Restructuring

9 Months Ended

Sep. 30, 2018

Restructuring and Related Activities [Abstract]

In August 2018, the Company’s Board of Directors approved a cost-reduction plan which included a workforce reduction. The reduction in workforce eliminated 35 employees, or approximately 22% of the Company’s global active employees, across nearly all functions, and was substantially completed in the third quarter of 2018. As a result of the workforce reduction, the Company incurred restructuring charges of approximately $2.2 million in the third quarter of 2018, which will be paid out over the next 12 months. The restructuring charges include consulting fees related to the restructuring event and termination benefits, principally comprised of severance payments.

During the three and nine months ended September 30, 2017, the Company incurred $0.1 million and $2.5 million, respectively, in restructuring charges related to the consolidation of similar positions during the integration of the business subsequent to the acquisition of Aegerion. The restructuring charges consisted primarily of severance and benefits costs.

The following table sets forth the components of the restructuring charge and payments made against the reserve for the nine months ended September 30, 2018:



	Amount
	(in thousands)
Restructuring reserve balance at December 31, 2017	$	—
Costs incurred	2,151
Cash paid	—
Restructuring reserve balance at September 30, 2018	$	2,151