On February 6, 2021 Icahn Enterprises reported in December 2020, Icahn Enterprises acquired all of the outstanding common stock of Vivus, Inc. ("Vivus") upon its emergence from bankruptcy. Prior to Vivus’ emergence from bankruptcy, Icahn Enterprises held an investment in all of Vivus’ convertible corporate debt securities as well as all of its other outstanding debt. As a result of this transaction, Icahn Enterprises consolidates the results of Vivus beginning December 2020 and reports the results within its new Pharma segment.

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Prior to Vivus’ emergence from bankruptcy, Icahn Enterprises held an investment in Vivus’ convertible corporate debt securities with a fair value of $183 million. In addition to the fair value of the convertible corporate debt securities, Icahn Enterprises’ total consideration transferred included an exit financing facility of $81 million and a contingent liability of $3 million. The $81 million exit financing facility replaced an existing $63 million term loan previously held by Icahn Enterprises.

(Press release, Icahn Enterprises, FEB 6, 2021, View Source [SID1234670433])