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Going Concern
12 Months Ended
Dec. 31, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Going Concern

22. Going Concern

In accordance with ASC 205-40, Going Concern, the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. The Company has suffered recurring losses from operations, has negative working capital and has cash outflows from operating activities, all of which raise substantial doubt about its ability to continue as a going concern.

As of December 31, 2016, the Company had unrestricted cash and cash equivalents of $21.5 million. Upon stockholder approval and the closing of the asset sale with Ipsen outlined more fully in Note 23, “Subsequent Events,” the Company will receive a $575.0 million upfront cash payment from Ipsen (subject to a working capital adjustment as provided in the Asset Sale Agreement). The Company expects to use these proceeds to declare and pay a special cash dividend of at least $200.0 million to stockholders and redeem the $175.0 million outstanding aggregate principal amount of 2022 Notes, which will require an additional make-whole premium payment of approximately $20.1 million. Additionally, if the asset sale is consummated and certain milestones under the Baxalta Agreement are met, the Company currently expects to receive up to an aggregate of $33.0 million in net milestone payments in 2017. The Company believes these potential net cash inflows, along with the completion of the headcount reduction and refocused research and development efforts that were announced in January 2017, will provide financial resources sufficient to fund operations into the second half of 2019.

The consummation of the asset sale with Ipsen is contingent upon approval by the Company’s stockholders as well as other customary closing conditions. If the asset sale is not consummated, the Company will not receive the $575.0 million upfront cash payment from Ipsen, and the Company will need to obtain additional funding through public or private debt or equity financings, through existing or new collaboration arrangements, or through divestitures of its assets. The Company may not be able to obtain financing on acceptable terms, or at all, and the Company may not be able to enter into additional collaborative arrangements. The ability to obtain additional financing is not considered probable at this time and could result in the Company’s inability to meet its obligations as they become due within one year after the date that the consolidated financial statements are issued.

Based upon the above evaluation, the Company has concluded that there is substantial doubt as to its ability to continue as a going concern within one year after the date that the consolidated financial statements are issued.