(23) Cash flow from investing activities
Accounting and measurement policies
Cash flow from investing activities
Treatment of payments for investments from government grants
The Group reports payments from investments in connection with government grants in cash flow from investing activities.
Payments for investments in intangible assets included a payment of € 78 million resulting from the exercise of the option to acquire the global commercial rights for pimicotinib (see Note (7) Licensing agreements). In the previous year, payments for investments in intangible assets included payments of € 167 million in connection with the in-licensing agreement with Jiangsu Hengrui Pharmaceuticals Co. Ltd., China, and an upfront payment of € 45 million in connection with the in-licensing agreement with Abbisko Therapeutics Co. Ltd., China (see Note (7) Licensing agreements), both of which were concluded in fiscal 2023 and paid in fiscal 2024.
Payments from the disposal of intangible assets primarily resulted from the sale of a right to accelerated review by the U.S. Food and Drug Administration.
Payments for acquisitions less acquired cash and cash equivalents were predominantly attributable to the acquisition of SpringWorks Therapeutics, Inc., United States (see Note (6) Acquisitions and divestments).
Net cash outflows for investments in other assets mainly resulted from the short-term investment of available funds in structured products based on marketable greenhouse gas emission certificates and in securities. In the previous year, additional short-term investments in term deposits that did not meet the requirements for classification as cash and cash equivalents were also included.
Net cash inflows from the disposal of other assets primarily resulted from repayments of short-term investments in structured products based on marketable greenhouse gas emission certificates and from the sale of non-consolidated investments. In the previous year, net cash inflows from the disposal of other assets also included significant payments received from short-term investments in securities and term deposits.
Net cash inflow from divestments resulted primarily from the sale of the Surface Solutions business unit (see Note (6) Acquisitions and divestments).