Subsequent Events

6 Months Ended

Jun. 29, 2018

Subsequent Events [Abstract]

Subsequent Events

21. Subsequent Events

Cancer Prevention Pharmaceuticals (CPP) Licensing Agreement

On August 4, 2018, the Company entered into a license agreement for development and commercialization of CPP's CPP-1X/sulindac. The Company paid $5.0 million upfront with cash on hand and gained exclusive rights to develop and commercialize the product in North America, if approved. The agreement includes additional payments of up to $185.0 million dependent on developmental, regulatory and sales milestones, subject to reduction up to $15.0 million related to amounts provided by the Company in advance of entering into this agreement, and provides for both parties' reimbursement of R&D expenses from future profits. Following the commercialization of the product, CPP and the Company will share profits in accordance with the agreement. The Company will manage the development of the product in North America.

Concurrently with the execution of the license agreement, the Company and CPP entered into a services agreement under which CPP will assist the Company with completing the FAP Phase 3 pivotal trial and certain activities supporting the preparation, filing and review of the NDA in the U.S.

Financing Activities

On August 3, 2018, the Company made a $75.0 million payment on the revolving credit facility, bringing total outstanding borrowings to $375.0 million for this instrument as of the date of this report.

Commitments and Contingencies

Certain litigation matters occurred during the six months ended June 29, 2018 or prior, but had subsequent updates through the issuance of this report. See further discussion in Note 17.