Discontinued Operations

12 Months Ended

Dec. 31, 2011

Discontinued Operations

Discontinued Operations

3. Discontinued Operations

In January 2009, AMI completed its acquisition of Ibis for a total purchase price of $215 million. Since we sold Ibis to AMI and Ibis met the criteria for a component of an entity, we reflect Ibis as a discontinued operation. Accordingly, we have presented the operating results of Ibis in our consolidated statements of operations as discontinued operations. Net income from discontinued operations for the year ended December 31, 2009 primarily consisted of the $202.5 million gain related to the sale of Ibis to AMI less $16.8 million of income tax expense.

The components of discontinued operations for the year ended December 31, 2009 is as follows (in thousands):

Revenue	$	—
Total operating expenses	35
Loss from operations	(35		)
Loss attributed to noncontrolling interest in Ibis Biosciences, Inc.	6
Loss from discontinued operations	(29		)
Gain on sale of Ibis Biosciences, Inc., net of tax	185,657
Net income from discontinued operations, net of tax	$	185,628

We do not have any assets and liabilities from discontinued operations in our accompanying consolidated balance sheets at December 31, 2011 and 2010.  We have not separately classified cash flows from discontinued operations in our consolidated statement of cash flows.