Form 10-Q

Large accelerated filer

Accelerated filer

Non-accelerated filer

¨ (Do not check if a smaller reporting company)

Smaller reporting company

0001193125-16-575196.txt : 20160503 0001193125-16-575196.hdr.sgml : 20160503 20160503171634 ACCESSION NUMBER: 0001193125-16-575196 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 83 CONFORMED PERIOD OF REPORT: 20160331 FILED AS OF DATE: 20160503 DATE AS OF CHANGE: 20160503 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Sagent Pharmaceuticals, Inc. CENTRAL INDEX KEY: 0001369786 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-35144 FILM NUMBER: 161616452 BUSINESS ADDRESS: STREET 1: 1901 NORTH ROSELLE ROAD, SUITE 700 CITY: SCHAUMBURG STATE: IL ZIP: 60195 BUSINESS PHONE: 847-908-1604 MAIL ADDRESS: STREET 1: 1901 NORTH ROSELLE ROAD, SUITE 700 CITY: SCHAUMBURG STATE: IL ZIP: 60195 FORMER COMPANY: FORMER CONFORMED NAME: Sagent Holding Co. DATE OF NAME CHANGE: 20090529 FORMER COMPANY: FORMER CONFORMED NAME: NHS PHARMACEUTICALS DATE OF NAME CHANGE: 20060720 10-Q 1 d188156d10q.htm FORM 10-Q Form 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2016

¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 1-35144

Sagent Pharmaceuticals, Inc.

(Exact name of registrant as specified in its charter)


Delaware		98-0536317
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
		(I.R.S. Employer Identification No.)

1901 N. Roselle Road, Suite 700 Schaumburg, Illinois		60195
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (847) 908-1600

(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

At April 29, 2016, there were 32,838,743 shares of the registrant’s common stock outstanding.

Sagent Pharmaceuticals, Inc.

Table of Contents


		Page No.

PART I –	FINANCIAL INFORMATION

Item 1.	Financial Statements

	Condensed Consolidated Balance Sheets at March 31, 2016 and December 31, 2015		3

	Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2016 and 2015		4

	Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2016 and 2015		5

	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2016 and 2015		6

	Notes to Condensed Consolidated Financial Statements		7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		16

Item 3.	Quantitative and Qualitative Disclosures about Market Risk		27

Item 4.	Controls and Procedures		27

PART II –	OTHER INFORMATION

Item 1.	Legal Proceedings		29

Item 1A.	Risk Factors		29

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		29

Item 3.	Defaults Upon Senior Securities		29

Item 4.	Mine Safety Disclosures		29

Item 5.	Other Information		29

Item 6.	Exhibits		29

	Signature		31

In this report, “Sagent,” “we,” “us,” “our” and the “Company” refers to Sagent Pharmaceuticals, Inc. and subsidiaries, and “Common Stock” refers to Sagent’s common stock, $0.01 par value per share.

Sagent Pharmaceuticals, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except share amounts)


	March 31, 2016			December 31, 2015
	March 31, 2016			December 31, 2015
	(Unaudited)
Assets
Current assets:
Cash and cash equivalents	$	12,504		$	28,962
Short-term investments		20,086			20,060
Accounts receivable, net of chargebacks and other deductions		49,887			51,425
Inventories, net		83,414			76,453
Due from related party		2,677			2,678
Prepaid expenses and other current assets		8,856			7,388
Assets held for sale		—			4,626

Total current assets		177,424			191,592
Property, plant, and equipment, net		23,663			19,761
Investment in joint ventures		7,664			7,108
Goodwill		26,574			25,184
Intangible assets, net		57,434			53,166
Non-current deferred tax assets		51,758			50,808
Other assets		1,451			2,113

Total assets	$	345,968		$	349,732

Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	41,792		$	43,703
Due to related party		14,392			13,754
Accrued profit sharing		5,998			7,582
Accrued liabilities		13,845			15,706
Liabilities held for sale		—			2,910

Total current liabilities		76,027			83,655
Long term liabilities:
Long-term debt		2,799			1,623
Deferred income taxes		12,361			12,021
Other long-term liabilities		1,330			1,340

Total liabilities		92,517			98,639
Stockholders’ equity:
Common stock—$0.01 par value, 100,000,000 authorized, and 32,838,001 and 32,801,896 outstanding at March 31, 2016 and December 31, 2015, respectively		329			328
Additional paid-in capital		368,266			367,235
Accumulated other comprehensive loss		(11,167	)		(17,482	)
Accumulated deficit		(103,977	)		(98,988	)

Total stockholders’ equity		253,451			251,093

Total liabilities and stockholders’ equity	$	345,968		$	349,732

See accompanying notes to condensed consolidated financial statements.

Sagent Pharmaceuticals, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

(Unaudited)


	Three months ended March 31,
	2016			2015
Net revenue	$	67,795		$	82,645
Cost of sales		50,948			60,720

Gross profit		16,847			21,925
Operating expenses:
Product development		6,757			5,315
Selling, general and administrative		12,124			13,125
Acquisition-related costs		1,398			1,251
Management transition costs		—			3,308
Equity in net income of joint ventures		(556	)		(885	)

Total operating expenses		19,723			22,114
Loss on sale of SCP		6,341			—
Gain on sale of product rights		(2,000	)		—

Loss from operations		(7,217	)		(189	)
Interest income and other income (expense), net		1,094			(1,056	)
Interest expense		(131	)		(330	)

Loss before income taxes		(6,254	)		(1,575	)
Provision (benefit) for income taxes		(1,266	)		319

Net loss	$	(4,988	)	$	(1,894	)

Net loss per common share:
Basic	$	(0.15	)	$	(0.06	)
Diluted	$	(0.15	)	$	(0.06	)
Weighted-average of shares used to compute net loss per common share:
Basic		32,829			32,043
Diluted		32,829			32,043

See accompanying notes to condensed consolidated financial statements.

Sagent Pharmaceuticals, Inc.

Condensed Consolidated Statements of Comprehensive Income (Loss)

(in thousands)

(Unaudited)


	Three months ended March 31,
	2016			2015
Net loss	$	(4,988	)	$	(1,894	)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments		4,814			(7,038	)
Reclassification of cumulative currency translation gain		1,426			—
Unrealized gains on available for sale securities		75			30

Total other comprehensive income (loss), net of tax		6,315			(7,008	)

Comprehensive income (loss)	$	1,327		$	(8,902	)

See accompanying notes to condensed consolidated financial statements

Sagent Pharmaceuticals, Inc.

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)


	Three months ended March 31,
	2016			2015
Cash flows from operating activities
Net income (loss)	$	(4,988	)	$	(1,894	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization		1,703			3,089
Stock-based compensation		1,038			1,090
Equity in net (income) loss of joint ventures		(556	)		(885	)
Deferred income taxes, net		(1,466	)		(843	)
Sale of SCP		6,184			—
Other		33			—
Changes in operating assets and liabilities:
Accounts receivable, net		(1,156	)		(11,071	)
Inventories, net		(6,229	)		(844	)
Prepaid expenses and other current assets		(1,077	)		(646	)
Due from related party		1			3,169
Accounts payable and other accrued liabilities		(10,114	)		11,831

Net cash provided by (used in) operating activities		(16,627	)		2,996

Cash flows from investing activities
Capital expenditures		(2,339	)		(2,240	)
Purchases of investments		(2,003	)		(2,464	)
Sale of investments		2,000			1,000
Net reduction in cash due to sale of SCP		(1,694	)		—
Sale of product rights		2,000			—
Purchase of product rights		—			(100	)

Net cash used in investing activities		(2,036	)		(3,804	)

Cash flows from financing activities
Increase (reduction) in short-term borrowings		—			(5,189	)
Issuance of long-term debt		3,135			—
Repayment of long-term debt		(1,584	)		(260	)
Payment of deferred financing costs		(79	)		(27	)
Proceeds from issuance of common stock, net of issuance costs		—			165

Net cash used in financing activities		1,472			(5,311	)

Effect of exchange rate movements in cash		733			(164	)

Net decrease in cash and cash equivalents		(16,458	)		(6,283	)
Cash and cash equivalents, at beginning of period		28,962			55,633

Cash and cash equivalents, at end of period	$	12,504		$	49,350

Supplemental disclosure of cash flow information
Acquisition of property, plant and equipment in accounts payable		993			(801	)
Acquisition of intangibles in accounts payable		2,400			—

See accompanying notes to condensed consolidated financial statements

Sagent Pharmaceuticals, Inc.

Notes to Condensed Consolidated Financial Statements

(in thousands, except for share and per share information)

(Unaudited)

Note 1. Basis of presentation:

Our interim condensed consolidated financial statements are unaudited. We prepared the condensed consolidated financial statements following rules for interim reporting as prescribed by the U.S. Securities and Exchange Commission (“SEC”). As permitted under those rules, we have condensed or omitted a number of footnotes or other financial information that are normally required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). It is management’s opinion that these financial statements include all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation of our financial position, operating results and cash flows. Operating results for any interim period are not necessarily indicative of future or annual results.

The condensed consolidated financial statements include Sagent as well as our wholly owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. We account for our investment in Sagent Agila LLC using the equity method of accounting, as our interest in the entity provides for joint financial and operational control.

Management uses segment information to evaluate segment performance and allocate resources. Since the acquisition of Omega in the fourth quarter of 2014, we have operated in two reportable segments comprised of operations organized geographically in the United States (Sagent US segment) and Canada (Omega segment). Effective March 2016, we completed the disposal of the Sagent China Pharmaceuticals Co., Ltd. (“SCP”) manufacturing facility, which was a component of the Sagent US segment, reorganized our internal reporting responsibilities with our new EVP-Global Operations, and continued to align our strategic focus to integrate our Canadian business to support the manufacturing and sale of products in both the Canadian and US markets. Following these events, our Chief Executive Officer now focuses his review of financial performance and allocation of resources on the operations of the consolidated Company. As a result, we began operating in a single reportable segment, which develops, sources, manufactures and markets affordable generic pharmaceutical products to the hospital market. We continue to operate with two reporting units, which comprise the single reportable segment.

You should read these statements in conjunction with our consolidated financial statements and related notes for the year ended December 31, 2015, included in our most recent Annual Report on Form 10-K filed with the SEC on March 7, 2016.

Note 2: Recent Accounting Pronouncements

In May 2014, the FASB issued amended revenue recognition guidance to clarify the principles for recognizing revenue from contracts with customers. The guidance requires an entity to recognize revenue in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. The guidance also requires expanded disclosures relating to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required about customer contracts, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. In July 2015, the FASB approved a one year deferral to the new revenue guidance, and we are therefore required to adopt the new guidance on January 1, 2018 using one of the two prescribed retroactive methods. We are evaluating the impact of the amended revenue recognition guidance on our financial statements.

In February 2015, the FASB issued amended guidance on the model used to evaluate whether certain legal entities should be consolidated. This guidance is effective for the Company in the first quarter of 2016. We have adopted this guidance in the current period. There was no material impact of adoption.

In April 2015, the FASB issued amended guidance which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This guidance is effective for annual and interim periods beginning after December 15, 2015. We have adopted this guidance in the current period. There was no material impact of adoption.

