| Summary of aggregate consideration transferred in connection with VYNE Product Acquisition |
The following table summarizes the aggregate consideration transferred for the assets acquired by Journey in connection with the VYNE Product Acquisition:
|
|
|
|
|
|
($ in thousands) |
Aggregate Consideration Transferred |
Consideration transferred to VYNE at closing |
$ |
20,000 |
Fair value of deferred cash payment due January 2023 |
|
4,740 |
Transaction costs |
|
223 |
Total consideration transferred at closing |
$ |
24,963 |
|
| Summary of assets acquired in VYNE Product Acquisition |
The following table summarizes the assets acquired in the VYNE Product Acquisition:
|
|
|
|
($ in thousands) |
|
Assets Recognized |
Inventory |
|
$ |
6,041 |
Identifiable intangibles: |
|
|
|
Amzeeq |
|
|
15,162 |
Zilxi |
|
|
3,760 |
Fair value of net identifiable assets acquired |
|
$ |
24,963 |
|
| Schedule of JMC recognized expense related to its product licenses |
The table below provides a summary of the Journey intangible assets as of March 31, 2022 and December 31, 2021, respectively:
|
|
|
|
|
|
|
|
|
|
|
Estimated Useful |
|
|
|
|
($ in thousands) |
|
Lives (Years) |
|
March 31, 2022 |
|
December 31, 2021 |
|
|
|
|
|
|
|
|
Intangible assets – product licenses |
|
3 to 9 |
|
$ |
37,925 |
|
$ |
19,003 |
Accumulated amortization |
|
|
|
|
(7,468) |
|
|
(6,451) |
Net intangible assets |
|
|
|
$ |
30,457 |
|
$ |
12,552 |
|
| Schedule of future amortization of intangible assets |
The future amortization of these intangible assets is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
($ in thousands) |
|
Ximino® |
|
Accutane® |
|
Amzeeq® |
|
Zilxi® |
|
Amortization |
Nine Months Ended December 31, 2022 |
|
$ |
764 |
|
$ |
710 |
|
$ |
1,264 |
|
$ |
313 |
|
$ |
3,051 |
December 31, 2023 |
|
|
1,019 |
|
|
945 |
|
|
1,684 |
|
|
418 |
|
|
4,066 |
December 31, 2024 |
|
|
1,019 |
|
|
946 |
|
|
1,685 |
|
|
417 |
|
|
4,067 |
December 31, 2025 |
|
|
1,019 |
|
|
945 |
|
|
1,685 |
|
|
418 |
|
|
4,067 |
December 31, 2026 |
|
|
595 |
|
|
157 |
|
|
1,684 |
|
|
418 |
|
|
2,854 |
Thereafter |
|
|
— |
|
|
— |
|
|
6,739 |
|
|
1,671 |
|
|
8,410 |
Sub-total |
|
$ |
4,416 |
|
$ |
3,703 |
|
$ |
14,741 |
|
$ |
3,655 |
|
$ |
26,515 |
Asset not yet placed in service: |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,942 |
Total |
|
$ |
4,416 |
|
$ |
3,703 |
|
$ |
14,741 |
|
$ |
3,655 |
|
$ |
30,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|