Subsequent Events

12 Months Ended

Dec. 31, 2017

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On February 28, 2018, Synergy announced a licensing, development and commercialization agreement with Cipher Pharmaceuticals Inc (Cipher). Under the terms of the agreement, Synergy will receive an upfront payment of $5.0 million and is eligible for an additional milestone payment, as well as royalties from product sales in Canada. The agreement provides that Synergy will be responsible for manufacturing and supplying finished product to Cipher.

On February 26, 2018, Synergy and CRG amended the Term Loan Agreement dated September 1, 2017. Under the terms of the amendment, the 2nd tranche borrowing of $100 million prior to February 28, 2018, was replaced with three separate tranches to borrow $25 million, $25 million and $50 million on or before June 30, 2018, September 30, 2018 and December 31, 2018, respectively. Additionally, the total amount of the commitment was reduced from $300 million to $200 million (excluding PIK loans) and the Minimum Market Capitalization covenant of $300 million was revised to be 200% of the outstanding principal amount of loan (excluding PIK loans).