Subsequent Events

9 Months Ended

Sep. 30, 2017

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On October 25, 2017, the Company announced its intention to commence a series of workforce reductions, independent of the potential divestiture of the Company’s infectious disease business (the “Workforce Reductions”), to improve efficiencies and better align its costs and structure. As a result of the Workforce Reductions and the potential infectious disease business divestiture, the Company plans to reduce its personnel to less than 60 employees. Upon signing release agreements, affected employees will receive the Company’s severance package, including reduction payments and fully paid health care coverage and outplacement services for six months to a year. The Company expects to substantially implement the Workforce Reductions in December 2017.

The Company expects to record, in the aggregate, charges of approximately $13 million to $18 million associated with the Workforce Reductions, which will be recognized beginning in the fourth quarter of 2017 and through the second quarter of 2018. Substantially all of these charges are expected to represent cash expenditures. In addition to the Workforce Reductions, additional restructuring charges are expected to be incurred but cannot be estimated at this time.