Acquisitions (Tables)

6 Months Ended

Jun. 30, 2025

Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]

Summary of Acquisition Date Fair Value of Consideration Transferred in Acquisition

The acquisition date fair value of the consideration transferred in the acquisition consisted of the following (in thousands):

Cash consideration	$	276,424
Fair value of contingent consideration		43,042
Total purchase consideration	$	319,466

Summary of Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the fair values of assets acquired and liabilities assumed as of the date of acquisition:

(in thousands)	Estimated Fair Value
Assets acquired:
Cash and cash equivalents	$	8,065
Accounts receivable, other(1)		2,758
Prepaid expenses and other current assets		459
Property, plant and equipment		16,711
Intangibles(2)		215,000
Deferred tax assets		18,112
Other long-term assets		1,424
Total identifiable assets acquired		262,529
Liabilities assumed:
Accounts payable		(1,964	)
Accrued expenses and other liabilities		(754	)
Deferred tax liabilities		(55,718	)
Other long-term liabilities		(848	)
Total liabilities assumed		(59,284	)
Net assets acquired	$	203,245
Purchase consideration	$	319,466
Goodwill(3)	$	116,221

(1)The value approximates the gross contractual amount of accounts receivables. The contractual amount not expected to be collected is immaterial.

(2)Intangible assets acquired consisted of in-process research and development (“IPR&D”). The estimated fair values of the IPR&D assets were determined based on the present values of the expected cash flows to be generated by the respective underlying assets. The Company used a discount rate of 11.5% and cash flows that have been probability adjusted to reflect the risks of product commercialization, which the Company believes are appropriate and representative of market participant assumptions.

(3)The goodwill recognized is attributable to future technologies that are not separately identifiable that could potentially add to the currently developed and pipeline products and Evergreen’s assembled workforce. Future technologies did not meet the criteria for recognition separately from goodwill because they are part of the future development and growth of the business. Goodwill of $116.2 million recognized in connection with the Evergreen Merger is not deductible for tax purposes.