquired and liabilities assumed

The following table presents the Company's preliminary estimates of the fair value of assets acquired and liabilities assumed as of the Closing Date and subsequent measurement period adjustments recorded (dollars in thousands):


	As Initially Reported		Measurement Period Adjustments (1)		As Adjusted
Cash and cash equivalents	$	90,064	$	—	$	90,064
Accounts receivable	11,156		—		11,156
Inventories	20,200		—		20,200
Prepaid expenses and other current assets	5,077		—		5,077
Property and equipment	1,254		—		1,254
Intangibles	450,100		—		450,100
Other assets (2)	6,442		(1,620)		4,822
Total fair value of assets acquired	584,293		(1,620)		582,673
Accounts payable	(4,592)		—		(4,592)
Accrued expenses and other current liabilities	(8,014)		—		(8,014)
Current debt	(138,315)		—		(138,315)
Operating lease liabilities, long-term	(5,224)		—		(5,224)
Deferred income tax liabilities (3)	(56,588)		3,722		(52,866)
Total fair value of liabilities assumed	(212,733)		3,722		(209,011)
Total identifiable net assets	371,560		2,102		373,662
Goodwill	39,553		(2,102)		37,451
Total purchase price	411,113		—		411,113

Cash consideration paid	400,806		—		400,806
Fair value of contingent consideration	10,307		—		10,307
Total purchase price	$	411,113	$	—	$	411,113

______________________________

(1) Measurement period adjustments reflect changes based on information related to the facts and circumstances that existed as of the acquisition date.

(2) Refinement of the estimate of fair value of the right of use asset associated with the acquired Adamas headquarters lease. Refer to Note 13, Leases.

(3) Represents tax impact of the changes in the initial estimate of the fair value of the right of use asset and changes made to update certain state tax attributes which existed at the opening balance sheet date.

Finite-lived and indefinite-lived intangible assets acquired as part of business combination

The following table summarizes the preliminary purchase price allocation, and the average remaining useful lives for identifiable intangible assets (dollars in thousands):


	Estimated Fair Value		Estimated Useful Life as of Closing Date (in years)
Acquired developed technology and product rights	$	450,100	3.1 - 8.1

Business acquisition, pro forma information

The following table presents the unaudited pro forma combined financial information for each of the periods presented, as if the Adamas Acquisition had occurred on January 1, 2020 (dollars in thousands):


	Three Months ended March 31, 2021
Pro forma total revenues	$	150,243
Pro forma net loss	(20,484)