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INVENTORY

9 Months Ended

Sep. 30, 2014

Inventory consisted of the following at:



	September 30, 2014		December 31, 2013
	(in thousands)
Raw materials	$	31,806	$	17,904
Work-in-process	19,249		8,104
Finished goods	17,651		31,655
Inventory	68,706		57,663
Included in other assets:
Raw materials	50,109		57,284
Work-in-process	—		1,882
Finished goods	1,737		—
Total	$	120,552	$	116,829

Inventory included in other assets within the condensed consolidated balance sheets as of September 30, 2014 and December 31, 2013, represents the amount of acquired inventory held in excess of the amount expected to be sold within one year. In connection with the acquisitions of Optimer and Adolor, we recorded the acquired DIFICID and ENTEREG inventory, respectively, at fair value, which required a step-up adjustment to recognize the inventory at its expected net realizable value.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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