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This excerpt taken from the LLY 10-K filed Feb 22, 2010. Other
Acquisitions
During the second quarter of 2007, we acquired all of the
outstanding stock of both Hypnion, Inc. (Hypnion), a privately
held neuroscience drug discovery company focused on sleep
disorders, and Ivy Animal Health, Inc. (Ivy), a privately held
applied research and pharmaceutical product development company
focused on the animal health industry, for $445.0 million
in cash.
The acquisition of Hypnion provided us with a broader and more
substantive presence in the area of sleep disorder research and
ownership of LY2624803, a novel Phase II compound with a
dual mechanism of action aimed at promoting better sleep onset
and sleep maintenance. This was Hypnion’s only significant
asset. For this acquisition, we recorded an acquired IPR&D
charge of $291.1 million, which was not deductible for tax
purposes. Because Hypnion was a development-stage company, the
transaction was
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accounted for as an acquisition of assets rather than as a
business combination and, therefore, goodwill was not recorded.
The acquisition of Ivy provided us with products that complement
those of our animal health business. This acquisition has been
accounted for as a business combination under the purchase
method of accounting. We allocated $88.7 million of the
purchase price to other identifiable intangible assets,
primarily related to marketed products, $37.0 million to
acquired IPR&D, and $25.0 million to goodwill. The
other identifiable intangible assets are being amortized over
their estimated remaining useful lives of 10 to 20 years.
The $37.0 million allocated to acquired IPR&D was
charged to expense in the second quarter of 2007. Goodwill
resulting from this acquisition was fully allocated to the
animal health business segment. The amount allocated to each of
the intangible assets acquired, including goodwill of
$25.0 million and the acquired IPR&D of
$37.0 million, was deductible for tax purposes.
These excerpts taken from the LLY 10-K filed Feb 27, 2009. Other
Acquisitions
During the second quarter of 2007, we acquired all of the
outstanding stock of both Hypnion, Inc. (Hypnion), a privately
held neuroscience drug discovery company focused on sleep
disorders, and Ivy Animal Health, Inc. (Ivy), a privately held
applied research and pharmaceutical product development company
focused on the animal health industry, for $445.0 million
in cash.
The acquisition of Hypnion provided us with a broader and more
substantive presence in the area of sleep disorder research and
ownership of HY10275, a novel Phase II compound with a dual
mechanism of action aimed at promoting better sleep onset and
sleep maintenance. This was Hypnion’s only significant
asset. For this acquisition, we recorded an acquired IPR&D
charge of $291.1 million, which was not deductible for tax
purposes. Because Hypnion was a development-stage company, the
transaction was accounted for as an acquisition of assets rather
than as a business combination and, therefore, goodwill was not
recorded.
The acquisition of Ivy provides us with products that complement
those of our animal health business. This acquisition has been
accounted for as a business combination under the purchase
method of accounting. We allocated $88.7 million of the
purchase price to other identifiable intangible assets,
primarily related to marketed products, $37.0 million to
acquired IPR&D, and $25.0 million to goodwill. The
other identifiable intangible assets are being amortized over
their estimated remaining useful lives of 10 to 20 years.
The $37.0 million allocated to acquired IPR&D was
charged to expense in the second quarter of 2007. Goodwill
resulting from this acquisition was fully allocated to the
animal health business segment. The amount allocated to each of
the intangible assets acquired, including goodwill of
$25.0 million and the acquired IPR&D of
$37.0 million, was deductible for tax purposes.
Other Acquisitions During the second quarter of 2007, we acquired all of the outstanding stock of both Hypnion, Inc. (Hypnion), a privately held neuroscience drug discovery company focused on sleep disorders, and Ivy Animal Health, Inc. (Ivy), a privately held applied research and pharmaceutical product development company focused on the animal health industry, for $445.0 million in cash.
