Financial Instruments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis

Cash equivalents are determined under the fair value categories as follows:

			Quoted Price in		Significant Other		Significant
			Active Market		Observable Inputs		Unobservable
(in thousands)	Total		(Level 1)		(Level 2)		Inputs (Level 3)
March 31, 2020:
Cash equivalents:
Money market funds	$	449,873	$	449,873	$	—	$	—
Total cash equivalents	$	449,873	$	449,873	$	—	$	—
December 31, 2019:
Cash equivalents:
Money market funds	$	151,750	$	151,750	$	—	$	—
Total cash equivalents	$	151,750	$	151,750	$	—	$	—

Schedule of Recurring Fair Value Measurements of Contingent Consideration Liabilities

The recurring Level 3 fair value measurements of contingent consideration liabilities associated with commercial sales milestones include the following significant unobservable inputs as of March 31, 2020:

(in thousands, except rates and years)	March 31, 2020
Valuation Technique	Discounted cash flow
Discount Rate Range	2.6% - 5.7%
Weighted Average Discount Rate	4.6%
Expected Years	2020 - 2027

Schedule of Fair Value of Liabilities Measured on Recurring Basis Using Unobservable Inputs

The following table sets forth the changes in the estimated fair value of the Company’s liabilities measured on a recurring basis using significant unobservable inputs (Level 3):

	Three Months Ended March 31,
(in thousands)	2020			2019
Fair value measurement at beginning of period	$	42,559		$	50,410
Change in fair value measurement		(2,011	)		356
Contingent consideration paid or settled		(438	)		(1,435	)
Changes resulting from foreign currency fluctuations		—			(59	)
Fair value measurement at end of period	$	40,110		$	49,272