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SUBSEQUENT EVENT
6 Months Ended
Jun. 30, 2016
Subsequent Events [Abstract]  
SUBSEQUENT EVENT
SUBSEQUENT EVENT
Maturity of Note Receivable
On July 1, 2016 the Company received $47.5 million from Sanofi. This is the second of three payments related to the PRV sale agreement whereby the Company transfered the PRV To Sanofi in 2015. See Note 16 for further discussion.
Cholic Acid territory transfer for Australia
On July 15, 2016 the Company signed a binding memorandum of understanding ("MOU") with Asklepion in which the Company agreed to transfer to Asklepion the Cholic Acid Product Data Assets and Cholic Acid Know-How solely in the territory of Australia. Under the MOU, Asklepion will have the right to license its territory rights but will remain responsible for performance by its licensees. As consideration for the transfer, Asklepion will pay a royalty to the Company based on net sales within the territory.
San Diego - New Lease
On July 26, 2016, the Company entered into a Lease Agreement (the "Lease") with Kilroy Realty, LP, a Delaware limited partnership, whereby it leased approximately 23,107 square feet of space located at 3721 Valley Centre Drive, San Diego, that will house our corporate headquarters. The Lease has a term of seven years and seven months, commencing on December 20, 2016; an annual base rent of approximately $1.1 million per annum plus escalations; a five year option renewal of the Lease at market rent; and additional rent for the proportionate share of the expense for the operation, maintenance and repair of the common areas.