In February 2016, the FASB issued lease guidance, which is intended to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. In order to meet that objective, the new standard requires recognition of the assets and liabilities that arise from leases. A lessee will be required to recognize on the balance sheet the assets and liabilities for leases with lease terms of more than 12 months. Accounting by lessors will remain largely unchanged from current U.S. GAAP. The new standard is effective for public companies for fiscal years beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. We are currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures.

In March 2016, the FASB issued amended guidance on employee share-based payment accounting. This update involves several aspects of the accounting for share-based payment transactions, including income tax effects, forfeitures and classifications on the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2016. Early adoption is permitted in an interim or annual period; however, all amendments must be adopted at the same time. We are currently evaluating the impact of this guidance on our financial statements.

Note 3. Sale of SCP:

On March 22, 2016, we completed the sale of all of the issued and outstanding shares of the capital stock of SCP to Hong Kong King-Friend Pharmaceutical Co., Ltd., a subsidiary of Nanjing King-Friend Pharmaceutical Co., Ltd., (“NKF”), in exchange for $500. In connection with the closing of the transaction, we incurred additional charges related to employee severance, cumulative currency translation adjustments and transferred working capital, resulting in a loss of $6,341, net of the cash consideration we received.

Note 4. Sale of Product Rights:

During March 2016, we completed the sale of two product rights to NKF for cash consideration of $2,000 and recognized a gain of that amount in the first quarter. We have no continuing involvement in the manufacturing process of the products, nor do we have ongoing obligations related to the transfer of these product rights.

Note 5. Investments:

Our investments at March 31, 2016 were comprised of the following:


	Cost basis		Unrealized gains		Unrealized losses			Carrying value		Cash and cash equivalents		Short term investments
Assets
Cash	$	8,661	$	—	$	—		$	8,661	$	8,661	$	—
Money market funds		3,843		—		—			3,843		3,843		—
Corporate/Government
bonds and notes		20,079		14		(7	)		20,086		—		20,086

	$	32,583	$	14	$	(7	)	$	32,590	$	12,504	$	20,086

Investments with continuous unrealized losses for less than twelve months and their related fair values at March 31, 2016 were as follows:


	Fair value		Unrealized losses
Corporate/Government	$	8,071	$	(7	)
bonds and notes

Unrealized losses from fixed-income securities are primarily attributable to changes in interest rates. Because we do not currently intend to sell these investments, and it is not more likely than not that we will be required to sell our investments before recovery of their amortized cost basis, which may be maturity, we do not consider these investments to be other-than-temporarily impaired at March 31, 2016.

The original cost and estimated current fair value of our fixed-income securities at March 31, 2016 are set forth below.


	Cost basis		Estimated fair value
Due in one year or less	$	11,355	$	11,358
Due between one and five years		8,724		8,728

	$	20,079	$	20,086

Note 6. Inventories:

Inventories at March 31, 2016 and December 31, 2015 were as follows:


	March 31, 2016									December 31, 2015
	Approved			Pending regulatory approval			Inventory			Approved			Pending regulatory approval		Inventory
Raw materials	$	5,567		$	6,050		$	11,617		$	4,855		$	2,800	$	7,655
Work in process		694			—			694			433			—		433
Finished goods		79,059			—			79,059			73,365			—		73,365
Inventory reserve		(5,227	)		(2,729	)		(7,956	)		(5,000	)		—		(5,000	)

	$	80,093		$	3,321		$	83,414		$	73,653		$	2,800	$	76,453

We have $6,050 of pre-launch inventory, including $2,729 of active pharmaceutical ingredient related to Iron Sucrose, recorded in raw material inventory as of March 31, 2016. In December 2015, we received a Complete Response Letter (“CRL”) from the US FDA related to our ANDA for Iron Sucrose regarding our pending ANDA. We have completed our evaluation of the Complete Response Letter (“CRL”) from the US FDA with respect to our ANDA for Iron Sucrose, and have performed additional testing of pre-launch API to determine if it can be used to develop and receive FDA approval for commercial production. Based on this testing, we do not believe we will be able to commercialize our product based on its current formulation. As a result, we have reserved all remaining pre-launch raw material inventory related to Iron Sucrose as of March 31, 2016.

In the first quarter of 2016, we acquired $3,248 of pre-launch API. We have included this amount within Raw materials pending regulatory approval as we believe the approval and launch of the related product is probable.

Note 7. Property, plant and equipment

Property, plant and equipment at March 31, 2016 and December 31, 2015 were as follows:


	March 31, 2016			December 31, 2015
	March 31, 2016			December 31, 2015
Land and land improvements	$	1,182		$	1,102
Buildings and improvements		7,579			6,713
Machinery, equipment, furniture and fixtures		6,014			5,457
Computer software		3,770			3,776
Construction in process		9,610			6,535

		28,155			23,583
Less accumulated depreciation		(4,492	)		(3,822	)

	$	23,663		$	19,761

Depreciation expense was $563 and $1,427 for the three months ending March 31, 2016 and 2015, respectively.

Note 8. Goodwill and Intangible assets, net:

Goodwill at March 31, 2016 and December 31, 2015 was $26,574 and $25,184, respectively. There were no goodwill impairment losses for the three months ended March 31, 2016 and 2015, respectively.

Movements in goodwill were due to the following:


December 31, 2015	$	25,184
Foreign currency movements		1,390

March 31, 2016	$	26,574

Intangible assets at March 31, 2016 and December 31, 2015 were as follows:


	March 31, 2016									December 31, 2015
	Gross carrying amount		Accumulated amortization			Intangible assets, net		Gross carrying amount		Accumulated amortization			Intangible assets, net
Product licensing rights	$	4,533	$	(3,096	)	$	1,437	$	4,533	$	(2,998	)	$	1,535
Product development rights		5,290		—			5,290		2,890		—			2,890
Purchased product rights and other		49,165		(6,434	)		42,731		46,238		(5,087	)		41,151

Total definite-lived intangible assets	$	58,988	$	(9,530	)	$	49,458	$	53,661	$	(8,085	)	$	45,576

In-process research and development (IPR&D)	$	7,976	$	—		$	7,976	$	7,590	$	—		$	7,590

Total intangible assets	$	66,964	$	(9,530	)	$	57,434	$	61,251	$	(8,085	)	$	53,166

The weighted-average period prior to the next extension or renewal for the 21 products comprising our product licensing rights intangible asset was 50 months at March 31, 2016.

Note 9. Investment in Sagent Agila:

Changes in our investment in Sagent Agila during the three months ended March 31, 2016 were as follows:


Investment in Sagent Agila at January 1, 2016	$	7,108
Equity in net income of Sagent Agila		556

Investment in Sagent Agila at March 31, 2016	$	7,664

Condensed statement of operations information of Sagent Agila is presented below.


	Three months ended March 31,
Condensed statement of operations information	2016		2015
Net revenues	$	1,607	$	3,074
Gross profit		1,112		1,770
Net income		1,112		1,770

Note 10. Debt:

JPMorgan Chase Revolving Credit Loan Facility

On October 31, 2014, we entered into a credit agreement with JPMorgan Chase Bank, N.A., (the “Chase Agreement”). The Chase Agreement provides for an $80,000 asset based revolving credit loan facility, with availability subject to a borrowing base consisting of eligible cash, short-term investments, accounts receivable and inventory and the satisfaction of conditions precedent specified in the Chase Agreement. The Chase Agreement provides for an accordion feature, whereby we may increase the revolving commitment up to an additional $25,000, subject to certain customary terms and conditions, including pro-forma compliance with a fixed charge coverage ratio (as defined in the Chase Agreement) of 1.00 to 1.00. The Chase Agreement matures on October 31, 2019, at which time all amounts outstanding will be due and payable. Borrowings under the Chase Agreement may be used for general corporate purposes, including funding working capital. Amounts drawn bear an interest rate equal to, at our option, either a Eurodollar rate plus 2.00% per annum or an alternative base rate plus 1.00% per annum. We also incur a commitment fee on undrawn amounts equal to 0.25% per annum.

The Chase Agreement includes customary covenants and also imposes a financial covenant requiring compliance with a minimum fixed charge coverage ratio of 1.00 to 1.00 during certain covenant testing times triggered if availability under the Chase Agreement is below the greater of 10% of the revolving commitment and $8,000.

On January 7, 2016, we amended and restated our Chase Agreement (the “Amended Chase Agreement”) by adding a Canadian tranche and joining Omega as a borrower. The Amended Chase Agreement adds a C$30,000 term loan (including a delayed draw term loan) to fund, among other things, Omega’s construction of a facility in Quebec. The Amended Chase Agreement also adds a C$10,000 revolving facility sublimit to the existing revolving facility, with the total revolving commitment amount remaining at $80,000. The applicable margins for the Canadian prime rate and Canadian Dollar Offered Rate (“CDOR”) revolving loans are the same as the base rate and Eurodollar rates for the U.S. revolving loans at 1.00% and 2.00%, respectively. The margins for the Canadian term loans are 1.25% and 2.25% for Canadian prime rate and CDOR, respectively. The commitment fee rate remains 0.25%. The fixed charge coverage ratio remains at 1.00 to 1.00. The Canadian term loans are to be repaid in certain increments pursuant to the Amended Chase Agreement as the facility in Quebec is completed.

As of March 31, 2016, there was $3,337 in borrowings outstanding under our Amended Chase Agreement, $1,568 on the term loan and $1,769 on the revolver, and we were in compliance with all covenants under the Amended Chase Agreement. Total availability under our Chase term loan facility was $21,607 (C$27,970) at March 31, 2016. Total availability under our Chase revolving loan facility was $78,131 at March 31, 2016, which is subject to adjustment on a monthly basis under our borrowing base calculation.

Credit facilities acquired under the Omega acquisition

In connection with the acquisition of Omega, we assumed a series of credit facilities and mortgages with the National Bank of Canada (“NBC”) and the Business Development Bank of Canada (“BDC”).

In January 2015, we paid off all amounts outstanding under the Omega operating credit facility, the Omega demand loan and the Omega decreasing revolving credit facility with available cash on hand.

Omega also had five mortgage loans with the BDC (collectively the “Omega mortgages”) which we assumed in connection with the acquisition. The Omega mortgages, which require monthly installments and which are secured by specific Omega buildings and equipment, range in amount from C$70 to C$1,250 ($62 to $1,114 as of the acquisition date) and bear interest at the lender’s prime rate (5% as of the acquisition date) plus a premium ranging from 0%—1.5%. The carrying value of the mortgages approximates fair value. The Omega mortgages matured at various times from August 2019 through November 2036. In January 2016, in connection with entering the Amended Chase Agreement, we repaid the Omega mortgages in full, and refinanced them under the Chase term loan.

