Subsequent Events

3 Months Ended

Mar. 31, 2018

Subsequent Events

Subsequent Events

15.    Subsequent Events

In April 2018, under our Option and License Agreement with Bristol-Myers Squibb, E.R. Squibb & Sons, L.L.C. and Ono Pharmaceutical Co., Ltd (collectively, “BMS”), we exercised our option to purchase a license for a non-exclusive, worldwide, perpetual, sublicensable right and license to research, develop, make, distribute, use, offer for sale, export, import and sell licensed products utilizing a PD-1 antibody. We paid BMS an option exercise fee of $15.0 million which will be recorded in research and development expense on the condensed consolidated statement of operations in the second quarter of 2018.

Also in April 2018, the FDA convened its Arthritis Advisory Committee to discuss the resubmission of the baricitinib NDA, which recommended approval of the 2mg dose of baricitinib as a once-daily oral medication for the treatment of moderately-to-severely active rheumatoid arthritis for adult patients who have had an inadequate response or intolerance to methotrexate. While the Advisory Committee unanimously supported the efficacy of the 4mg dose of baricitinib, it did not recommend approval of the 4mg dose of baricitinib for the proposed indication based on the adequacy of the safety and benefit-risk profiles. The FDA action date for baricitinib is in June 2018.