Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Fair Value, Measurement Inputs

The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability:

	As of December 31, 2013								As of December 31, 2012
	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Balance at December 31,		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Balance at December 31,
Assets and Liabilities	(Level 1)		(Level 2)		(Level 3)		2013		(Level 1)		(Level 2)		(Level 3)		2012
	(In thousands)
Assets:
Money market			$	—	$	—	$	—	$	14,751	$	—	$	—	$	14,751
U.S. treasury notes	—		—		—		—		—		—		—		—
U.S. government agency	—		—		—		—		—		7,097		—		7,097
Corporate debt securities	—		—		—		—		—		43,778		—		43,778
Total assets at fair value	$	—	$	—	$	—	$	—	$	14,751	$	50,875	$	—	$	65,626
Liabilities:
Contingent purchase price	$	—	$	—	$	302,363	$	302,363	$	—	$	—	$	18,971	$	18,971
Total liabilities at fair value	$	—	$	—	$	302,363	$	302,363	$	—	$	—	$	18,971	$	18,971

Fair Value Inputs, Assets, Quantitative Information

The following table provides quantitative information associated with the fair value measurement of the Company’s Level 3 inputs:

	Fair Value as of
	December 31, 2013		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(in thousands)
Targanta:
Contingent purchase price	$	5,573	Probability-adjusted discounted cash flow	Probabilities of success	20%
				Periods in which milestones are expected to be achieved	2019
				Discount rate	11.3%
Incline:
Contingent purchase price	$	115,890	Probability-adjusted discounted cash flow	Probabilities of success	60% - 85% (79%)
				Periods in which milestones are expected to be achieved	2013-2017
				Discount Rate	18%
ProFibrix:
Contingent purchase price	$	84,000	Probability-adjusted discounted cash flow	Probability of success	5% - 95% (91%)
				Period in which milestones are expected to be achieved	2015 - 2017
				Discount rate	4.9% - 17.5%
Rempex:
Contingent purchase price: commercial milestone	$	87,900	Probability-adjusted discounted cash flow	Probability of success	11% -95% (63%)
				Period in which milestones are expected to be achieved	2014 - 2019
				Discount rate	1.5% - 4.38%
Contingent purchase price: sales milestone	$	9,000	Risk adjusted revenue simulation	Probability of success	9% - 49% (18%)
				Period in which milestones are expected to be achieved	2016 - 2022
				Discount rate	2% - 5.4%

	Fair Value as of
	December 31, 2012		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(in thousands)
Targanta:
Contingent purchase price	$	18,971	Probability-adjusted discounted cash flow	Probabilities of success	20% - 60% (49%)
				Periods in which milestones are expected to be achieved	2013 - 2019
				Discount rate	11%

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The changes in fair value of the Company’s Level 3 contingent purchase price during the year ended December 31, 2013 and 2012 were as follows:

	December 31,
	2013		2012
	(in thousands)
Balance at beginning of period	$	18,971	$	20,431
Fair value of contingent purchase price with respect to Incline as of January 4, 2013	87,200
Fair value of contingent purchase price with respect to ProFibrix as of August 5, 2013	82,550
Fair value of contingent purchase price with respect to Rempex as of December 3, 2013	96,700
Fair value adjustment to contingent purchase price included in net income	16,942		(1,460		)
Balance at end of period	$	302,363	$	18,971