The acquisition of Hypnion provided us with a broader and more substantive presence in the area of sleep disorder research and ownership of HY10275, a novel Phase II compound with a dual mechanism of action aimed at promoting better sleep onset and sleep maintenance. This was Hypnion’s only significant asset. For this acquisition, we recorded an acquired IPR&D charge of $291.1 million, which was not deductible for tax purposes. Because Hypnion was a development-stage company, the transaction was accounted for as an acquisition of assets rather than as a business combination and, therefore, goodwill was not recorded. The acquisition of Ivy provides us with products that complement those of our animal health business. This acquisition has been accounted for as a business combination under the purchase method of accounting. We allocated $88.7 million of the purchase price to other identifiable intangible assets, primarily related to marketed products, $37.0 million to acquired IPR&D, and $25.0 million to goodwill. The other identifiable intangible assets are being amortized over their estimated remaining useful lives of 10 to 20 years. The $37.0 million allocated to acquired IPR&D was charged to expense in the second quarter of 2007. Goodwill resulting from this acquisition was fully allocated to the animal health business segment. The amount allocated to each of the intangible assets acquired, including goodwill of $25.0 million and the acquired IPR&D of $37.0 million, was deductible for tax purposes. These excerpts taken from the LLY 10-K filed Oct 21, 2008. Other
Acquisitions
During the second quarter of 2007, we acquired all of the
outstanding stock of both Hypnion, Inc. (Hypnion), a privately
held neuroscience drug discovery company focused on sleep
disorders, and Ivy Animal Health, Inc. (Ivy), a privately held
applied research and pharmaceutical product development company
focused on the animal health industry, for $445.0 million
in cash. The ongoing activities with respect to these
companies’
Table of Contents
products in development are not material to our research and
development expenses. The results of operations are included in
our consolidated financial statements from the respective dates
of acquisition.
The acquisition of Hypnion provides us with a broader and more
substantive presence in the area of sleep disorder research and
ownership of HY10275, a novel Phase II compound with a dual
mechanism of action aimed at promoting better sleep onset and
sleep maintenance. This was Hypnion’s only significant
asset. For this acquisition, we recorded a charge of
$291.1 million, representing the estimated fair value of
the acquired compound, to acquired IPR&D in the second
quarter of 2007 because the development-stage compound acquired
did not have any alternative future use. This charge was not
deductible for tax purposes. Because Hypnion was a
development-stage company, the transaction was accounted for as
an acquisition of assets rather than as a business combination
and, therefore, goodwill was not recorded.
The acquisition of Ivy provides us with products that complement
those of our animal health product line. This acquisition has
been accounted for as a business combination under the purchase
method of accounting. We have allocated $88.7 million of
the purchase price to other identifiable intangible assets,
primarily related to marketed products, $37.0 million to
acquired IPR&D, and $25.0 million to goodwill. The
IPR&D represents products in development that are not yet
approved for marketing and have no alternative future use.
Accordingly, the $37.0 million allocated to acquired
IPR&D was expensed immediately subsequent to the
acquisition. The other identifiable intangible assets will be
amortized over their estimated remaining useful lives of 10 to
20 years. Goodwill resulting from this acquisition has been
fully allocated to the animal health business segment. The
amount allocated to each of the intangible assets acquired,
including goodwill, is expected to be deductible for tax
purposes.
Other Acquisitions During the second quarter of 2007, we acquired all of the outstanding stock of both Hypnion, Inc. (Hypnion), a privately held neuroscience drug discovery company focused on sleep disorders, and Ivy Animal Health, Inc. (Ivy), a privately held applied research and pharmaceutical product development company focused on the animal health industry, for $445.0 million in cash. The ongoing activities with respect to these companies’
Table of Contentsproducts in development are not material to our research and development expenses. The results of operations are included in our consolidated financial statements from the respective dates of acquisition. The acquisition of Hypnion provides us with a broader and more substantive presence in the area of sleep disorder research and ownership of HY10275, a novel Phase II compound with a dual mechanism of action aimed at promoting better sleep onset and sleep maintenance. This was Hypnion’s only significant asset. For this acquisition, we recorded a charge of $291.1 million, representing the estimated fair value of the acquired compound, to acquired IPR&D in the second quarter of 2007 because the development-stage compound acquired did not have any alternative future use. This charge was not deductible for tax purposes. Because Hypnion was a development-stage company, the transaction was accounted for as an acquisition of assets rather than as a business combination and, therefore, goodwill was not recorded. The acquisition of Ivy provides us with products that complement those of our animal health product line. This acquisition has been accounted for as a business combination under the purchase method of accounting. We have allocated $88.7 million of the purchase price to other identifiable intangible assets, primarily related to marketed products, $37.0 million to acquired IPR&D, and $25.0 million to goodwill. The IPR&D represents products in development that are not yet approved for marketing and have no alternative future use. Accordingly, the $37.0 million allocated to acquired IPR&D was expensed immediately subsequent to the acquisition. The other identifiable intangible assets will be amortized over their estimated remaining useful lives of 10 to 20 years. Goodwill resulting from this acquisition has been fully allocated to the animal health business segment. The amount allocated to each of the intangible assets acquired, including goodwill, is expected to be deductible for tax purposes. These excerpts taken from the LLY 10-K filed Feb 29, 2008. Other
Acquisitions
During the second quarter of 2007, we acquired all of the
outstanding stock of both Hypnion, Inc. (Hypnion), a privately
held neuroscience drug discovery company focused on sleep
disorders, and Ivy Animal Health, Inc. (Ivy), a privately held
applied research and pharmaceutical product development company
focused on the animal health industry, for $445.0 million
in cash. The ongoing activities with respect to these
companies’ products in development are not material to our
research and development expenses. The results of operations are
included in our consolidated financial statements from the
respective dates of acquisition.
