Intangible Assets

9 Months Ended

Mar. 31, 2018

Intangible Assets

Intangible Assets

Note 10.  Intangible Assets

Intangible assets, net as of March 31, 2018 and June 30, 2017, consisted of the following:

	Weighted	Gross Carrying Amount				Accumulated Amortization						Intangible Assets, Net
(In thousands)	Avg. Life (Yrs.)	March 31, 2018		June 30, 2017		March 31, 2018			June 30, 2017			March 31, 2018		June 30, 2017
Definite-lived:
Cody Labs import license	15	$	582	$	582	$	(376	)	$	(347	)	$	206	$	235
KUPI product rights	15	416,154		434,000		(62,904		)	(43,286		)	353,250		390,714
KUPI trade name	2	2,920		2,920		(2,920		)	(2,338		)	—		582
KUPI other intangible assets	15	19,000		19,000		(2,978		)	(2,028		)	16,022		16,972
Silarx product rights	15	10,000		10,000		(1,889		)	(1,389		)	8,111		8,611
Other product rights	11	7,691		653		(1,147		)	(355		)	6,544		298
Total definite-lived		$	456,347	$	467,155	$	(72,214	)	$	(49,743	)	$	384,133	$	417,412
Indefinite-lived:
KUPI in-process research and development	—	$	18,000	$	18,000	$	—		$	—		$	18,000	$	18,000
Silarx in-process research and development	—	18,000		18,000		—			—			18,000		18,000
Other product rights	—	449		449		—			—			449		449
Total indefinite-lived		36,449		36,449		—			—			36,449		36,449
Total intangible assets, net		$	492,796	$	503,604	$	(72,214	)	$	(49,743	)	$	420,582	$	453,861

In the third quarter of Fiscal 2018, the Company sold an intangible asset related to a product right acquired as part of the KUPI acquisition.  In connection with the transaction, the Company recorded a $15.5 million loss on sale of the intangible asset, which had a carrying value of $15.8 million at the time of sale.

In February 2018, the Company completed the acquisition of five products from UCB for $5.0 million which is included within the “Other product rights” category of intangible assets.

For the three months ended March 31, 2018 and 2017, the Company recorded amortization expense of $8.3 million and $8.1 million, respectively.  For the nine months ended March 31, 2018 and 2017, the Company recorded amortization expense of $24.6 million and $25.5 million, respectively.

Future annual amortization expense consisted of the following as of March 31, 2018:

(In thousands) Fiscal Year Ending June 30,	Annual Amortization Expense
2018	$	14,307
2019	30,923
2020	30,082
2021	30,082
2022	30,082
Thereafter	248,657
	$	384,133