Quarterly report pursuant to Section 13 or 15(d)

Acquisitions, Licensing and Other Arrangements (Tables)

v3.24.3
Acquisitions, Licensing and Other Arrangements (Tables)
9 Months Ended
Sep. 30, 2024
Acquisitions, Licensing and Other Arrangements  
Schedule of purchase consideration

The total purchase consideration for Kinnate, as of April 3, 2024, was as follows (in thousands):

Closing cash payment(1)

$

122,646

Estimated fair value of the Exarafenib milestone contingent consideration(2)

2,922

Transaction costs

809

Total purchase consideration

$

126,377

(1)The closing cash payment was determined based on a total of 47,232,737 shares of Kinnate common stock tendered at closing, at a per share price of $2.5879, and the settlement of Kinnate RSUs and stock options under the Kinnate equity incentive plans (2,510,552 total underlying shares at a per share price of $2.5879), less the exercise price for the stock options.
(2)The fair value of the Exarafenib milestone contingent consideration was estimated using a probability-weighted discounted cash flow model for the amounts payable to Kinnate CVR holders under the Kinnate CVR Agreement upon the achievement of certain specified milestones associated with the Exarafenib Sale.

The following table shows the allocation of the purchase consideration based on the relative fair value of assets acquired and liabilities assumed by the Company as of April 3, 2024 (in thousands):

Cash and cash equivalents

$

142,381

Prepaid expenses and other current assets

3,223

Exarafenib milestone asset

2,922

Accrued and other liabilities

(2,009)

Operating lease liabilities

(322)

Long-term operating lease liabilities

(502)

Net assets acquired

$

145,693

Reconciliation of net assets acquired to total purchase consideration:

Net assets acquired

$

145,693

Less: Gain on the acquisition of Kinnate

(19,316)

Total purchase consideration

$

126,377