Note 11. Accrued liabilities:

Accrued liabilities at March 31, 2016 and December 31, 2015 were as follows:


	March 31, 2016		December 31, 2015
Payroll and employee benefits	$	3,998	$	6,512
Sales and marketing		7,224		7,308
Taxes payable		170		131
Other accrued liabilities		2,453		1,755

	$	13,845	$	15,706

Note 12. Fair value measurements:

Assets measured at fair value on a recurring basis as of March 31, 2016 consisted of the following:


	Total fair value		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets
Money market funds	$	3,843	$	3,843	$	—	$	—

Corporate bonds and notes		20,086		—		20,086		—

Short-term investments	$	20,086	$	—	$	20,086	$	—

Total assets	$	23,929	$	3,843	$	20,086	$	—

Liabilities
Contingent purchase consideration	$	50	$	—	$	—	$	50

The fair value of our Level 2 investments is based on a combination of quoted market prices of similar securities and matrix pricing provided by third-party pricing services utilizing securities of similar quality and maturity. The fair value of our Level 3 contingent consideration is based upon a probability weighting approach that considered the possible outcomes based on assumptions related to the timing and probability of the product approval date.

Assets measured at fair value on a recurring basis as of December 31, 2015 consisted of the following:


	Total fair value		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets
Money market funds	$	13,838	$	13,838	$	—	$	—

Corporate bonds and notes		20,060		—		20,060		—

Short-term investments	$	20,060	$	—	$	20,060	$	—

Total assets	$	33,898	$	13,838	$	20,060	$	—

Liabilities
Contingent purchase consideration	$	50	$	—	$	—	$	50

There were no transfers of assets between Level 1, Level 2 or Level 3 during the periods presented.

The contingent consideration is fixed at $50 if product approval is not achieved by June 30, 2016; the fair value is $50 using a probability weighting approach that considered the possible outcomes based on assumptions related to the timing and probability of the Cisatracurium product approval date. There were no changes in the fair value of our contingent purchase consideration measured using significant unobservable inputs (Level 3), during the three months ending March 31, 2016.

Note 13. Accumulated other comprehensive income (loss):

Accumulated other comprehensive income (loss) at March 31, 2016 and December 31, 2015 is comprised of the following:


	March 31, 2016			December 31, 2015
Currency translation adjustment, net of tax	$	(11,174	)	$	(17,414	)
Unrealized gains (losses) on available for sale securities, net of tax		7			(68	)

Total accumulated other comprehensive loss	$	(11,167	)	$	(17,482	)

The table below presents the significant amounts reclassified out of each component of accumulated other comprehensive loss for the period ended March 31, 2016.

Note 14. Earnings per share:

Basic earnings per share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Because of their anti-dilutive effect, 2,418,562 and 2,848,026 common share equivalents, comprised of unvested restricted stock and unexercised stock options, have been excluded from the calculation of diluted earnings per share for the periods ended March 31, 2016 and 2015, respectively.

The table below presents the computation of basic and diluted earnings per share for the three months ended March 31, 2016 and 2015:


	Three months ended March 31,
	2016			2015
Basic and dilutive numerator:
Net loss, as reported	$	(4,988	)	$	(1,894	)

Denominator:
Weighted-average common shares outstanding - basic (in thousands)		32,829			32,043
Net effect of dilutive securities:
Stock options and restricted stock		—			—

Weighted-average common shares outstanding - diluted (in thousands)		32,829			32,043

Net loss per common share (basic)	$	(0.15	)	$	(0.06	)

Net loss per common share (diluted)	$	(0.15	)	$	(0.06	)

Note 15. Stock-based compensation:

The following tables set forth stock option and restricted stock activity for the three months ended March 31, 2016:


	Number of Shares
	Stock options			Restricted stock
Outstanding at January 1, 2016		1,679,039			180,208
Granted		537,955			169,580
Exercised		—			(47,340	)
Forfeited		(95,637	)		(5,243	)

Outstanding at March 31, 2016		2,121,357			297,205

The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2015 was $1,550. There were no stock options exercised during the three months ended March 31, 2016.

Note 16. Net revenue by product:

Net revenue by therapeutic class is as follows:


	Three months ended March 31,
	2016		2015
Therapeutic class:
Anti-infective	$	28,032	$	31,558
Critical care		28,448		29,909
Oncology		11,315		21,178

	$	67,795	$	82,645

Note 17. Related party transactions:

As of March 31, 2016 and December 31, 2015, respectively, we had a receivable of $2,677 and $2,678 from Sagent Agila LLC, which is expected to offset future profit-sharing payments. As of March 31, 2016 and December 31, 2015, respectively, we had a payable of $14,392 and $13,754 to Sagent Agila LLC, principally for the acquisition of inventory and amounts due under profit-sharing arrangements.

Note 18. Income Taxes:

Our benefit for income taxes for the three months ended March 31, 2016 was $1,266 and our provision for income taxes for the three months ended March 31, 2015 was $319. Included within the first quarter 2016 tax benefit are $1,064 of discrete tax benefits related to the completion of the sale of SCP.

Note 19. Commitments and contingencies:

From time to time, we are subject to claims and litigation arising in the ordinary course of business. These claims may include assertions that our products infringe existing patents and claims that the use of our products has caused personal injuries. We intend to vigorously defend any such litigation that may arise under all defenses that would be available to us. At this time, there are no proceedings of which we are aware that are considered likely to have a material adverse effect on our consolidated financial position or results of operations.

Note 20. Management transition:

In 2015, we incurred costs related to the transition of our senior management team, following the retirement of our founder and Chief Executive Officer and resignation of our President in March 2015, and the elimination of certain positions in the US as part of the ongoing review of our business. Costs associated with these matters for the three months ended March 31, 2015, primarily severance related charges, totaled $3,308.

Of the charges incurred in 2015, $451 were paid during the quarter ended March 31, 2016 related to ongoing severance obligations. Total costs accrued within the Accounts Payable and Accrued liabilities captions of the balance sheet at March 31, 2016 were $723. No costs were incurred in the three months ended March 31, 2016.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion should be read in conjunction with our condensed consolidated financial statements included elsewhere in this report and with our audited financial statements and the notes found in our most recent Annual Report on Form 10-K filed with the SEC on March 7, 2016. Unless otherwise noted, all dollar amounts are in thousands.

Disclosure Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q, including this Management’s Discussion and Analysis of Financial Condition and Results of Operations, contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this report are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “will,” “should,” “could have,” “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. For example, all statements we make relating to our estimated and projected costs, expenditures, cash flows, growth rates and financial results, our plans and objectives for future operations, growth or initiatives, strategies, our product pipeline and anticipated product approvals or the expected outcome or impact of pending or threatened litigation are forward-looking statements. In addition, this report contains forward-looking statements regarding the adequacy of our current cash balances to fund our ongoing operations; our utilization of our net operating loss carryforwards; and our ability to realize the expected benefits from our acquisition of Omega.

The forward-looking statements contained in this Quarterly Report on Form 10-Q are subject to a number of risks and uncertainties, and the cautionary statements set forth below, as well as elsewhere in this Quarterly Report on Form 10-Q, and those contained in Item 1A under the heading “Risk Factors” in our most recent Annual Report on Form 10-K filed with the SEC on March 7, 2016, identify important factors that could cause actual results to differ materially from those indicated by our forward-looking statements. Such factors, include, but are not limited to:

•

we rely on our business partners for the manufacture of a significant portion of our products, and if our business partners fail to supply us with high-quality active pharmaceutical ingredient (“API”) or finished products in the quantities we require on a timely basis, sales of our products could be delayed or prevented, and our revenues and margins could decline, which could have a material adverse effect on our business, financial condition and results of operations;

•

if we or any of our business partners are unable to comply with the quality and regulatory standards applicable to pharmaceutical drug manufacturers, or if approvals of pending applications are not granted or are delayed, we may be unable to meet the demand for our products, may lose potential revenues, may incur penalties, and our business, financial position and results of operations could be materially adversely effected;

•

changes in the regulations, enforcement procedures or regulatory policies established by the Food and Drug Administration (“FDA”) and other regulatory agencies could increase the costs or time of development of our products and could delay or prevent sales of our products and our revenues could decline and, as a result, our business, financial condition and results of operations could be materially adversely affected;

•

one of our products, heparin, represents a significant portion of our net revenues. Heparin is manufactured by and supplied to us by a single vendor, and, if the volume or pricing of this product declines, or we are unable to satisfy market demand, such event could have a material adverse effect on our business, financial position and results of operations;

•

we participate in highly competitive markets, dominated by a few large competitors, and if we are unable to compete successfully, our revenues could decline and our business, financial condition and results of operations could be materially adversely affected;

•

if we are unable to continue to develop and commercialize new products in a timely and cost-effective manner, we may not achieve our expected revenue growth and profitability, or our business, results of operations and financial position could be adversely affected;

•

if we are unable to maintain our group purchasing organization (“GPO”) and distributor relationships, our revenues could decline and our results of operations could be adversely affected;

•

we rely on a limited number of pharmaceutical wholesalers to distribute our products;

•

we depend to a significant degree upon our key personnel, the loss of whom could adversely affect our operations;

•

if we fail to attract and retain the talent required for our business, our business could be materially harmed;

•

our inability to manage our planned growth or successfully integrate newly acquired businesses or product rights could harm our business;

•

we may be exposed to product liability claims that could cause us to incur significant costs or cease selling some of our products;

•

our products may infringe the intellectual property rights of third parties, and in such cases we may incur substantial liabilities and may be unable to commercialize products in a profitable manner or at all;

•

healthcare reform legislation or other regulatory changes may adversely affect our business;

•

our business could suffer if reimbursement by government-sponsored or private sector insurance programs for our current or future products is reduced or modified;

•

we may need to raise additional capital in the event we change our business plan or encounter unexpected developments, which may cause dilution to our existing stockholders or restrict or limit our operations;

•

we are subject to risks associated with managing our international network of business relationships, which include business partners and other suppliers of components, API and finished products located throughout the world;

•

we may never realize the expected benefits from our acquisition of Omega and it will require substantial capital resources to maintain its manufacturing capabilities and overall profitability;

•

we rely on a single vendor to manage our order to cash cycle and our distribution activities in the U.S. and the loss or disruption of service from this vendor could adversely affect our operations and financial condition;

•

we are likely to incur substantial costs associated with both implementation and maintenance of our new enterprise resource planning software and other related applications, and unforeseen problems may arise with the implementation. If the new systems do not perform as originally planned, our business, financial position and results of operations could be adversely affected;

•

currency fluctuations may have an adverse effect on our business;

•

we may seek to engage in strategic transactions, including the acquisition of products or businesses, that could have a variety of negative consequences, and we may not realize the intended benefits of such transactions;

•

we are likely to incur substantial costs associated with the expansion of the Omega facility, and unforeseen problems may arise in the construction of the facility or equipment. If the new facility and equipment are delayed or do not operate as planned, we may never realize the expected benefits from our expansion and it will require substantial capital resources to improve;

•

Our competitors and customers are consolidating which may affect our ability to compete effectively.

We derive many of our forward-looking statements from our work in preparing, reviewing and evaluating our operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and, it is impossible for us to anticipate or accurately calculate the impact of all factors that could affect our actual results. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.

We cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. The forward-looking statements included in this report are made only as of the date hereof. We undertake no obligation and do not intend to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

Introduction

We are a leading provider of affordable pharmaceuticals to the hospital market, which we sell primarily throughout North America. Initially founded in 2006 as Sagent Holding Co., a Cayman Islands company, we reincorporated as Sagent Pharmaceuticals, Inc., a Delaware corporation, in connection with our initial public offering, on April 26, 2011.

