Related Party Transactions

6 Months Ended

Jun. 30, 2017

Disclosure Text Block

Related Party Transactions

13. Related Party Transactions

In September 2009, Allergan became a related party when the Company sold to Allergan 2,083,333 shares of the Company’s convertible preferred stock. Amounts due to and due from Allergan are reflected as related party accounts payable and related party accounts receivable, respectively. These balances are reported net of any balances due to or from the related party. The Company had approximately $56.4 million and approximately $63.9 million in related party accounts receivable, net of related party accounts payable, associated with Allergan as of June 30,  2017 and December 31, 2016, respectively.

The Company has and currently obtains health insurance services for its employees from an insurance provider whose President and Chief Executive Officer became a member of the Company’s Board of Directors in April 2016.  The Company paid approximately $3.0 million and approximately $6.0 million in insurance premiums to this insurance provider during the three and six months ended June 30, 2017, respectively, and approximately $1.9 million and approximately $3.8 million during the three and six months ended June 30, 2016, respectively. At June 30,  2017 and December 31, 2016, the Company had no accounts payable due to this related party, respectively.