The acquisition of Hypnion provides us with a broader and more
substantive presence in the area of sleep disorder research and
ownership of HY10275, a novel Phase II compound with a dual
mechanism of action aimed at promoting better sleep onset and
sleep maintenance. This was Hypnion’s only significant
asset. For this acquisition, we recorded a charge of
$291.1 million, representing the estimated fair value of
the acquired compound, to acquired IPR&D in the second
quarter of 2007 because the development-stage compound acquired
did not have any alternative future use. This charge was not
deductible for tax purposes. Because Hypnion was a
development-stage company, the transaction was accounted for as
an acquisition of assets rather than as a business combination
and, therefore, goodwill was not recorded.
The acquisition of Ivy provides us with products that complement
those of our animal health product line. This acquisition has
been accounted for as a business combination under the purchase
method of accounting. We have allocated $88.7 million of
the purchase price to other identifiable intangible assets,
primarily related to marketed products, $37.0 million to
acquired IPR&D, and $25.0 million to goodwill. The
IPR&D represents products in development that are not yet
approved for marketing and have no alternative future use.
Accordingly, the $37.0 million allocated to acquired
IPR&D was expensed immediately subsequent to the
acquisition. The other identifiable intangible assets will be
amortized over their estimated remaining useful lives of 10 to
20 years. Goodwill resulting from this acquisition has been
fully allocated to the animal health business segment. The
amount allocated to each of the intangible assets acquired,
including goodwill, is expected to be deductible for tax
purposes.
Other Acquisitions During the second quarter of 2007, we acquired all of the outstanding stock of both Hypnion, Inc. (Hypnion), a privately held neuroscience drug discovery company focused on sleep disorders, and Ivy Animal Health, Inc. (Ivy), a privately held applied research and pharmaceutical product development company focused on the animal health industry, for $445.0 million in cash. The ongoing activities with respect to these companies’ products in development are not material to our research and development expenses. The results of operations are included in our consolidated financial statements from the respective dates of acquisition. The acquisition of Hypnion provides us with a broader and more substantive presence in the area of sleep disorder research and ownership of HY10275, a novel Phase II compound with a dual mechanism of action aimed at promoting better sleep onset and sleep maintenance. This was Hypnion’s only significant asset. For this acquisition, we recorded a charge of $291.1 million, representing the estimated fair value of the acquired compound, to acquired IPR&D in the second quarter of 2007 because the development-stage compound acquired did not have any alternative future use. This charge was not deductible for tax purposes. Because Hypnion was a development-stage company, the transaction was accounted for as an acquisition of assets rather than as a business combination and, therefore, goodwill was not recorded.
The acquisition of Ivy provides us with products that complement those of our animal health product line. This acquisition has been accounted for as a business combination under the purchase method of accounting. We have allocated $88.7 million of the purchase price to other identifiable intangible assets, primarily related to marketed products, $37.0 million to acquired IPR&D, and $25.0 million to goodwill. The IPR&D represents products in development that are not yet approved for marketing and have no alternative future use. Accordingly, the $37.0 million allocated to acquired IPR&D was expensed immediately subsequent to the acquisition. The other identifiable intangible assets will be amortized over their estimated remaining useful lives of 10 to 20 years. Goodwill resulting from this acquisition has been fully allocated to the animal health business segment. The amount allocated to each of the intangible assets acquired, including goodwill, is expected to be deductible for tax purposes. | EXCERPTS ON THIS PAGE:
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