SUBSEQUENT EVENT

3 Months Ended

Mar. 31, 2016

13.

SUBSEQUENT EVENT

In March 2016, we entered into an asset purchase agreement with Cranford Pharmaceuticals, LLC to purchase the rights, title, and interest in the NDA for Inderal LA, as well as certain documentation, trademark rights, and finished goods for $60.0 million in cash and milestone payments based on future gross profits from sales of products under the NDA. The asset acquisition closed in April 2016, and we made the $60.0 million cash payment using cash on hand. In addition, at closing, we transferred $5.0 million to an escrow account as security for future milestone payments.