BUSINESS COMBINATION (Tables)

12 Months Ended

Dec. 31, 2015

In conjunction with the Merger, we incurred approximately $7.1 million in transaction costs, which were expensed in the periods in which they were incurred. These costs include:

Category	(in thousands)
Legal fees	$	1,227
Accounting fees		122
Consulting fees		119
Monitoring and advisory fees		390
Transaction bonuses		4,801
Other		429
Total transaction costs	$	7,088

Business Combination Purchase Price Allocation

The following presents the final allocation of the purchase consideration to the assets acquired and liabilities assumed on June 19, 2013:

	(in thousands)
Total purchase consideration	$	29,795

Assets acquired
Cash and cash equivalents		18,198
Restricted cash		2,260
Testosterone Gel NDA⁽¹⁾		10,900
Other tangible assets		79
Deferred tax assets, net		-
Goodwill		1,838
Total assets		33,275
Liabilities assumed
Accrued severance		2,965
Other liabilities		515
Total liabilities		3,480
Total net assets acquired	$	29,795

⁽¹⁾

As part of the Merger, we acquired a testosterone gel product that was licensed to Teva (the "Testosterone Gel NDA"). In May 2015, we acquired from Teva the approved New Drug Application ("NDA") for the previously-licensed product (Note 6).

Business Acquisition, Pro Forma Information

The pro forma amounts do not purport to be indicative of the results that would have actually been obtained if the Merger had occurred as of January 1, 2012 or that may be obtained in the future.

(in thousands)	Year ended December 31,
	2013
Net revenues	$	30,228
Net income/(loss)	$	89