3. INVESTMENTS

Investments consisted of the following:

			Gross Unrealized
					Losses
	Amortized				Less than			Greater than			Estimated
	Cost		Gains		One Year			One Year			Fair Value
	(In thousands)
June 30, 2014
Short-term investments:
Available-for-sale securities:
U.S. government and agency debt securities	$	223,404	$	192	$	—		$	—		$	223,596
Corporate debt securities	178,720		153		(30		)	—			178,843
International government agency debt securities	46,492		37		(2		)	—			46,527
	448,616		382		(32		)	—			448,966
Money market funds	1,201		—		—			—			1,201
Total short-term investments	449,817		382		(32		)	—			450,167
Long-term investments:
Available-for-sale securities:
U.S. government and agency debt securities	42,082		—		(43		)	(13		)	42,026
Corporate debt securities	25,793		—		(17		)	(22		)	25,754
International government agency debt securities	6,080		—		(2		)	—			6,078
	73,955		—		(62		)	(35		)	73,858
Held-to-maturity securities:
Certificates of deposit	1,547		—		—			—			1,547
Total long-term investments	75,502		—		(62		)	(35		)	75,405
Total investments	$	525,319	$	382	$	(94	)	$	(35	)	$	525,572

December 31, 2013
Short-term investments:
Available-for-sale securities:
U.S. government and agency debt securities	$	130,669	$	80	$	(1	)	$	—		$	130,748
Corporate debt securities	38,614		64		(30		)	—			38,648
International government agency debt securities	24,097		8		(33		)	—			24,072
	193,380		152		(64		)	—			193,468
Money market funds	1,201		—		—			—			1,201
Total short-term investments	194,581		152		(64		)	—			194,669
Long-term investments:
Available-for-sale securities:
Equity securities	8,732		21,253		—			—			29,985
U.S. government and agency debt securities	28,503		—		(61		)	(3		)	28,439
Corporate debt securities	20,266		—		(30		)	(75		)	20,161
International government agency debt securities	7,691		—		(5		)	—			7,686
	65,192		21,253		(96		)	(78		)	86,271
Held-to-maturity securities:
Certificates of deposit	1,493		—		—			—			1,493
Total long-term investments	66,685		21,253		(96		)	(78		)	87,764
Total investments	$	261,266	$	21,405	$	(160	)	$	(78	)	$	282,433

The proceeds from the sales and maturities of marketable securities, which were primarily reinvested and resulted in realized gains and losses, were as follows:

	Six Months Ended
	June 30,
(In thousands)	2014		2013
Proceeds from the sales and maturities of marketable securities	$	184,446	$	70,149
Realized gains	$	15,304	$	46
Realized losses	$	10	$	5

During the three months ended June 30, 2014, the Company sold its investment in Acceleron Pharma Inc. (“Acceleron”), which consisted of common stock and warrants to purchase the common stock of Acceleron. The Company received net proceeds of $24.0 million and realized a gain of $15.3 million from the sale of this investment. The Company reclassified the gain from accumulated other comprehensive (loss) income to gain on sale of investment in Acceleron in its condensed consolidated Statements of Operations and Comprehensive (Loss) Income.

The Company’s available-for-sale and held-to-maturity securities at June 30, 2014 had contractual maturities in the following periods:

	Available-for-sale				Held-to-maturity
	Amortized		Estimated		Amortized		Estimated
(In thousands)	Cost		Fair Value		Cost		Fair Value
Within 1 year	$	296,062	$	296,166	$	1,547	$	1,547
After 1 year through 5 years	226,509		226,658		—		—
Total	$	522,571	$	522,824	$	1,547	$	1,547

At June 30, 2014, the Company believed that the unrealized losses on its available-for-sale investments were temporary. The investments with unrealized losses consisted primarily of U.S. government and agency debt securities and corporate debt securities. In making the determination that the decline in fair value of these securities was temporary, the Company considered various factors, including but not limited to: the length of time each security was in an unrealized loss position; the extent to which fair value was less than cost; financial condition and near-term prospects of the issuers; and the Company’s intent not to sell these securities and the assessment that it is more likely than not that the Company would not be required to sell these securities before the recovery of their amortized cost basis.

The Company’s investment in Civitas Therapeutics, Inc. (“Civitas”) was zero and $2.0 million at June 30, 2014 and December 31, 2013, respectively, which was recorded within “Other Assets” in the accompanying condensed consolidated balance sheets. During the six months ended June 30, 2014, the Company recorded a reduction in its investment in Civitas of $2.0 million, which represented the Company’s proportionate share of Civitas’ net losses for this period. As the Company’s interest in Civitas has reached zero, the Company will no longer record its proportionate share of Civitas’ net losses until such time as the Company’s share of Civitas’ net income exceeds its share of Civitas’ net losses not recognized during the period the equity method was suspended.