Subsequent Events

12 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

In January 2017, the Company entered into a definitive agreement to acquire GenVec, Inc. ("GenVec"), a clinical-stage company and pioneer in the development of AdenoVerse™ gene delivery technology. Upon closing of the transaction, GenVec stockholders will receive 0.297 of a share of the Company's common stock in exchange for each share of GenVec common stock. This exchange ratio represents $7.00 per share of GenVec's common stock divided by the Company's five-day volume weighted average price as of January 23, 2017. GenVec stockholders may also receive contingent consideration equal to 50% of any milestone or royalty payments received under one of GenVec's collaboration agreements, provided such payments are received within three years after the closing of the transaction.  Consummation of the transaction, anticipated in the second quarter of 2017, is subject to customary closing conditions, including GenVec stockholder approval.

In January 2017, in conjunction with the listing of AquaBounty common stock on the NASDAQ Stock Market, the Company invested $25,000 in AquaBounty in exchange for 2,421,073 shares of AquaBounty common stock. Subsequent to the equity purchase, the Company distributed 1,776,557 shares of AquaBounty common stock as a dividend to shareholders of record as of January 9, 2017. Immediately following the distribution, the Company's ownership interest in AquaBounty was 58%.