Intangible Assets and Goodwill

12 Months Ended

Dec. 31, 2019

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

Intangible Assets and Goodwill

Intangible Assets

As of December 31, 2019, the Company had $400.0 million of in-process research and development intangible assets classified as “Other assets” on its consolidated balance sheet. As of December 31, 2018, the Company had no in-process research and development intangible assets recorded on its consolidated balance sheet. In 2019, the Company recorded $387.0 million and $13.0 million of in-process research and development intangible assets related to its acquisitions of Semma and Exonics, respectively. In 2018 and 2017, the Company recorded intangible asset impairment charges of $29.0 million related to VX-210 that was licensed from BioAxone in 2014 and $255.3 million related to Parion’s pulmonary ENaC platform, respectively. Please refer to Note B, “Collaborative Arrangements,” for further information regarding the events and circumstances associated with these impairment charges.

Goodwill

As of December 31, 2019 and December 31, 2018, goodwill of $1.00 billion and $50.4 million was recorded on the Company’s consolidated balance sheet. During 2019, the Company recorded goodwill of $554.6 million and $397.1 million related to its acquisitions of Semma and Exonics, respectively.

Please refer to “Note C, “Acquisitions,” for further information on the in-process research and development intangible assets and goodwill that the Company acquired in 2019.