SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2012

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

NOTE 13-SUBSEQUENT EVENTS

On May 3, 2012, the Company entered into an Amended and Restated Plan of Merger (the "Merger Agreement") to acquire eBioscience Holding Company, Inc. ("eBioscience") for approximately $315 million in cash, subject to certain adjustments as provided in the Merger Agreement. The Merger Agreement amends and restates in its entirety the terms and conditions of the Agreement and Plan of Merger dated November 29, 2011 entered into among the same parties. The merger is subject to certain closing conditions, including the receipt of financing for the merger. The Merger Agreement contains certain termination rights for both the Company and eBioscience, and further provides that upon termination of the Merger Agreement under specified circumstances, the Company will pay to eBioscience a termination fee of $15 million.

The Merger Agreement contemplates that the Company will fund the transaction with a senior secured financing of $75 million and the proceeds of additional financing expected to be completed by prior to closing. In connection with Merger Agreement, the Company entered into a commitment letter with financing sources providing up to $90 million of senior secured credit. The commitment to provide this funding is subject to several conditions, including the receipt of at least $115 million in gross proceeds from additional financing.