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INVENTORIES

6 Months Ended

Jun. 30, 2013

5. INVENTORIES

Inventories consist of the following:

	June 30,		December 31,
	2013		2012
Raw materials	$	7,106	$	8,183
Work-in-process	70,918		53,037
Finished goods	19,930		10,611
	97,954		71,831
Inventories, current	40,261		22,134
Inventories, non-current	$	57,693	$	49,697

Inventories, current at June 30, 2013 include $1,535 of XIAFLEX bulk inventories held by Pfizer, Inc. for packaging and labeling as discussed in Note 7, Pfizer Agreement Transition.

The Company recorded the acquired Actient inventories at their fair value, which required a step-up in value of $11,704 to record the acquired inventories at their net realizable value. As the acquired inventories are sold, this step-up in value is recorded as cost of goods sold in the Consolidated Statement of Operations. During the three months ended June 30, 2013, $4,495 of the inventory step-up was recognized as Cost of goods sold.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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