Note 9. Intangible Assets

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

	Weighted	Gross Carrying Amount				Accumulated Amortization						Intangible Assets, Net
(In thousands)	Avg. Life (Yrs.)	June 30, 2018		June 30, 2017		June 30, 2018			June 30, 2017			June 30, 2018		June 30, 2017

Definite-lived:
Cody Labs import license	15	$	581	$	582	$	(386	)	$	(347	)	$	195	$	235
KUPI product rights	15	416,154		434,000		(69,840		)	(43,286		)	346,314		390,714
KUPI trade name	2	2,920		2,920		(2,920		)	(2,338		)	—		582
KUPI other intangible assets	15	19,000		19,000		(3,295		)	(2,028		)	15,705		16,972
Silarx product rights	15	10,000		10,000		(2,056		)	(1,389		)	7,944		8,611
Other product rights	14	19,693		653		(1,875		)	(355		)	17,818		298

Total definite-lived		$	468,348	$	467,155	$	(80,372	)	$	(49,743	)	$	387,976	$	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		$	504,797	$	503,604	$	(80,372	)	$	(49,743	)	$	424,425	$	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. In May 2018, the Company also completed the acquisition of over 20 products from a subsidiary of Endo International plc for an upfront payment of $12.0 million and future milestone payments, which is also included within the “Other product rights” category.

On October 18, 2016, the Company received a notice from the FDA indicating that the FDA will seek to withdraw approval of the Company’s Methylphenidate ER Abbreviated New Drug Applications (“ANDAs”). As a result of the notice, the Company performed an impairment analysis including a review of revised net sales projections for Methylphenidate ER. This analysis resulted in the Company recording a $65.1 million impairment charge in the first quarter of Fiscal 2017.

In the second quarter of Fiscal 2017, the Company abandoned a project within KUPI’s in-process research and development portfolio. The value assigned to the project was $23.0 million. Accordingly, the Company recorded a $23.0 million impairment charge.

For the fiscal years ended June 30, 2018, 2017 and 2016, the Company recorded amortization expense of $32.7 million, $33.6 million and $19.5 million, respectively.

Future annual amortization expense consists of the following:

(In thousands) Fiscal Year Ending June 30,	Annual Amortization Expense
2019	$	31,723
2020	30,882
2021	30,882
2022	30,882
2023	30,882
Thereafter	232,725

	$	387,976