Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2016

Fair Value Disclosures [Abstract]

Assets and Liabilities Measured at Fair Value on Recurring Basis

Except for the Company’s Level 2 liabilities which are discussed in Note 10, “Convertible Senior Notes,” the following table sets forth the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2016 and 2015, by level, within the fair value hierarchy:

	As of December 31, 2016								As of December 31, 2015
	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)		2016		(Level 1)		(Level 2)		(Level 3)		2015
	(In thousands)
Assets:
Money market	$	56,097	$	—	$	—	$	56,097	$	6,030	$	—	$	—	$	6,030
Total assets at fair value	$	56,097	$	—	$	—	$	56,097	$	6,030	$	—	$	—	$	6,030
Liabilities:
Contingent purchase price	$	—	$	—	$	137,289	$	137,289	$	—	$	—	$	123,757	$	123,757
Total liabilities at fair value	$	—	$	—	$	137,289	$	137,289	$	—	$	—	$	123,757	$	123,757

Fair Value Inputs, Quantitative Information

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

	Fair Value as of December 31, 2016		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(In thousands)
Targanta:
Contingent purchase price	$	5,857	Probability-adjusted discounted cash flow	Probability of success	20%
				Period in which milestone is expected to be achieved	2021
				Discount rate	11%
Incline:
Contingent purchase price	$	1,269	Probability-adjusted discounted cash flow	Probabilities of successes	5%
				Period in which milestones are expected to be achieved	2019
				Discount rate	18%
Rempex:
Contingent purchase price: Event-based milestones	$	95,800	Probability-adjusted discounted cash flow	Probabilities of successes	18% - 95% (79%)
				Period in which milestones are expected to be achieved	2017 - 2024
				Discount rate	5.2% - 8.5%
Contingent purchase price: Sales-based milestones	$	20,300	Risk-adjusted revenue simulation	Probabilities of successes	16% - 65% (56%)
				Period in which milestones are expected to be achieved	2018 - 2022
				Discount rate	6.6% - 8.2%
Annovation:
Contingent purchase price	$	14,063	Probability-adjusted discounted cash flow	Probabilities of successes	9% - 50% (34%)
				Period in which milestones are expected to be achieved	2018 - 2031
				Discount rate	6.0% - 10.0%

	Fair Value as of December 31, 2015		Valuation Technique	Unobservable Input	Range (Weighted Average)
	(In thousands)
Targanta:
Contingent purchase price	$	5,857	Probability-adjusted discounted cash flow	Probability of success	20%
				Period in which milestone is expected to be achieved	2020
				Discount rate	11%
Incline:
Contingent purchase price	$	28,600	Probability-adjusted discounted cash flow	Probabilities of successes	64% - 72% (67%)
				Period in which milestones are expected to be achieved	2017 - 2018
				Discount rate	18%
Rempex:
Contingent purchase price: Event-based milestones	$	63,000	Probability-adjusted discounted cash flow	Probabilities of successes	11% - 95% (56%)
				Period in which milestones are expected to be achieved	2016 - 2020
				Discount rate	3.6% - 6.0%
Contingent purchase price: Sales-based milestones	$	10,300	Risk-adjusted revenue simulation	Probabilities of successes	11% - 63% (30%)
				Period in which milestones are expected to be achieved	2018 - 2022
				Discount rate	5.5% - 6.7%
Annovation:
Contingent purchase price	$	16,000	Probability-adjusted discounted cash flow	Probabilities of successes	8% - 50% (31%)
				Period in which milestones are expected to be achieved	2016 - 2030
				Discount rate	4.1% - 8.2%

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, 2016 and 2015 were as follows:

	December 31,
	2016			2015
	(In thousands)
Balance at beginning of period	$	123,757		$	351,134
Fair value of contingent purchase price with respect to Annovation as of February 2, 2015	—			18,000
Payments	(10,449		)	(236,418		)
Allocation to Hemostasis Business	—			(28,600		)
Fair value adjustments to contingent purchase prices included in net loss	23,981			19,641
Balance at end of period	$	137,289		$	123,757