With a primary focus on generic injectable pharmaceuticals, which provide customers a lower-cost alternative to branded products when applicable patents have expired or been declared invalid, or when the products are determined not to infringe the patents of others, we offer our customers a broad range of products across anti-infective, oncology and critical care indications in a variety of presentations, including single- and multi-dose vials and ready-to-use pre-filled syringes and premix bags. We generally seek to develop injectable products where the form or packaging of the product can be enhanced to improve delivery, product safety or end-user convenience. Our management team includes industry veterans who have served critical functions at other pharmaceutical companies or key customer groups and have long-standing relationships with customers, regulatory agencies, and suppliers. We have rapidly established a growing and diverse product portfolio and product pipeline as a result of our innovative business model. Our model combines an extensive network of international development, sourcing and manufacturing collaborations with our proven and experienced regulatory, quality assurance, business development, project management, and sales and marketing teams.

On June 4, 2013, we acquired the remaining 50% equity interest in Kanghong Sagent (Chengdu) Pharmaceutical Co. Ltd. from our former joint venture partner. In August 2013, we formally changed the name of this entity to Sagent (China) Pharmaceuticals Co., Ltd. (“SCP”). On December 29, 2015, our Board of Directors authorized the Company to proceed with a sale of all of the Company’s interests in SCP. On March 22, 2016, the Company completed the sale of all of the issued and outstanding shares of the capital stock of SCP to Hong Kong King-Friend Pharmaceutical Co., Ltd., a subsidiary of Nanjing King-Friend Pharmaceutical Co., Ltd., (“NKF”), at which time SCP ceased to be a subsidiary of the Company.

On October 1, 2014, we, through our wholly-owned subsidiary, Sagent Acquisition Corp., a Canadian company, acquired all of the issued and outstanding shares of the capital stock of 7685947 Canada Inc., and its subsidiary, Omega Laboratories Limited (collectively, “Omega”), a privately held Canadian pharmaceutical and specialty healthcare products company. Omega represents our first international market expansion, and the facility currently provides us with the ability to manufacture products for the Canadian and other international markets. In conjunction with the acquisition, we committed to a capital expansion project which would significantly increase Omega’s manufacturing capacity and enhance its quality systems to enable Omega to pursue FDA approval to manufacture injectable products for the US market.

Management uses segment information to evaluate segment performance and allocate resources. Since the acquisition of Omega in the fourth quarter of 2014, we have operated in two reportable segments comprised of operations organized geographically in the United States (Sagent US segment) and Canada (Omega segment). Effective March 2016, we completed the disposal of the SCP manufacturing facility, which was a component of the Sagent US segment, reorganized our internal reporting responsibilities with our new EVP-Global Operations, and continued to align our strategic focus to integrate our Canadian business to support the manufacturing and sale of products. Following these events, our Chief Executive Officer now focuses his review of financial performance and allocation of resources on the operations of the consolidated Company. As a result, we began operating in a single reportable segment, which develops, sources, manufactures and markets affordable generic pharmaceutical products to the hospital market. We continue to operate with two reporting units, which comprise the single reportable segment.

Non-GAAP Financial Measures

We report our financial results in accordance with accounting principles generally accepted in the United States (“GAAP”).

Adjusted Gross Profit

We use the non-GAAP financial measure “Adjusted Gross Profit” and corresponding ratios. We define Adjusted Gross Profit as gross profit plus our share of the gross profit earned through our Sagent Agila joint venture which is included in the Equity in net (income) loss of joint ventures line on the consolidated statements of operations and the impact of product-related non-cash charges arising from business combinations. We believe that Adjusted Gross Profit is relevant and useful supplemental information for our investors. Our management believes that the presentation of this non-GAAP financial measure, when considered together with our GAAP financial measures and the reconciliation to the most directly comparable GAAP financial measure, provides a more complete understanding of the factors and trends affecting Sagent than could be obtained absent these disclosures. Management uses Adjusted Gross Profit and corresponding ratios to make operating and strategic decisions and evaluate our performance. We have disclosed this non-GAAP financial measure so that our investors have the same financial data that management uses with the intention of assisting you in making comparisons to our historical operating results and analyzing our underlying performance. Our management believes that Adjusted Gross Profit provides a useful supplemental tool to consistently evaluate the profitability of our products that have profit sharing arrangements. The limitation of this measure is that it includes an item that does not have an impact on our GAAP reported gross profit. The best way that this limitation can be addressed is by using Adjusted Gross Profit in combination with our GAAP reported gross profit. Because Adjusted Gross Profit calculations may vary among other companies, the Adjusted Gross Profit figures presented below may not be comparable to similarly titled measures used by other companies. Our use of Adjusted Gross Profit is not meant to and should not be considered in isolation or as a substitute for, or superior to, any GAAP financial measure. You should carefully evaluate the following tables reconciling Adjusted Gross Profit to our GAAP reported gross profit for the periods presented (dollars in thousands).


	Three months ended March 31,										% of net revenue, three months ended March 31,
	2016		2015		$ Change			% Change			2016			2015			% Change
Adjusted Gross Profit	$	17,403	$	23,450	$	(6,047	)		-26	%		25.7	%		28.4	%		-2.7	%
Sagent portion of gross profit earned by Sagent Agila joint venture		556		885		(329	)		-37	%		0.8	%		1.1	%		-0.3	%
Product-related non-cash charges arising from business combinations		—		640		(640	)		n/m			0.0	%		0.8	%		-0.8	%

Gross Profit	$	16,847	$	21,925	$	(5,078	)		-23	%		24.8	%		26.5	%		-1.7	%

EBITDA and Adjusted EBITDA

We use the non-GAAP financial measures “EBITDA” and “Adjusted EBITDA” and corresponding growth ratios. We define EBITDA as net income (loss) less interest expense, net of interest income, provision for income taxes, depreciation and amortization. We define Adjusted EBITDA as net income (loss) less interest expense, net of interest income, provision for income taxes, depreciation and amortization, stock-based compensation expense, management transition related costs, acquisition-related costs, the impact of unrealized foreign currency gains or losses, the impact of product-related non-cash charges arising from business combinations, the impact of SCP operations while classified as held for sale, the loss on the sale of SCP, and the gain on the sale of product rights. We believe that EBITDA and Adjusted EBITDA are relevant and useful supplemental information for our investors. Our management believes that the presentation of these non-GAAP financial measures, when considered together with our GAAP financial measures and the reconciliation to the most directly comparable GAAP financial measures, provides a more complete understanding of the factors and trends affecting Sagent than could be obtained absent these disclosures. Management uses EBITDA, Adjusted EBITDA and corresponding ratios to make operating and strategic decisions and evaluate our performance. We have disclosed these non-GAAP financial measures so that our investors have the same financial data that management uses with the intention of assisting you in making comparisons to our historical operating results and analyzing our underlying performance. Our management

believes that EBITDA and Adjusted EBITDA are useful supplemental tools to evaluate the underlying operating performance of the company on an ongoing basis. The limitation of these measures is that they exclude items that have an impact on our GAAP reported net income (loss). The best way that these limitations can be addressed is by using EBITDA and Adjusted EBITDA in combination with our GAAP reported net income (loss). Because EBITDA and Adjusted EBITDA calculations may vary among other companies, the EBITDA and Adjusted EBITDA figures presented below may not be comparable to similarly titled measures used by other companies. Our use of EBITDA and Adjusted EBITDA is not meant to and should not be considered in isolation or as a substitute for, or superior to, any GAAP financial measure. You should carefully evaluate the following tables reconciling EBITDA and Adjusted EBITDA to our GAAP reported net income (loss) for the periods presented (dollars in thousands).


	Three months ended March 31,
	2016			2015			$ Change			% Change
Adjusted EBITDA	$	1,683		$	9,007		$	(7,324	)		-81	%
Stock-based compensation expense		1,037			1,090			(53	)		-5	%
Management transition costs		—			3,308			(3,308	)		n/m
Acquisition-related costs		1,398			1,251			147			-12	%
Unrealized foreign exchange (gains) losses²		(973	)		915			(1,888	)		n/m
Product-related non-cash charges arising from business combinations		—			640			(640	)		n/m
Operations of SCP while held for sale³		346			—			346			n/m
Loss on the sale of SCP⁴		6,341			—			6,341			n/m
Gain on the sale of product rights⁵		(2,000	)		—			(2,000	)		n/m

EBITDA	$	(4,466	)	$	1,803		$	(6,269	)		n/m

Depreciation and amortization expense¹		1,703			3,073			(1,370	)		-45	%
Interest expense, net		85			305			(220	)		-72	%
Provision (benefit) for income taxes		(1,266	)		319			(1,585	)		n/m

Net income (loss)	$	(4,988	)	$	(1,894	)	$	(3,094	)		n/m

Amortization expense excludes $34 and $16 of amortization in the three months ended March 31, 2016 and 2015, respectively, related to deferred financing fees, which is included within interest expense and other in our Condensed Consolidated Statements of Operations for the three months ended March 31, 2016 and 2015.

Unrealized foreign exchange (gains) losses reflect the impact of foreign currency movements on intercompany loans, primarily related to the devaluation of the US dollar relative to the Canadian dollar in the current period and the inverse in the prior year period, and are included in Interest income and other income (expense), net, in our Condensed Consolidated Statements of Operations for the three months ended March 31, 2016 and 2015.

³	Operations of SCP while classified as held for sale reflects the operational activity of SCP during the period. Our Board approved a plan of sale related to SCP on December 29, 2015.

⁴	Loss on the sale of SCP reflects the completion of the SCP sale transaction and the elimination the operations assets and liabilities from our financial statements as of March 22, 2016.

⁵	Gain on the sale of product rights reflects the completion of the sale transaction and the benefit received from selling certain product rights.

Discussion and Analysis

Consolidated results of operations

The following compares our consolidated results of operations for the three months ended March 31, 2016 with those of the three months ended March 31, 2015:


	Three months ended March 31,
	2016			2015			$ change			% change
Net revenue	$	67,795		$	82,645		$	(14,850	)		-18	%
Cost of sales		50,948			60,720			(9,772	)		-16	%

Gross profit		16,847			21,925			(5,078	)		-23	%
Gross profit as % of net revenue		24.8	%		26.5	%
Operating expenses:
Product development		6,757			5,315			1,442			27	%
Selling, general and administrative		12,124			13,125			(1,001	)		-8	%
Acquisition-related costs		1,398			1,251			147			12	%
Management transition costs		—			3,308			(3,308	)		n/m
Equity in net income of joint ventures		(556	)		(885	)		(329	)		-37	%

Total operating expenses		19,723			22,114			(2,391	)		-11	%
Loss on the sale of SCP		6,341			—			6,341			n/m
Gain on the sale of product rights		(2,000	)		—			(2,000	)		n/m

Loss from operations		(7,217	)		(189	)		(7,028	)		n/m
Interest income and other income (expense), net		1,094			(1,056	)		2,150			n/m
Interest expense		(131	)		(330	)		(199	)		-60	%

Loss before income taxes		(6,254	)		(1,575	)		(4,679	)		n/m
Provision (benefit) for income taxes		(1,266	)		319			1,585			n/m

Net loss	$	(4,988	)	$	(1,894	)	$	(3,094	)		n/m

Net loss per common share:
Basic	$	(0.15	)	$	(0.06	)	$	(0.09	)		n/m
Diluted	$	(0.15	)	$	(0.06	)	$	(0.09	)		n/m

Net revenue: Net revenue for the three months ended March 31, 2016 totaled $67.8 million, a decrease of $14.9 million, or 18%, as compared to $82.6 million for the three months ended March 31, 2015. The launch of two new products since March 31, 2015 contributed $1.9 million in the first quarter of 2016. Net revenue for products launched prior to March 31, 2015 decreased $16.8 million, or 23%, to $58.1 million in the first quarter of 2016, due primarily to the annualization of price declines on the base business and reductions in demand for our anti-infective portfolio, given the weakness in cold and flu related illness during the quarter.

