4. INVESTMENTS

Investments consisted of the following:


	Amortized		Gross Unrealized				Estimated
	Cost		Gains		Losses(1)		Fair Value
	(In thousands)
March 31, 2016
Short-term investments:
Available-for-sale securities:
U.S. government and agency debt securities	$	226,243	$	213	$	(25)	$	226,431
Corporate debt securities		163,918		150		(75)		163,993
International government agency debt securities		35,013		13		(36)		34,990
Total short-term investments		425,174		376		(136)		425,414
Long-term investments:
Available-for-sale securities:
U.S. government and agency debt securities		63,945		—		(40)		63,905
Corporate debt securities		26,778		—		(75)		26,703
		90,723		—		(115)		90,608
Held-to-maturity securities:
Fixed term deposit account		1,667		—		—		1,667
Certificates of deposit		1,715		—		—		1,715
		3,382		—		—		3,382
Total long-term investments		94,105		—		(115)		93,990
Total investments	$	519,279	$	376	$	(251)	$	519,404

December 31, 2015
Short-term investments:
Available-for-sale securities:
Corporate debt securities	$	175,098	$	20	$	(179)	$	174,939
U.S. government and agency debt securities		141,789		51		(104)		141,736
International government agency debt securities		37,070		—		(76)		36,994
Total short-term investments		353,957		71		(359)		353,669
Long-term investments:
Available-for-sale securities:
U.S. government and agency debt securities		211,216		—		(764)		210,452
Corporate debt securities		38,381		—		(111)		38,270
International government agency debt securities		12,039		—		(71)		11,968
		261,636		—		(946)		260,690
Held-to-maturity securities:
Fixed term deposit account		1,666		—		—		1,666
Certificates of deposit		1,715		—		—		1,715
		3,381		—		—		3,381
Total long-term investments		265,017		—		(946)		264,071
Total investments	$	618,974	$	71	$	(1,305)	$	617,740

(1)	Losses represent marketable securities that were in loss positions for less than one year.

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



	Three Months Ended
	March 31,
(In thousands)	2016		2015
Proceeds from the sales and maturities of marketable securities	$	158,224	$	98,927
Realized gains	$	63	$	11
Realized losses	$	28	$	—

The Company’s available-for-sale and held-to-maturity securities at March 31, 2016 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	$	255,325	$	255,260	$	1,715	$	1,715
After 1 year through 5 years		260,572		260,762		1,667		1,667
Total	$	515,897	$	516,022	$	3,382	$	3,382

At March 31, 2016, 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.

In February 2016, the Company entered into a collaboration and license option agreement with Reset Therapeutics, Inc. (“Reset”). The Company made an upfront, non-refundable payment of $10.0 million in partial consideration of the grant to the Company of the rights and licenses included in such agreement, which was included in R&D expense in the three months ended March 31, 2016, and simultaneously made a $15.0 million investment in exchange for shares of Reset’s Series B Preferred Stock. The Company is accounting for its investment in Reset under the equity method based on its percentage of ownership, its seat on the board of directors and its belief that it can exert significant influence over the operating and financial policies of Reset. The Company’s $15.0 million investment at March 31, 2016 is included in “Other assets” in the accompanying condensed consolidated balance sheets.

In May 2014, the Company entered into an agreement whereby it is committed to provide up to €7.4 million to a partnership, Fountain Healthcare Partners II, L.P. of Ireland (“Fountain”), which was created to carry on the business of investing exclusively in companies and businesses engaged in the healthcare, pharmaceutical and life sciences sectors. The Company’s commitment represents approximately 7% of the partnership’s total funding, and the Company is accounting for its investment in Fountain under the equity method. At March 31, 2016, the Company had made payments of, and its investment is equal to, $1.5 million (€1.3 million), which is included within “Other assets” in the accompanying condensed consolidated balance sheets. During the three months ended March 31, 2016, the Company recorded a reduction in its investment in Fountain of less than $0.1 million which represented the Company’s proportional share of Fountain’s net loss for the period.