MARKETABLE SECURITIES (Tables)

12 Months Ended

Dec. 31, 2015

MARKETABLE SECURITIES

Summary of securities included in cash and cash equivalents, short-term investments and marketable securities

        Securities classified as cash and cash equivalents, short-term investments and marketable securities as of December 31, 2015 and 2014 are summarized below (in thousands).

December 31, 2015	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Cash and cash equivalents:
Cash	$	65,600	$	—	$	—		$	65,600
Money market funds		64		—		—			64
Corporate Securities and Commerical paper		35,420				—			35,420
Total cash and cash equivalents	$	101,084	$	—	$	—		$	101,084
Short-term investments
Corporate debt securities	$	108,717	$	1	$	(34	)	$	108,684
Total maturing between 1 and 2 years and included in marketable securities:
Corporate debt securities		—		—		—			—
Total available-for-sale securities	$	108,717	$	1	$	(34	)	$	108,684
Total cash, cash equivalents and marketable securities	$	209,801	$	1	$	(34	)	$	209,768

December 31, 2014	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Cash and cash equivalents:
Cash	$	22,452	$	—	$	—		$	22,452
Money market funds		179,923		—		—			179,923
Corporate debt securities		286,292		3		(2	)		286,293
Total cash and cash equivalents	$	488,667	$	3	$	(2	)	$	488,668
Short-term investments
Corporate debt securities	$	70,777	$	1	$	(5	)	$	70,773
Total maturing between 1 and 2 years and included in marketable securities:
Corporate debt securities		6,974		—		(13	)		6,961
Total available-for-sale securities	$	77,751	$	1	$	(18	)	$	77,734
Total cash, cash equivalents and marketable securities	$	566,418	$	4	$	(20	)	$	566,402

Schedule of the gross unrealized losses and fair value of investments

        At December 31, 2015, the Company had 39 securities in an unrealized loss position. The following table shows the gross unrealized losses and fair value of the Company's investments with unrealized losses that are not deemed to be other-than-temporarily impaired, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2015 (in thousands):

	Less than 12 months					12 months or greater				Total
	Fair Value		Gross Unrealized Losses			Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Corporate debt securities	$	72,383	$	(34	)	$	—	$	—	$	72,383	$	(34	)
Total available-for-sale	$	72,383	$	(34	)	$	—	$	—	$	72,383	$	(34	)

Schedule of fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis

        The following table represents the Company's fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 (in thousands):

December 31, 2015	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	64	$	—	$	—	$	64
Commercial Paper		—		56,383		—		56,383
Corporate debt securities		44,956		—		—		44,956
US Treasury securities		42,765		—		—		42,765
Total	$	87,785	$	56,383	$	—	$	144,168
Liabilities:
Contingent consideration—Zipsor	$	—	$	—	$	1,504	$	1,504
Contingent consideration—Lazanda		—		—		12,002		12,002
Contingent consideration—CAMBIA		—		—		1,465		1,465
Unfavorable contract assumed		—		—		—		—
	$	—	$	—	$	14,971	$	14,971

        The following table represents the Company's fair value hierarchy for its financial assets measured at fair value on a recurring basis as of December 31, 2014 (in thousands):

December 31, 2014	Level 1		Level 2		Level 3		Total
Money market funds	$	179,923	$	—	$	—	$	179,923
Commercial Paper		—		253,837		—		253,837
Corporate debt securities		110,190		—		—		110,190
Total	$	290,113	$	253,837	$	—	$	543,950
Liabilities:
Contingent consideration—Zipsor	$	—	$	—	$	1,800	$	1,800
Contingent consideration—Lazanda		—		—		11,209		11,209
Contingent consideration—CAMBIA		—		—		1,243		1,243
Unfavorable contract assumed		—		—		3,343		3,343
	$	—	$	—	$	17,595	$	17,595

Summary of the changes in fair value of all financial liabilities measured at fair value on a recurring basis using significant unobservable inputs

The table below provides a summary of the changes in fair value recorded in interest expense and selling, general and administrative expense measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the year ended December 31, 2015 (in thousands):

	Balance at December 31, 2014		Changes in fair value recorded in interest expense		Changes in fair value recorded in selling, general and administrative expense			Royalties paid			Balance at December 31, 2015
Liabilities:
Contingent consideration obligations—Zipsor®	$	1,800	$	206	$	(502	)	$	—		$	1,504
Contingent consideration obligations—Lazanda®		11,209		1,621		419			(1,247	)		12,002
Contingent consideration obligations—CAMBIA®		1,243		211		11			—			1,465
Unfavorable contract assumed		3,343		269		(3,612	)		—			—
Total	$	17,595	$	2,307	$	(3,684	)	$	(1,247	)	$	14,971