

21.	Subsequent Events

Financing Activities

On April 16, 2018, the Company made a repayment of $300.0 million on its 3.5% unsecured, fixed-rate notes which matured with cash on hand. These notes were classified as current on the unaudited condensed consolidated balance sheets as of March 30, 2018.

On April 23, 2018, the Company borrowed an additional $30.4 million on its receivable securitization, bringing total outstanding borrowings to $250.0 million for this instrument. On April 24, 2018, the Company also made a $25.0 million payment on the revolving credit facility, bringing total outstanding borrowings to $600.0 million for this instrument.

Licenses

On April 5, 2018 (the "Exercise Date"), the Company exercised its option under its collaborative agreement with CPP to negotiate terms of an exclusive license to commercialize CPP-1X/sulindac in North America. In addition, the Company provided CPP with a $10.0 million upfront R&D payment for expenses related to the FAP pivotal trial incurred during the "Negotiation Period," or the period from the Exercise Date through the execution of such license agreement, which shall not exceed 120 days. CPP shall return to the Company any portion of the R&D payment that is not utilized during the Negotiation Period.

Commitments and Contingencies

Certain litigation matters occurred during the three months ended March 30, 2018 or prior, but had subsequent updates through the issuance of this report. See further discussion in Note 17.

Stannsoporfin

On May 3, 2018, in a joint meeting, the FDA’s Gastrointestinal Drugs Advisory Committee and Pediatric Advisory Committee recommended that the risk benefit profile of the Company’s stannsoporfin IPR&D asset does not support approval for the treatment of newborns ≥35 weeks of gestational age with indicators of hemolysis who are at risk of developing hyperbilirubinemia (severe jaundice). The Company will work closely with the FDA as the review process continues. Given the outcome of the meeting, the Company is evaluating alternatives for this development program and will continue to assess the impact of any changes to planned revenue or earnings on the fair value of the associated IPR&D asset of $113.5 million included within intangible assets, net on the unaudited condensed consolidated balance sheets as of March 30, 2018 and December 29, 2017.

The Company annually tests the indefinite-lived intangible assets for impairment, or whenever events or changes in circumstances indicate that the carrying value may not be recoverable by either a qualitative or income approach. Management relies on a number of qualitative factors when considering a potential impairment such as changes to planned revenue or earnings that could affect significant inputs used to determine the fair value of the indefinite-lived intangible asset.