Cost of sales: Cost of goods sold for the three months ended March 31, 2016 totaled $50.9 million, a decrease of $9.8 million, or 16%, as compared to $60.7 million for the three months ended March 31, 2015. Gross profit as a percentage of net revenues was 24.8% for the three months ended March 31, 2016 compared to 26.5% for the three months ended March 31, 2015. Adjusted Gross Profit as a percentage of net revenue was 25.7% for the three months ended March 31, 2016, and 28.4% for the three months ended March 31, 2015. The decrease in gross profit as a percentage of net revenue is primarily due to the impact of the annualization of price declines on the base business.

Product development: Product development expense for the three months ended March 31, 2016 totaled $6.8 million, an increase of $1.4 million, or 27%, as compared to $5.3 million for the three months ended March 31, 2015. The increase in product development expense is primarily due to $2.7 million write-off of API inventory based upon an in-depth evaluation of our ANDA pipeline and termination of our current Iron Sucrose development initiative.

As of March 31, 2016, our new product pipeline included 62 ANDAs which we had filed, or licensed rights to, that were under review by the FDA and nine ANDAs that have been recently approved and were pending commercial launch. We also had an additional 30 products under initial development at March 31, 2016.

Selling, general and administrative: Selling, general and administrative expenses for the three months ended March 31, 2016, totaled $12.1 million, a decrease of $1.0 million, or 8%, as compared to $13.1 million for the three months ended March 31, 2015. The decrease in selling, general and administrative expense was primarily due to lower public company-related costs. Selling, general and administrative expense as a percentage of net revenue was 18% and 16% for the three months ended March 31, 2016 and 2015, respectively.

Acquisition-related costs: Acquisition-related costs for the three months ended March 31, 2016 totaled $1.4 million, an increase of $0.1 million, or 12%, as compared to $1.3 million for the three months ended March 31, 2015. Acquisition related costs in both periods were primarily for legal and financial advisory costs associated with the evaluation of potential transactions.

Management transition costs: No management transition costs were incurred in the three months ended March 31, 2016. Management transition costs for the three months ended March 31, 2015 totaled $3.3 million.

Equity in net income of joint ventures: Equity in net income of joint ventures for the three months ended March 31, 2016 totaled $0.6 million, a decrease of $0.3 million as compared to $0.9 million for the three months ended March 31, 2015, related to a decrease in sales of Sagent Agila products during the three months ended March 31, 2016.

Loss on the sale of SCP: The sale of the SCP to NKF closed, which resulted in a loss on sale of $6.3 million incurred in the period ended March 31, 2016.

Gain on the sale of product rights: We sold the rights to two products during the first quarter for cash consideration of $2.0 million. We recognized a gain on sale of $2.0 million related to the transaction.

Interest income and other income (expense), net: Interest income and other income (expense), net for the three months ended March 31, 2016 totaled $1.1 million of income, as compared to $1.1 million of expense in the three months ended March 31, 2015. The increase in income relates primarily to $1.0 million of unrealized foreign exchange gains on intercompany financing, primarily related to the devaluation of the US dollar versus the Canadian dollar compared to March 31, 2015.

Interest expense: Interest expense for the three months ended March 31, 2016 totaled $0.1 million, a decrease of $0.2 million, or 60%, as compared to $0.3 million for the three months ended March 31, 2015.

Provision for income taxes: Our provision for income taxes for the three months ended March 31, 2016 was a benefit of $1.3 million, an increase of $1.6 million as compared to expense of $0.3 million in the three months ended March 31, 2015.

Net loss and diluted net loss per common share: The net loss for the three months ended March 31, 2016 was $5.0 million, as compared to net loss of $1.9 million for the three months ended March 31, 2015. Diluted net loss per common share increased by $0.09. The decrease in diluted net earnings (loss) per common share is due to the following factors:


Diluted EPS for the three months ended March 31, 2015	$	(0.06	)
Decrease in operations		(0.09	)
Increase in common shares outstanding		—

Diluted EPS for the three months ended March 31, 2016	$	(0.15	)

Liquidity and Capital Resources

Our future capital requirements will depend on a number of factors, including the continued commercial success of our existing products, launching the products that have been recently approved and are pending commercial launch or are pending approval as of March 31, 2016, successfully identifying and sourcing other new product opportunities, capital expansion at our Omega facility and further business development activity.

Based on our existing business plan, we expect that cash, cash equivalents and short-term investments, together with operating cash flows and borrowings available under our existing Chase loan facilities, will be sufficient to fund our planned operations, the continued development of our product pipeline, investments in working capital, and capital expansion at our Omega facility, for at least the next 12 months. However, we may require additional funds in the event that we change our business plan, pursue additional strategic transactions, including the acquisition of businesses or products, or encounter unexpected developments, including unforeseen competitive conditions within our product markets, changes in the general economic climate, changes in the regulatory environment, the loss of or negative developments affecting key relationships with suppliers, group purchasing organizations or end-user customers or other unexpected developments that may have a material effect on the cash flows or results of operations of our business.

To the extent our capital resources are insufficient to meet our future capital requirements, we will need to finance our future cash needs through public or private equity offerings or debt financings, which may not be available to us on terms we consider acceptable or at all. Our ability to raise additional funding, if necessary, is subject to a variety of factors that we cannot predict with certainty, including our future results of operations, our relative levels of debt and equity, the volatility and overall condition of the capital markets and the market prices of our securities. Debt financing, if available, may only be available to us on less favorable terms than our existing Chase loan facilities, including higher interest rates or greater exposure to interest rate risk. In addition, the terms of any financing may adversely affect the holdings or the rights of our stockholders.

If additional funding is not available, we may be required to terminate, significantly modify or delay the development or commercialization of new products and may not be able to achieve the expansion of our Omega facility. We may elect to raise additional funds even before we need them if we believe that the conditions for raising capital are favorable.

Cash Flows

Overview

On March 31, 2016, cash, cash equivalents and short term investments totaled $32.6 million. Working capital totaled $101.4 million and our current ratio (current assets to current liabilities) was approximately 2.3 to 1.0.

Sources and Uses of Cash

Operating activities: Net cash used in operating activities was $16.6 million for the three months ended March 31, 2016, compared with net cash provided by operating activities of $3.0 million during the three months ended March 31, 2015. The decrease in cash provided by operations was primarily due to incremental working capital investment during the first quarter of 2016.

Investing activities: Net cash used in investing activities was $2.0 million for the three months ended March 31, 2016, primarily related to capital expenditures and net cash settlement in the sale of SCP. Net cash used in investing activities of $3.8 million during the three months ended March 31, 2015 primarily related to capital expenditures and the net change in our short-term investments.

Financing activities: Net cash provided by financing activities was $1.5 million for the three months ended March 31, 2016, primarily related to borrowings on our Amended Chase Agreement facilities, offset by the repayment of the then outstanding balance of the Omega mortgages. Net cash used in financing activities for the three months ended March 31, 2015 was $5.3 million, primarily related to repayment in of the then outstanding balance of our NBC Loans.

Credit facilities

Asset based revolving credit loan facility

On October 31, 2014, we entered into a credit agreement with Chase, (the “Chase Agreement”). The Chase Agreement provides for an $80.0 million asset based revolving credit loan facility, with availability subject to a borrowing base consisting of eligible cash, short-term investments, accounts receivable and inventory and the satisfaction of conditions precedent specified in the Chase Agreement. The Chase Agreement provides for an

accordion feature, whereby we may increase the revolving commitment up to an additional $25.0 million subject to certain customary terms and conditions including pro forma compliance with a fixed charge coverage ratio (as defined in the Chase Agreement) of 1.00 to 1.00. The Chase Agreement matures on October 31, 2019, at which time all amounts outstanding will be due and payable. Borrowings under the Chase Agreement may be used for general corporate purposes, including funding working capital. Amounts drawn bear an interest rate equal to, at our option, either a Eurodollar rate plus 2.00% per annum or an alternative base rate plus 1.00% per annum. We also incur a commitment fee on undrawn amounts equal to 0.25% per annum.

The Chase Agreement is guaranteed by us and is secured by a lien on substantially all of our and our principal domestic subsidiary’s assets and any future domestic subsidiary guarantors’ assets. The Chase Agreement includes customary covenants and also imposes a financial covenant requiring compliance with a minimum fixed charge coverage ratio of 1.00 to 1.00 during certain covenant testing times triggered if availability under the Chase Agreement is below the greater of 10% of the revolving commitment and $8.0 million.

Loans under the Chase Agreement are secured by a lien on substantially all of our and our principal domestic operating subsidiary’s assets.

On January 7, 2016, we amended and restated the Chase Agreement with Chase (the “Amended Chase Agreement”) by adding a Canadian tranche and joining Omega as a borrower. The Amended Chase Agreement adds a C$30.0 million term loan (including a delayed draw term loan) to fund, among other things, Omega’s construction of a facility in Quebec. The Amended Chase Agreement also adds a C$10.0 million revolving facility sublimit to the existing revolving facility, with the total revolving commitment amount remaining at $80.0 million. The applicable margins for the Canadian prime rate and Canadian Dollar Offered Rate (“CDOR”) revolving loans are the same as the base rate and Eurodollar rates for the U.S. revolving loans at 1.00% and 2.00%, respectively. The margins for the Canadian term loans are 1.25% and 2.25% for Canadian prime rate and CDOR, respectively. The commitment fee rate remains 0.25%. The fixed charge coverage ratio remains at 1.00 to 1.00. The Canadian term loans are to be repaid in certain increments pursuant to the Amended Chase Agreement as the facility in Quebec is completed.

As of March 31, 2016, there was $3.3 million in borrowings outstanding under our Amended Chase Agreement, $1.6 million on the term loan and $1.8 million on the revolver, and we were in compliance with all covenants under this loan agreement. Total availability under our Chase term loan facility was $21.6 million (C$28.0 million) at March 31, 2016. Total availability under our Chase Agreement was $78.1 million at March 31, 2016, which is subject to adjustment on a monthly basis under our borrowing base calculation.

Omega credit facilities

In connection with the acquisition of Omega on October 1, 2014, we assumed a series of credit facilities and mortgages with the National Bank of Canada (“NBC”) and the Business Development Bank of Canada (“BDC”).

In January 2015, we paid off all amounts outstanding under the Omega operating credit facility, the Omega demand loan and the Omega decreasing revolving credit facility with available cash on hand.

