License and Collaboration Agreements (Tables)

6 Months Ended

Jun. 30, 2012

License and Collaboration Agreements

Schedule of revenue recognized and assets and liabilities under collaborative arrangements

During the three and six months ended June 30, 2011 and 2012, the Company recognized revenue based on the following components of the Sanofi agreement:

	Three months ended June 30,				Six months ended June 30,
(in thousands)	2011		2012		2011		2012
Upfront payment	$	1,250	$	1,250	$	2,500	$	2,500
Milestone payment	209		521		417		1,933
Development services	4,687		9,160		9,392		17,302
Manufacturing services and other	439		1,106		694		1,627
Total	$	6,585	$	12,037	$	13,003	$	23,362

As of December 31, 2011 and June 30, 2012, the Company maintained the following assets and liabilities related to the Sanofi agreement:

(in thousands)	December 31, 2011		June 30, 2012
Accounts receivable, billed	$	4,478	$	2,013
Accounts receivable, unbilled	2,925		4,909
Deferred revenue	84,466		85,057