Goodwill and Intangible Assets

12 Months Ended

Jun. 30, 2015

Note 9. Goodwill and Intangible Assets

On June 1, 2015, the Company completed the acquisition of Silarx. See Note 3 “Acquisitions” for more information. As part of the acquisition, goodwill was recognized. The change in the carrying amount of goodwill for the year ended June 30, 2015 was as follows:

(In thousands)	Generic Pharmaceuticals
Balance at June 30, 2014	$	—
Goodwill acquired	141
Impairments	—

Balance at June 30, 2015	$	141

Intangible assets, net as of June 30, 2015 and 2014, consisted of the following:

		Gross Carrying Amount				Accumulated Amortization						Intangible Assets, Net
(In thousands)	Weighted Avg. Life (Yrs.)	June 30, 2015		June 30, 2014		June 30, 2015			June 30, 2014			June 30, 2015		June 30, 2014

Definite-lived:
Cody Labs import license	15	582		582		(269		)	(232		)	313		350
Silarx product rights	15	10,000		—		(56		)	—			9,944		—
Other product rights	14	653		653		(269		)	(225		)	384		428

Total definite-lived		11,235		1,235		(594		)	(457		)	10,641		778


Indefinite-lived:
Other product rights	—	449		149		—			—			449		149
Silarx in-process research and development	—	18,000		—		—			—			18,000		—

Total indefinite-lived		18,449		149		—			—			18,449		149

Total intangible assets, net		$	29,684	$	1,384	$	(594	)	$	(457	)	$	29,090	$	927

For the fiscal years ended June 30, 2015, 2014 and 2013, the Company recorded amortization expense of $137 thousand, $1.4 million, and $1.9 million, respectively. There were no impairments related to intangible assets during fiscal year 2015, 2014 and 2013.

Future annual amortization expense consists of the following:

(In thousands) Fiscal Year Ending June 30,	Annual Amortization Expense
2016	$	748
2017	748
2018	748
2019	746
2020	739
Thereafter	6,912

	$	10,641

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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