Omega also had five mortgage loans with the BDC (collectively the “Omega mortgages”) which we assumed in connection with the acquisition. The Omega mortgages, which require monthly installments and which are secured by specific Omega buildings and equipment, range in amount from C$0.1 million to C$1.3 million ($0.1 million to $1.1 million as of the acquisition date) and bear interest at the lender’s prime rate (5% as of the acquisition date) plus a premium ranging from 0% - 1.5%. The Omega mortgages mature at various times from August 2019 through November 2036. In January 2016, in connection with entering the Amended Chase Agreement, we repaid the Omega mortgages in full, and refinanced them under the Chase term loan.

Aggregate Contractual Obligations

As of March 31, 2016, there were no material changes to the contractual obligations information provided in Item 7 entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K, filed with the SEC on March 7, 2016.

Off-Balance Sheet Arrangements

As of March 31, 2016, we were not party to any off-balance sheet arrangements, nor have we created any special-purpose or off-balance sheet entities for the purpose of raising capital, incurring debt or operating our business. With the exception of operating leases, we do not have any off-balance sheet arrangements or relationships with entities that are not consolidated into or disclosed on our financial statements that have or are reasonably likely to have a material current or future effect on our financial condition, changes in financial condition, revenues, expenses, results of operations, liquidity, capital expenditures or capital resources. In addition, we do not engage in trading activities involving non-exchange traded contracts.

Critical Accounting Policies

We prepare our condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires the use of estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the periods presented. Actual results could differ from those estimates and assumptions. We have identified the following critical accounting policies:

•

Revenue recognition;

•

Inventories;

•

Income taxes;

•

Stock-based compensation;

•

Valuation and impairment of marketable securities;

•

Product development;

•

Intangible assets;

•

Consolidations; and

•

Goodwill.

For a discussion of critical accounting policies affecting us, see the discussion under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies” and under Note 1 to our consolidated financial statements for the year ended December 31, 2015 included in our Annual Report on Form 10-K filed with the SEC on March 7, 2016.

There have been no other material changes to the Company’s critical accounting policies and estimates since December 31, 2015.

New Accounting Guidance

In April 2015, the FASB issued amended guidance, which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This guidance is effective for annual and interim periods beginning after December 15, 2015. We have adopted this guidance in the current period. There was no material impact of adoption.

Contingencies

See Note 18. Commitments and Contingencies, and Part II, Item 1. Legal Proceedings for a discussion of contingencies.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

Our market risks relate primarily to changes in interest rates and currency fluctuations between the Canadian dollar and US dollar, as the assets, liabilities and transactions of our international operations are generally recorded in the local currency of each of our legal entities.

The revolving and term loan facilities under our Amended Chase Agreement bear floating interest rates that are tied to LIBOR or an alternate rate, and therefore, our statements of operations and our cash flows are exposed to changes in interest rates. Based on the amounts outstanding at March 31, 2016, a one percentage point increase in LIBOR would increase our ongoing interest expense by less than $0.1 million per year, and a 10% strengthening of the Canadian dollar relative to the US dollar, would increase our ongoing interest expense by less than $0.1 million per year. We historically have not engaged in hedging activities related to our interest rate or foreign exchange risks.

At March 31, 2016, we had cash and cash equivalents and short-term investments of $12.5 million and $20.1 million, respectively. Our cash and cash equivalents are held primarily in cash and money market funds, and our short-term investments are held primarily in corporate debt securities and commercial paper. We do not enter into investments for trading or speculative purposes. Due to the short-term nature of these investments, we believe that we do not have any material exposure to changes in the fair value of our investment portfolio as a result of changes in interest rates.

We generally record sales and pay our expenses in the local currency of the legal entity that incurs the expense. Substantially all of our business partners that supply us with API, product development services and finished product manufacturing are located in a number of foreign jurisdictions, and we believe those business partners generally incur their respective operating expenses in local currencies. As a result, both we and our business partners may be exposed to currency rate fluctuations and experience an effective increase in operating expenses in the event local currencies appreciate against the U.S. dollar. In this event, such business partners may elect to stop providing us with these services or attempt to pass these increased costs back to us through increased prices for product development services, API sourcing or finished products that they supply to us. Historically we have not used derivatives to protect against adverse movements in currency rates.

We do not have any foreign currency or any other material derivative financial instruments.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management including our Chief Executive Officer and our Chief Financial Officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act of 1934, as amended, as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that our disclosure controls and procedures (a) were effective to ensure that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms and (b) include, without limitation, controls and procedures designed to ensure that information required to be disclosed by us in reports filed or submitted under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officerand Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Internal Control over Financial Reporting.

Management, together with our Chief Executive Officer and our Chief Financial Officer, evaluated the changes in our internal control over financial reporting during the quarter ended March 31, 2016. We determined that there were no changes in our internal control over financial reporting during the quarter ended March 31, 2016 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

Item 1A. Risk Factors.

There were no material changes during the three months ended March 31, 2016 to the risk factors previously disclosed under Item 1A entitled “Risk Factors” in our most recent Annual Report on Form 10-K filed with the SEC on March 7, 2016.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities during the Quarter ended March 31, 2016

There are currently no share repurchase programs authorized by our Board of Directors. We did not repurchase any shares of our common stock during the quarter ended March 31, 2016.

Recent Sales of Unregistered Securities

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

None.

Item 6. Exhibits.


Exhibit Number		Description

3.1		Certificate of Incorporation of Sagent Pharmaceuticals, Inc. (Incorporated by reference to Exhibit 3.3 in the Company’s Registration Statement on Form S-1, as amended (File Nos. 333-170979 and 333-173597)).

3.2		Bylaws of Sagent Pharmaceuticals, Inc. (Incorporated by reference to Exhibit 3.4 in the Company’s Registration Statement on Form S-1, as amended (File Nos. 333-170979 and 333-173597)).

3.3		Certificate of Amendment to the Certificate of Incorporation (Incorporated by reference to Exhibit 3.3 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on August 5, 2014).

10.1*+		Employment Agreement dated March 14, 2016, by and among Sagent Pharmaceuticals, Inc., and J. Frank Harmon.

10.2*+		Employment Agreement dated April 4, 2016, by and among Sagent Pharmaceuticals, Inc., and Sean Brynjelsen.



31.1*		Certification of principal executive officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended

31.2*		Certification of principal financial officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended

32.1*		Certifications pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.1		The following materials from Sagent’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 are formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets as of March 31, 2016 and December 31, 2015, (ii) the Condensed Consolidated Statements of Operations for the three months ended March 31, 2016 and 2015, (iii) the Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2016 and 2015, (iv) the Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2016 and 2015, (v) Notes to the Condensed Consolidated Financial Statements, tagged as blocks of text and (vi) document and entity information.

*	Filed herewith

+	Indicates a management contract or compensatory plan or arrangement

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


		SAGENT PHARMACEUTICALS INC.

		/s/ Jonathon M. Singer
		Jonathon M. Singer Executive Vice President and Chief Financial Officer

		May 3, 2016

EX-10.1 2 d188156dex101.htm EX-10.1 EX-10.1

Exhibit 10.1

EMPLOYMENT AGREEMENT

This EMPLOYMENT AGREEMENT (“Agreement”) is entered into as of this 14th day of March, 2016 (the “Effective Date”), by and between Sagent Pharmaceuticals, Inc., a Delaware corporation (the “Employer” or the “Company”), and J. Frank Harmon, an individual (the “Executive”).

WHEREAS, Company desires to employ Executive and to set forth certain terms and conditions of Executive’s employment, and Executive desires to be employed by Company on the terms and conditions set forth in this Agreement; and

WHEREAS, during the course of employment, Executive will learn confidential information regarding Company’s customers and/or Strategic Partners, and/or will establish, maintain, and improve knowledge of or relationships or goodwill with Company’s customers, Strategic Partners, and/or will learn Company’s Trade Secrets or Confidential Information (as such terms are defined below); and

WHEREAS, Company’s Confidential Information, Trade Secrets, customer relationships, and strategic partnerships have been developed by Company at considerable expense over a number of years; and

WHEREAS, but for Executive’s employment at Company, Executive would not know the Trade Secrets and Confidential Information, and Executive would not be able to create, improve, and maintain relationships with Company’s customers, Strategic Partners; and

WHEREAS, Company’s customer relationships, strategic partnerships, Trade Secrets, and Confidential Information are of considerable economic value to Company; and

WHEREAS, Company would not employ Executive if Executive did not accept the terms outlined herein; and

WHEREAS, EXECUTIVE HAS REVIEWED THE MATTERS RECITED IN THE PARAGRAPHS ABOVE AND CONFIRMS THAT S/HE AGREES WITH THOSE RECITALS.

NOW, THEREFORE, in consideration of the foregoing recitals and of the promises and covenants set forth herein, and in exchange for a one-time payment of one thousand dollars ($1,000.00), which shall be paid upon execution of this Agreement; Executive’s access to Company’s customer relationships, strategic partnerships, good will, Confidential Information, or Trade Secrets; Executive’s employment with Company; Executive’s training; Executive’s receipt of valuable information as a result of Executive’s employment with Company; and for other good and valuable consideration, the sufficiency of which are hereby acknowledged, the Parties agree as follows:

1. Employment Agreement. On the terms and conditions set forth in this Agreement, the Employer agrees to employ the Executive and the Executive agrees to be employed by the Employer for the Employment Period set forth in Section 2 and in the positions and with the duties set forth in Section 3.

2. Term. The initial term of employment under this Agreement shall be for a three (3) year period commencing on the Effective Date (the “Initial Term”). The term of employment shall be automatically extended for an additional consecutive 12-month period (the “Extended Term”) on the third anniversary of the Effective Date and each subsequent anniversary thereof, unless and until the Employer or Executive provides written notice to the other party in accordance with the Notice provisions provided for below, not less than sixty (60) days before such anniversary date that such party is electing not to extend the term of employment under this Agreement (“Non-Renewal”), in which case the term of employment shall end as of the end of such Initial Term or Extended Term, unless terminated earlier in accordance with the terms below. Such Initial Term and all such Extended Terms are collectively referred to herein as the “Employment Period.” Anything herein to the contrary notwithstanding, if on the date of a Change in Control the remaining term of the Employment Period is less than 24 months, the Employment Period shall be automatically extended to the end of the 24-month period following such Change in Control, as that term is defined in Section 10 of this Agreement.

3. Position and Duties. During the Employment Period, the Executive shall serve as Executive Vice President, Global Operations. In such capacity, the Executive shall report to the Chief Executive Officer and shall have the duties, responsibilities and authorities customarily associated with such position(s) in a company the size and nature of the Employer. The Executive shall devote the Executive’s reasonable best efforts and full business time to the performance of the Executive’s duties hereunder and the advancement of the business and affairs of the Employer.

4. Other Employment. Executive may not be an employee, consultant, director or other agent of any other person, firm or corporation without the prior written approval of the Chief Executive Officer of the Company.

5. Place of Performance. During the Employment Period, the Executive shall be based primarily at the Employer’s headquarters in Schaumburg, Illinois, except for reasonable travel on the Employer’s business consistent with the Executive’s position.

