Sale of Equity Interests in Theravance Respiratory Company, LLC and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2022

Sale of Equity Interests in Theravance Respiratory Company, LLC and Discontinued Operations

Summary of discontinued operations

	Year Ended December 31,
(In thousands)	2022		2021		2020
Income from investments in TRC, LLC	$	53,237	$	103,987	$	68,438
Transaction-related legal expenses (prior to July 20, 2022)		(5,057)		—		—
Interest expense on 9.5% Non-recourse notes due 2035		(21,312)		(38,342)		(32,193)
Interest expense on 9.0% Non-recourse notes due 2033		—		—		(3,975)
Loss on extinguishment of debt		(24,022)		—		(15,464)
Net gain from sale of equity interests in TRC, LLC		1,141,084		—		—
Provision for income tax expense		(178,974)		—		—
Net income from discontinued operations	$	964,956	$	65,645	$	16,806

Summary of TRC's Statement of income and equity Interest

(In thousands)	July 20, 2022		December 31, 2021
Assets
Cash and cash equivalents	$	29,309	$	50,713
Related party receivables from collaborative arrangements		42,720		42,492
Prepaid expenses and other current assets		—		71
Equity and long-term investments		—		37,695
Total assets	$	72,029	$	130,971
Liabilities and LLC Members' Equity
Accrued liabilities		—		252
LLC members' equity		72,029		130,719
Total liabilities and LLC members' equity	$	72,029	$	130,971
	Period Ended		Year Ended December 31,
(In thousands)	July 20, 2022		2021		2020
Revenue
Royalty revenue from related party	$	72,029	$	126,688	$	73,090
Revenue from collaborative arrangements with a related party		-		—		10,000
Total revenue		72,029		126,688		83,090
General and administrative expenses		332		3,956		2,613
Other income, net		10		—		38
Realized loss on equity and long-term investments		(39,385)
Changes in fair value of equity and long-term investments, net		(8,884)		(1,541)		1,147
Net Income	$	23,438	$	121,191	$	81,662