Sale and licence-back

[M.Flagge]

Hi everyone
A pharmaceutical company has developed an IP internally.
It stopped capitalizing spend because it will take more money to commercialise than can be budgeted.
So it creates a subsidiary and sells the IP for $100 (nominal fee). The sub who buys it gives permanent free licence back to parent in case other products can benefit from earlier research under the IP. No value expected at that point.
A year later subsidiary gets investment and successfully commercializes the IP but this was speculative at the time of selling the IP at a loss to the subsidiary.
I’m thinking of the sale like a sale and leaseback but know it doesn’t apply as this isn’t a lease. The parents interest in the asset doesn’t really change because of the licence so I’m thinking the asset maybe remains.
There is now value in the licence to the parent but at the time it was felt there wasn’t, I’m. It not sure if that makes any difference.
(Leaving impairment aside for now)
Thanks very much

[Marek Muc]

Not sure what the question is...