6. Compensation and Benefits; Options.

(a) Base Salary. During the Employment Period, the Employer shall pay to the Executive a base salary (the “Base Salary”) at the rate of $325,000 per calendar year, less applicable deductions, and prorated for any partial year. The Base Salary shall be reviewed by the Employer annually and shall be modified in the discretion of the Employer and any such adjusted Base Salary shall constitute the “Base Salary” for purposes of this Agreement. The Base Salary shall be paid in substantially equal installments in accordance with the Employer’s regular payroll procedures.

(b) Annual Bonus. For each calendar year ending during the Employment Period, the Executive shall be eligible to be considered for an annual cash performance bonus (an “Annual Bonus”). The performance criteria for any particular calendar year shall be determined in good faith by the Company, after consultation with the Employer’s Chief Executive Officer. The Executive is eligible for an annual bonus of up to 40% of the Executive’s Base Salary (the “Target Bonus”). The Executive’s Annual Bonus shall be determined by the Company in accordance with this Section 6(b). To the extent earned, Executive’s Annual Bonus shall be paid to the Executive when annual bonuses for that year are paid to other senior executives of the Employer generally, but in no event later than March 15 of the year following the year to which such Annual Bonus relates. In carrying out its functions under this Section 6(b), the Company shall at all times act uniformly, reasonably and in good faith.

(c) Initial Equity Grant; Annual Equity Grant. The Executive shall receive a sign-on equity award (the “Initial Grant”) with a grant date fair value of $240,000, 50% of which will be granted in the form of stock options (such options, the “Options”) and 50% in the form of restricted stock units; provided that such award will be subject to forfeiture in the event the Executive does not commence employment with the Employer on the Effective Date for any reason whatsoever. The Options will have a per share exercise price equal to the fair market value of a share of common stock on the date of grant. Following the Initial Grant, the Executive will be eligible to receive annual grants of equity-based awards on the same basis and terms and conditions as other senior executives. It is anticipated that any such awards will be comprised of 50% options and 50% restricted stock units. The Executive’s entitlement to any equity grants remains subject to approval by the Compensation Committee of the Board, in its sole discretion. All equity grants will vest ratably over the four year period commencing with the date of grant.

(d) Vacation; Benefits. During the Employment Period, the Executive shall be entitled to vacation in accordance with the Employer’s policies then in effect. In addition, the Employer shall provide to the Executive employee benefits and perquisites on a basis that is comparable in all material respects to that provided to other executives of the Employer. Subject to the terms of this Agreement, the Employer shall have the right to change insurance carriers and to adopt, amend, terminate or modify employee benefit plans and arrangements at any time and without the consent of the Executive.

(e) Relocation. The Executive will relocate to Chicago, Illinois (or the surrounding suburbs) (“Chicago”) prior to the Employment Period. Accordingly, within 30 days following the Effective Date, the Company shall pay the Executive the amount of $85,000 to be used at the Executive’s discretion towards all relocation expenses.

7. Expenses. The Executive is authorized to incur reasonable, ordinary and necessary expenses in the performance of Executive’s duties hereunder. The Employer will promptly reimburse the Executive for all expenses reasonably, necessarily and actually incurred, as determined by the Company, in accordance with policies which may be adopted from time to time by the Company. To receive reimbursement, the Executive shall present to the Company an itemized account, including reasonable substantiation, of such expenses.

8. Confidentiality, Non-Disclosure, Non-Competition Agreement and Duty of Loyalty.

(a) When used in this Agreement the following terms have the definition set forth below:

(i) “Competing Product” means any product, creative solution, or service which is sold or provided in competition with a product, creative solution, or service: that Executive sold or provided on behalf of Company at some time during the twelve (12) months immediately preceding the point when Executive is no longer employed by Company, or by any parent, subsidiary, or related entity of Company (such point being the “Termination of Executive’s Employment”); that one or more Company employees or business units managed, supervised, or directed by Executive sold or provided on behalf of Company at some time during the twelve (12) months immediately preceding the Termination of Executive’s Employment; that was designed, developed, tested, distributed, marketed, provided, or produced by Executive (individually or in collaboration with other Company employees) or one or more Company employees or business units managed, supervised, or directed by Executive at some time during the twelve (12) months immediately preceding the Termination of Executive’s Employment; or that was designed, tested, developed, distributed, marketed, produced, sold, or provided by Company with management or executive support from Executive at some time during the twelve (12) months immediately preceding the Termination of Executive’s Employment.

(ii) “Confidential Information” means information (to the extent it is not a Trade Secret), whether oral, written, recorded magnetically or electronically, or otherwise stored, and whether originated by Executive or otherwise coming into the possession or knowledge of Executive, which is possessed by or developed for Company, and which relates to Company’s existing or potential business, which information is not reasonably ascertainable by Company’s competitors or by the general public through lawful means, and which information Company treats as confidential, including but not limited to information regarding Company’s business affairs, plans, strategies, products, creative solutions, designs, finances, computer programs, research, customers, purchasing, marketing, and other information.

(iii) “Restricted Customer” means a customer of Company to which Executive, or one or more individuals or Company business units supervised, managed, or directed by Executive, sold or provided products, creative solutions, or services on behalf of Company during the twelve (12) month period immediately preceding the Termination of Executive’s Employment. However, the term Restricted Customer shall not apply to any persons or entities listed on Attachment A hereto, which are those persons or entities with which Executive represents that Executive has a professional relationship pre-existing Executive’s employment with Company.

(iv) “Strategic Partner” means any entity or person that supplies to the Company goods or services related to the Company’s products, or manufactures for the Company goods related to the Company’s products, or manufactures the Company’s products, or Group Purchasing Organizations (GPOs), with which Executive, or one or more individuals or

Company business units supervised, managed, or directed by Executive, did business on behalf of Company during the twelve (12) month period immediately preceding the Termination of Executive’s Employment. However, the term Strategic Partner shall not apply to any persons or entities listed on Attachment A hereto, which are those persons or entities with which Executive represents that Executive has a professional relationship pre-existing Executive’s employment with Company.

(v) “Services” means sales, financial, supervisory, management, engineering, scientific, and other services of the type performed for Company by Executive or one or more Company employees managed, supervised, or directed by Executive during the final twelve (12) months preceding the Termination of Executive’s Employment, but shall not include clerical, menial, or manual labor.

(vi) “Strategic Customer” means a customer of Company that purchased a product, creative solution, or service from Company during the twelve (12) month period immediately preceding the Termination of Executive’s Employment, but is limited to individuals and entities concerning which Executive learned, created, or reviewed Confidential Information or Trade Secrets on behalf of Company during the twelve (12) month period immediately preceding the Termination of Executive’s Employment. However, the term Strategic Customer shall not apply to any persons or entities listed on Attachment A hereto, which are those persons or entities with which Executive represents that s/he has a professional relationship pre-existing Executive’s employment with Company.

(vii) “Third Party Confidential Information” means information received by Company from others that Company has an obligation to treat as confidential.

(viii) “Trade Secret” means a Trade Secret as that term is defined under the Uniform Trade Secrets Act, as amended or judicially construed from time to time.

(ix) “Territory” means a county within the United States of America, the District of Columbia, a territory of the United States of America, and/or a foreign nation.

(x) “Key Employee” means any person who at the Termination of Executive’s Employment is employed or engaged by Company and with whom Executive has had material contact in the course of employment during the twelve (12) months immediately preceding the Termination of Executive’s Employment, and (i) is a manager, officer, or director of Company and/or (ii) is in possession of Confidential Information and/or Trade Secrets of Company and/or (iii) is directly managed by or reports to Executive as of the end of Executive’s employment with Company.

(xi) “Restricted Territory” means: Territories (as the term “Territory” is defined below) in which Executive or one or more Company employees or business units managed, assisted or directed by Executive provided products, creative solutions, or services on behalf of Company during the twelve (12) month period immediately preceding the Termination of Executive’s Employment; Territories in which one or more Company employees or business

units managed or directed by Executive sold or solicited the sale of products, creative solutions, or services on behalf of Company during the twelve (12) month period immediately preceding the Termination of Executive’s Employment; Territories in which Executive or one or more Company employees or business units managed or directed by Executive or receiving management or executive support from Executive provided, sold, or solicited the sale of products, creative solutions, or services on behalf of Company during the twelve (12) month period immediately preceding the Termination of Executive’s Employment; and Territories in which Company sold or provided products, creative solutions, or services designed, developed, tested, or produced by Executive (either individually or in collaboration with other Company employees) or by Company employees or business units working under Executive’s direction, management, or control during the twelve (12) month period immediately preceding the Termination of Executive’s Employment. Notwithstanding the foregoing, the term Restricted Territory is limited to Territories in which Company sold or provided in excess of one hundred thousand dollars (US$100,000) in the aggregate worth of products, creative solutions, or services in the twelve (12) month period immediately preceding the Termination of Executive’s Employment.

(b) Nondisclosure of Third Party Confidential Information. During Executive’s employment with Company and after Termination of Executive’s Employment, Executive shall not use or disclose Third Party Confidential Information for as long as the relevant third party has required Company to maintain its confidentiality, or for so long as required by applicable law, whichever period is longer. This prohibition does not prohibit Executive’s use of general skills and know-how acquired during and prior to employment by Company, as long as such use does not involve the use or disclosure of Third Party Confidential Information. This prohibition also does not prohibit the description by Executive of Executive’s employment history and duties, for work search or other purposes, as long as such use does not involve the use or disclosure of Third Party Confidential Information.

(c) Non-disclosure of Trade Secrets. During employment and after Termination of Executive’s Employment, Executive shall not use or disclose Company’s Trade Secrets so long as they remain Trade Secrets. Nothing in this Agreement shall limit either Executive’s statutory and other duties not to use or disclose Company’s Trade Secrets, or Company’s remedies in the event Executive uses or discloses Company’s Trade Secrets.

(d) Obligations Not to Disclose or Use Confidential Information. Except as set forth herein or as expressly authorized in writing on behalf of Company, Executive agrees that while Executive is employed by Company and during the two (2) year period commencing at the Termination of Executive’s Employment, Executive will not use or disclose (except in discharging Executive’s job duties with Company) any Confidential Information, whether such Confidential Information is in Executive’s memory or it is set forth electronically, in writing or other form. This prohibition does not prohibit Executive’s disclosure of information after it ceases to meet the definition of “Confidential Information,” or Executive’s use of general skills and know-how acquired during and prior to employment by Company, so long as such use does not involve the use or disclosure of Confidential Information; nor does this prohibition restrict Executive from providing prospective employers with an employment history or description of

Executive’s duties with Company, so long as Executive does not use or disclose Confidential Information. Notwithstanding the foregoing, if Executive learns information in the course of employment with Company which is subject to a law governing confidentiality or non-disclosure, Executive shall keep such information confidential for so long as required by law, or for two (2) years, whichever period is longer. However, this Paragraph shall not preclude employees within the meaning of the National Labor Relations Act from exercising Section 7 rights they might have to communicate about working conditions.

