Current and Long-Term Liabilities

12 Months Ended

Dec. 31, 2011

Current and Long-Term Liabilities

Current and Long-Term Liabilities

G.    Current and Long-Term Liabilities

Accrued Expenses

        Accrued expenses consisted of the following as of December 31, 2011 and 2010 (in thousands):

	December 31,
	2011		2010
Clinical, manufacturing and regulatory consulting fees and expenses	$	11,468	$	4,987
Commercial rebates, fees and returns		5,943		10,015
Salaries, bonuses, and other compensation		5,924		5,176
Restructuring expense		2,366		1,324
Professional, license, and other fees and expenses		1,966		1,827
Commercial consulting fees and expenses		1,249		2,226
Total accrued expenses	$	28,916	$	25,555

Deferred Revenues

        Deferred revenues consisted of the following as of December 31, 2011 and 2010 (in thousands):

	December 31,
	2011		2010
Short-term deferred revenues:
Takeda	$	6,096	$	6,096
Sales of Feraheme under launch incentive program		250		507
Total	$	6,346	$	6,603
Long-term deferred revenues:
Takeda	$	44,196	$	50,292
3SBio		1,000		1,000
Total	$	45,196	$	51,292

        During 2010, under the terms of our collaboration agreement with Takeda, we received certain payments, including a $60.0 million upfront fee and $1.0 million reimbursed to us for certain expenses incurred prior to entering the agreement. We have recorded such payments as deferred revenue which we are recognizing on a straight-line basis over a period of 10 years, which represents the current patent life of Feraheme and our best estimate of the period over which we will substantially perform our obligations.

        In consideration of the grant of the license to 3SBio in 2008, we received an upfront payment of $1.0 million, the recognition of which has been deferred and is being recognized under the proportional performance methodology as we supply Feraheme to 3SBio over the thirteen year initial term of the agreement.

Other Long-Term Liabilities

        Other long-term liabilities at both December 31, 2011 and 2010 consisted solely of deferred rent related to the lease of our principal executive offices in Lexington, Massachusetts.