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Related Party Transactions
12 Months Ended
Dec. 31, 2017
Related Party Transaction, Due from (to) Related Party [Abstract]  
Related Party Transactions
Related Party Transactions
Exela PharmSci, Inc.
We signed a commercialization agreement with Exela PharmSci, Inc. (“Exela”) in 2007. Under the license agreement, as amended, we and Exela cross-licensed certain technology relating to the manufacture of Argatroban, an API, in exchange for rights to certain sublicensing fees or development payments and revenue sharing. The revenue sharing arrangement was terminated in December 2017.
Thomas R. Baruch, one of our directors, serves on the board of directors of Exela, and is a retired general partner in Presidio Partners 2007, L.P., which owns more than 10% of Exela’s outstanding capital stock. As such, Mr. Baruch has an indirect pecuniary interest in the shares of Exela held by Presidio Partners 2007, L.P.
In December 2017, we and Exela mutually agreed to terminate the license and revenue share arrangement. In consideration for the sale of an exclusive license to Exela and termination of the previous license and revenue sharing agreement, Exela will pay us a total of $1.5 million in seven installments after the agreement effective date of December 14, 2017. We recognized $1.5 million revenue at December 31, 2017.
We recognized $2.6 million in 2017, $2.2 million in 2016 and $4.8 million in 2015, shown in the consolidated statement of operations as revenue sharing arrangement. We had $1.6 million and no receivables from Exela at December 31, 2017 and 2016, respectively.
AstraZeneca PLC
Pam P. Cheng, a member of our board of directors, joined AstraZeneca PLC as Executive Vice President, Operations and Information Technology in June 2015. We sell biocatalyst products to AstraZeneca PLC and to Alfa Aesar, which is a purchasing agent of AstraZeneca PLC.
We recognized $0.1 million and de minimis revenue of product revenue from AstraZeneca PLC in 2017 and 2016, respectively. We recognized nil and $0.4 million of product revenue from Alfa Aesar in 2017 and 2016, respectively. We had $0.1 million and no accounts receivable from AstraZeneca PLC at December 31, 2017 and 2016, respectively. We had no and $0.4 million in accounts receivable from Alfa Aesar at December 31, 2017 and 2016, respectively.