CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES (Tables)

6 Months Ended

Jun. 30, 2014

CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES

Summary of securities classified as cash and cash equivalents and available-for-sale marketable securities

Securities classified as cash and cash equivalents and available-for-sale marketable securities as of June 30, 2014 and December 31, 2013 are summarized below (in thousands).

			Gross		Gross
	Amortized		Unrealized		Unrealized
June 30, 2014	Cost		Gains		Losses			Fair Value
Cash and cash equivalents:
Cash	$	29,891	$	—	$	—		$	29,891
Money market funds	181,254		—		—			181,254
Total cash and cash equivalents	$	211,145	$	—	$	—		$	211,145
Available-for-sale securities:
Total maturing within 1 year and included in marketable securities:
Corporate debt securities	$	6,886	$	7	$	—		$	6,893
Total maturing between 1 and 2 years and included in marketable securities:
Corporate debt securities	5,665		1		(5		)	5,661
Total available-for-sale securities	$	12,551	$	8	$	(5	)	$	12,554
Total cash, cash equivalents and marketable securities	$	223,696	$	8	$	(5	)	$	223,699

			Gross		Gross
	Amortized		Unrealized		Unrealized
December 31, 2013	Cost		Gains		Losses			Fair Value
Cash and cash equivalents:
Cash	$	26,728	$	—	$	—		$	26,728
Money market funds	217,946		—		—			217,946
Total cash and cash equivalents	$	244,674	$	—	$	—		$	244,674
Available-for-sale securities:
Total maturing within 1 year and included in marketable securities:
Corporate debt securities	$	12,440	$	8	$	(2	)	$	12,446
Government agency debt securities	14,814		3		—			14,817
Total maturing between 1 and 2 years and included in marketable securities:
Corporate debt securities	4,075		5		—			4,080
Total available-for-sale securities	$	31,329	$	16	$	(2	)	$	31,343
Total cash, cash equivalents and marketable securities	$	276,003	$	16	$	(2	)	$	276,017

Schedule of the gross unrealized losses and fair value of investments

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 June 30, 2014 (in thousands):

	Less than 12 months					12 months or greater				Total
			Gross					Gross				Gross
			Unrealized					Unrealized				Unrealized
	Fair Value		Losses			Fair Value		Losses		Fair Value		Losses
Corporate debt securities	$	4,154	$	(5	)	$	—	$	—	$	4,154	$	(5	)
Total available-for-sale	$	4,154	$	—		$	—	$	—	$	4,154	$	(5	)

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

The following tables represent the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013 (in thousands):

June 30, 2014	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	181,254	$	—	$	—	$	181,254
Corporate debt securities	—		12,554		—		12,554
Total	$	181,254	$	12,554	$	—	$	193,808
Liabilities:
Contingent consideration- Zipsor	$	—	$	—	$	1,708	$	1,708
Contingent consideration- Lazanda	—		—		9,391		9,391
Contingent consideration- CAMBIA	—		—		1,096		1,096
Unfavorable contract assumed	—		—		3,835		3,835
Contingent consideration	$	—	$	—	$	16,030	$	16,030

December 31, 2013	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	217,946	$	—	$	—	$	217,946
Corporate debt securities	—		16,526		—		16,526
Government agency debt securities	—		14,817		—		14,817
Total	$	217,946	$	31,343	$	—	$	249,289
Liabilities:
Contingent consideration- Zipsor	$	—	$	—	$	1,638	$	1,638
Contingent consideration- Lazanda	—		—		8,616		8,616
Contingent consideration- CAMBIA	—		—		1,010		1,010
Unfavorable contract assumed	—		—		3,540		3,540
	$	—	$	—	$	14,804	$	14,804

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 of all financial liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the six months ended June 30, 2014 (in thousands):

	Balance at		Changes		Balance at
	December 31,		in		June 30,
	2013		fair value		2014
Liabilities:
Contingent consideration obligations- Zipsor	$	1,638	$	70	$	1,708
Contingent consideration obligations- Lazanda	8,616		775		9,391
Contingent consideration obligations- CAMBIA	1,010		86		1,096
Unfavorable contract assumed	3,540		295		3,835
Total	$	14,804	$	1,226	$	16,030