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Intangibles, Net and Goodwill
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangibles, Net and Goodwill Intangibles, Net and Goodwill
Intangibles, net, consisted of the following:
 December 31, 2023
(in thousands)Useful Lives (in years)Amortization
Method		CostAccumulated AmortizationNet
Trademarks
15 – 25
Straight-Line$13,540 $(12,216)$1,324 
Customer relationships
15 – 25
Accelerated157,995 (117,574)40,421 
Currently marketed product
9 – 15
Straight-Line132,800 (38,277)94,523 
Licenses
11 – 16
Straight-Line22,233 (7,972)14,261 
Developed technology9Straight-Line2,400 (944)1,456 
Total$328,968 $(176,983)$151,985 

December 31, 2022
(in thousands)Useful Lives (in years)Amortization
Method		CostAccumulated AmortizationNet
Trademarks
15 – 25
Straight-Line$13,540 $(12,061)$1,479 
Customer relationships
15 – 25
Accelerated96,681 (95,009)1,672 
Currently marketed product
9 – 15
Straight-Line275,700 (47,628)228,072 
Licenses
11 – 16
Straight-Line85,800 (19,101)66,699 
Developed technology9Straight-Line2,400 (677)1,723 
IPR&DN/AN/A15,640 — 15,640 
Total$489,761 $(174,476)$315,285 
The Company recorded amortization expense for its intangible assets of $46.4 million, $33.2 million and $27.5 million for the years ended December 31, 2023, 2022 and 2021, respectively.
In May 2021, PyL (18F-DCFPyL) was approved by the FDA under the name PYLARIFY. Accordingly, the Company reclassified the associated asset of $132.8 million from IPR&D to currently marketed products and commenced amortization of the asset.
On August 2, 2023, the Company sold the right to its RELISTOR royalty asset under its license agreement with Bausch; the Company retained the rights to future sales-based milestone payments. The Company received an initial payment of approximately $98.0 million in connection with the sale and has the right to receive an additional payment from the buyer of $5.0 million if worldwide net sales of RELISTOR in 2025 exceed a specified threshold. The additional payment would be recognized upon achievement of the specified threshold. Decreases of $63.6 million of license assets and $17.5 million of associated accumulated amortization, as well as a gain of $51.8 million were recorded as a result of the sale. During the fourth quarter of 2023, the Company earned a $15.0 million sales-based milestone payment.
In March 2023, the Company stopped all development activities in relation to a future indication associated with AZEDRA, which was classified as an IPR&D intangible asset. The asset group, which consisted of the IPR&D asset and a currently marketed product (the “AZEDRA intangible asset group”), was assessed for impairment. The Company considered several factors in estimating the future projections of revenues and cash flows of the AZEDRA intangible asset group as part of the impairment testing. The Company concluded that the carrying amount exceeded the fair value of the AZEDRA intangible asset group, which had no value. The Company recorded a non-cash impairment charge of $15.6 million in research and development expenses relating to the IPR&D asset and $116.4 million in cost of goods sold relating to the currently marketed indication of AZEDRA in the consolidated statement of operations for the year ended December 31, 2023.
On August 15, 2023, the Company announced that it had made the decision to discontinue the production and promotion of AZEDRA and would be winding down its Somerset, New Jersey manufacturing site. The Company will continue manufacturing AZEDRA into the first quarter of 2024, to the extent feasible, with the goal of providing doses of AZEDRA to current patients so they can complete their treatment regimen. See Note 7, “Property, Plant and Equipment, Net” for impairment analysis.
In February 2023, the Company entered into an agreement with the stockholders of Cerveau to purchase all of the outstanding capital stock of Cerveau for approximately $35.3 million. In May 2023, upon successful completion of a technology transfer, the Company paid $10.0 million to the selling stockholders of Cerveau. This additional contingent payment was capitalized as part of the
asset cost and increased the Company’s customer relationship intangible assets. See Note 21, “Acquisition of Assets” for further discussion of the Cerveau acquisition.
The below table summarizes the estimated aggregate amortization expense expected to be recognized on the above intangible assets:
(in thousands)Amount
2024$39,726 
202524,409 
202625,206 
202719,680 
202816,195 
2029 and thereafter 26,769 
Total$151,985