Acquisitions (Tables)

12 Months Ended

Dec. 31, 2018

Business Acquisition [Abstract]

Proforma information

The pro forma results do not necessarily represent what would have occurred if the transactions had taken place on January 1, 2017 nor do they represent the results that may occur in the future. The pro forma adjustments were based on available information and upon assumptions that the Company believes are reasonable to reflect the impact of these acquisitions on the Company's historical financial information on a supplemental pro forma basis. The following table presents the Company's pro forma combined revenues and net income.

	December 31,
(in millions, except per share value)	2018			2017
	(Unaudited)
Revenues		$	949.3	$	683.8
Net income		$	27.7	$	12.3
Net income per share - basic		$	0.55	$	0.29
Net income per share - diluted		$	0.54	$	0.28

Adapt Pharma [Member]

Business Acquisition [Abstract]

Total purchase price

The preliminary purchase consideration is as follows:

(in millions)	October 15, 2018
Cash	$	581.5
Equity		37.7
Fair value of contingent purchase consideration		48.0
Total preliminary purchase consideration	$	667.2

Allocation of purchase price based upon estimated fair values of assets acquired and liabilities assumed

The table below summarizes the preliminary allocation of the purchase price based upon estimated fair values of assets acquired and liabilities assumed at October 15, 2018.

(in millions)	October 15, 2018
Estimated fair value of tangible assets acquired and liabilities assumed:
Cash	$	17.7
Accounts receivable		21.3
Inventory		41.4
Prepaid expenses and other assets		7.8
Accounts payable		(32.2	)
Accrued expenses and other liabilities		(50.4	)
Deferred tax liability, net		(62.4	)
Total estimated fair value of tangible assets acquired and liabilities assumed		(56.8	)
Acquired in-process research and development		41.0
Acquired intangible asset		534.0
Goodwill		149.0
Total purchase price	$	667.2

PaxVax [Member]

Business Acquisition [Abstract]

Allocation of purchase price based upon estimated fair values of assets acquired and liabilities assumed

The table below summarizes the preliminary allocation of the purchase consideration based upon estimated fair values of assets acquired and liabilities assumed at October 4, 2018.

(in millions)	October 4, 2018
Estimated fair value of tangible assets acquired and liabilities assumed:
Cash	$	9.0
Accounts receivable		4.1
Inventory		19.7
Prepaid expenses and other assets		12.2
Property, plant and equipment		57.8
Deferred tax assets, net		3.8
Accounts payable		(3.5	)
Accrued expenses and other liabilities		(33.6	)
Total estimated fair value of tangible assets acquired and liabilities assumed		69.5
Acquired in-process research and development		9.0
Acquired intangible assets		133.0
Goodwill		61.6
Total purchase consideration	$	273.1

ACAM2000 [Member]

Business Acquisition [Abstract]

Total purchase price

The total purchase price is summarized below:

(in millions)
Amount of cash paid to Sanofi	$	117.5
Fair value of contingent purchase consideration		2.2
Total purchase price	$	119.7

Allocation of purchase price based upon estimated fair values of assets acquired and liabilities assumed

The table below summarizes the allocation of the purchase price based upon the fair values of assets acquired at October 6, 2017. The Company did not assume any liabilities in the acquisition. The Company has finalized the purchase price allocation related to this acquisition.

(in millions)
Fair value of tangible assets acquired:
Inventory	$	74.9
Property, plant and equipment		20.0
Total fair value of tangible assets acquired		94.9
Acquired intangible asset		16.7
Goodwill		8.1
Total purchase price	$	119.7

Impact of Business Acquisitions

Impact of Business Acquisitions

The operations of each of the three business acquisitions discussed above were included in the consolidated financial statements as of each of their respective acquisition dates. The following table presents their revenue and earnings as reported within the consolidated financial statements.

(in millions)	December 31, 2018		December 31, 2017
Revenue	$	167.8	$	11.5
Operating income (loss)	$	13.3	$	(0.9	)