Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Acquisitions (Tables)

v3.20.2
Acquisitions (Tables)
9 Months Ended
Sep. 30, 2020
Business Combinations [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the Acquisition Date (in thousands):
January 10, 2020
Inventory $ 534 
Prepaid assets 185 
Property and equipment 16,839 
Internally developed software 3,110 
Customer relationships (1)
4,100 
Long-term assets 346 
Goodwill (2)
12,232 
Total assets acquired $ 37,346 
Long-term liabilities (346)
Net assets acquired $ 37,000 
(1) Acquired intangible assets consisted of customer relationships which are amortized over seven years.
(2) The goodwill arising from the acquisition of HLI - Oncology is the amount the Company paid in excess of the fair value of the net assets acquired and was primarily for (i) the expected future cash flows derived from the existing business capabilities and infrastructure, (ii) expanding the Company's scientific expertise as a leading provider of Pharma Services and Next-Generation Sequencing and (iii) an enhanced Pharma Services menu including germline, whole exome and whole genome sequencing. All of the goodwill resulting from the acquisition of HLI - Oncology is expected to be deductible for income tax purposes.