(e) Return of Property; No Copying or Transfer of Documents. All equipment, books, records, papers, notes, catalogs, compilations of information, data bases, correspondence, recordings, stored data (including data or files that exist on any personal computer or other electronic storage device), software, and any physical items, including copies and duplicates, that Executive generates or develops or which come into Executive’s possession or control, which relate directly or indirectly to, or are a part of Company’s (or its customers’) business matters, whether of a public nature or not, shall be and remain the property of Company, and Executive shall deliver all such materials and items, and any and all copies of them, to Company upon termination of employment. During employment or after Termination of Executive’s Employment, Executive will not copy, duplicate, or otherwise reproduce, or permit copying, duplicating, or reproduction of Company documents or writings, whether stored on paper, magnetic tape, CD, electronically, or otherwise, including but not limited to notes, notebooks, letters, blueprints, manuals, drawings, sketches, specifications, formulas, financial documents, business plans, and the like, or any other documentation owned or originated by Company and relating to Company’s business which, from time to time, may have come into Executive’s possession, custody, or control as a result of, or in the course of, Executive’s employment with Company, without the express written consent of Company, or, as a part of Executive’s duties performed hereunder for the benefit of Company. Executive expressly covenants and warrants, upon termination of employment for any reason (or no reason), that Executive shall promptly deliver to Company any and all originals and copies in Executive’s possession, custody, or control of any and all said property, documents, or writings, and that Executive shall not make, retain, or transfer to any third party any copies thereof. In the event any Confidential Information or Trade Secrets are stored or otherwise kept in or on a computer hard drive or other storage device owned by or otherwise in the possession or control of Executive (each individually an “Executive Storage Device”), upon termination of employment Executive will present every such Executive Storage Device to Company, and certify that all Executive Storage Device(s) have been provided, for inspection and removal of all information regarding Company (including but not limited to Confidential Information or Trade Secrets) that is stored on Executive Storage Device.

(f) Duty of Loyalty. During Executive’s employment with Company, Executive shall owe such Company an undivided duty of loyalty, and shall take no action adverse to that duty of loyalty. Executive’s duty of loyalty to Company includes but is not limited to a duty to promptly disclose to Company any information that might cause Company to take or refrain from taking any action, or which otherwise might cause Company to alter its behavior. Without limiting the generality of the foregoing, Executive shall promptly notify Company at any time that Executive decides to terminate employment with Company or enter

into competition with Company, as Company may decide at such time to limit, suspend, or terminate Executive’s employment or access to one or more of Company’s Confidential Information, Trade Secrets, or customer relationships.

(g) Limited Restriction on Misuse of Goodwill Related To a Restricted Customer. For one (1) year following the Termination of Executive’s Employment, for whatever reason, Executive shall not sell or solicit the sale of a Competing Product to a Restricted Customer.

(h) Limited Restriction on Assisting Misuse of Goodwill Related To a Restricted Customer. For one (1) year following the Termination of Executive’s Employment, for whatever reason, Executive shall not perform Services as part of or in support of providing, selling, or soliciting the sale of a Competing Product to a Restricted Customer.

(i) Limited Restriction on Misuse of Information Related To a Strategic Customer. For one (1) year following Termination of Executive’s Employment, for whatever reason, Executive shall not sell or solicit the sale of a Competing Product to a Strategic Customer.

(j) Limited Restriction on Assisting Misuse of Information Related To a Strategic Customer. For one (1) year following Termination of Executive’s Employment, for whatever reason, Executive shall not perform Services as part of or in support of providing, selling or soliciting the sale of a Competing Product to a Strategic Customer.

(k) Limited Restriction on Misuse of Goodwill Related To a Strategic Partner. For one (1) year following the Termination of Executive’s Employment, for whatever reason, Executive shall not solicit the supply of goods or services to manufacture a Competing Product or the manufacturing of a Competing Product from a Strategic Partner.

(l) Limited Restriction on Assisting Misuse of Goodwill Related To a Strategic Partner. For one (1) year following the Termination of Executive’s Employment, for whatever reason, Executive shall not perform Services as part of or in support of soliciting the supply of goods or services to manufacture a Competing Product or the manufacturing of a Competing Product from a Strategic Partner.

(m) Limited Territorial Restriction. For one (1) year following Termination of Executive’s Employment, for whatever reason, Executive shall not perform Services as part of or in support of the business of selling, soliciting the sale of, or providing Competing Products in the Restricted Territory.

(n) Non-solicitation of Key Employees. For one (1) year following the Termination of Executive’s Employment, for whatever reason, Executive shall not, without the prior written consent of Company, solicit a Key Employee to engage in competition with Company, unless such Key Employee has already ceased employment with Company. This shall not bar any employee of Company from applying for or accepting employment with any person or entity.

(o) Ownership of Creations. All records, documents, papers, inventions and notebooks, drawings, designs, technical information, source code, object code, processes, methods or other copyrightable or otherwise protected works (“IP Assets”), in whatever media, that Executive has conceived, created, made, invented, or discovered relating to any work Executive performs or has performed or on behalf of Company or that arise from the use of, or assistance of, any of its or their premises, facilities, materials, employees, officers, directors, agents, advisors, or representatives, or any of their Confidential Information (whether or not during usual working hours), whether conceived, created, discovered, made, or invented individually or jointly with others, will, together with all the worldwide patent, copyright, trade secret, or other intellectual property rights in all such works, be and remain the absolute property of Company. Executive irrevocably and unconditionally waives all rights that may otherwise vest in his authorship (or after the date of this Agreement) in connection with his authorship of any such copyrightable works, wherever in the world enforceable. Without limitation, Executive waives the right to be identified as the author of any such works and the right not to have any such works subjected to derogatory treatment. Executive recognizes any such works are “works for hire” of which Company is the author.

(p) Disclosure of Creations. Executive will promptly disclose, grant and assign ownership to Company as directed by Company, for its sole use and benefit, any and all ideas, processes, inventions, discoveries, improvements, technical information, and copyrightable works (whether patentable or not) that Executive has developed, acquired, conceived or reduced to practice (whether or not during usual working hours) while employed by Company to which Company has any right or interest. In connection therewith: (i) Executive will, without charge but at Company’s expense, promptly execute and deliver such applications, assignments, descriptions and other instruments as Company may reasonably consider necessary or proper to vest title to any such inventions, discoveries, improvements, technical information, patent applications, patents, copyrightable work or reissues thereof in Company and to enable it to obtain and maintain the entire worldwide right and title thereto; and (ii) Executive will provide to Company at Company’s expense all such assistance as Company may reasonably require in the prosecution of applications for such patents, copyrights or reissues thereof, in the prosecution or defense of interferences that may be declared involving any such applications, patents or copyrights and in any litigation in which Company may be involved relating to any such patents, inventions, discoveries, improvements, technical information or copyrightable works or reissues thereof.

(q) Personal Creations. Notwithstanding the foregoing, Sections 8(m) and 8(n) shall not apply to any IP Asset for which no equipment, supplies, premises, facility, Confidential Information, employee, officer, director, agent, advisor or representative of Company (including any of its predecessors or successors) was used and that was developed entirely on Executive’s own time, unless (a) the IP Asset relates (i) directly to the business of Company, to which Company has a right or interest, or (ii) to any actual or anticipated research or development of Company, to which Company has a right or interest, or (b) the IP Asset results from any work Executive performed as an employee of Company.

(r) Publicity. During Executive’s employment with Company, Executive hereby grants to Company the right to use, in a reasonable and appropriate manner, Executive’s name and likeness, without additional consideration, on, in and in connection with technical, marketing or disclosure materials, or any combination thereof, published by or for Company.

(s) Enforcement. Executive acknowledges that in the event of any breach of this Section 8, the business interests of Company will be irreparably injured, the full extent of the damages to Company will be impossible to ascertain, monetary damages will not be an adequate remedy for Company, and Company will be entitled to enforce this Agreement by a temporary, preliminary and/or permanent injunction or other equitable relief, without the necessity of posting bond or security, which Executive expressly waives. Executive understands that Company may waive some of the requirements expressed in this Agreement, but that such a waiver to be effective must be made in writing and should not in any way be deemed a waiver of Company’s right to enforce any other requirements or provisions of this Agreement. Executive agrees that each of Executive’s obligations specified in this Agreement is a separate and independent covenant and that the unenforceability of any of them shall not preclude the enforcement of any other covenants in this Agreement. Executive further agrees that any breach of this Agreement by Company prior to the Date of Termination shall not release Executive from compliance with Executive’s obligations under this Section 8. Notwithstanding the foregoing sentence, neither party shall be precluded from pursuing judicial remedies as a result of any such breaches

9. Termination of Employment. This Agreement may be terminated upon occurrence of any one of the following events:

(a) Voluntary. The Executive may terminate this Agreement at any time during the term of this Agreement by giving sixty (60) days written notice of termination to the Employer. In the event of the termination of this Agreement by the Executive, the Executive shall not receive any severance pay. In the event of termination of this Agreement by the Executive, the Employer shall have the right to immediately remove Executive from Executive’s position. In either case, the Executive shall receive his compensation through the sixty (60) day notice period. By agreement of the Executive and the Company, the Company may continue to employ the Executive for a period longer than sixty (60) days after the Executive gives notice of Executive’s voluntary resignation. Such an agreement much be in writing and executed by both parties.

(b) Involuntary With Cause. The Company may, upon written notice effective immediately, terminate this Agreement With Cause at any time during the term of this Agreement if any one of the following conditions outlined below exist. For purposes of this Agreement, the conditions outlined below constitute “Cause”

(i) If the Executive becomes Disabled. For purposes of this Agreement, “Disabled” shall mean the inability to perform essential job functions with or without a reasonable accommodation for a period of 90 days or more;

(ii) If the Executive (for reasons other than illness or injury) is absent from Executives duties without the consent of the Company for more than three (3) consecutive days;

(iii) If the Executive dies (effective on the date of death);

(iv) If the Executive should be convicted of a crime punishable by imprisonment;

(v) If the Executive should willfully breach or habitually neglect the duties required to perform under this Agreement;

(vi) If the Executive has committed, undertaken or otherwise been involved in dishonest conduct in relation to the Company (and “dishonest conduct” is deemed to include, but is not limited to, the theft, embezzlement or other misappropriation of all or any material or significant part of the funds, assets or property (tangible or intangible) of the Company);

(vii) If the Executive violates any Company policy or fails to meet the legitimate expectations of the Company and Executive has been given thirty (30) days written notice of the violation and has failed to cure;

(viii) If the Executive has violated or breached the terms and conditions of this Agreement;

(ix) If the Executive has plead guilty or “no contest” to, or is convicted by a court of a crime involving theft, fraud or embezzlement or a crime that constitutes a felony or is proceeded with as an indictable offence;

(x) If the Executive has knowingly caused the Company to commit a material violation of any applicable law that has (or is likely to have) a material adverse effect on the Company and Executive has been given thirty (30) days written notice of the violation and has failed to cure;

(xi) If the Executive engages in anything that reflects poorly on the Company, as determined by the Company and Executive has been given thirty (30) days written notice of the violation and has failed to cure;

(xii) If the Executive has disregarded a reasonable directive from the Company. Whether the Executive has disregarded a reasonable directive will be determined by the Company.

In the event Executive is terminated pursuant to this paragraph, Executive will not be offered any severance payments and Executive’s compensation will cease immediately.

(c) Involuntary Without Cause. The Company, in its sole discretion, may terminate this Agreement without “Cause,” as that term is defined above, at any time during the term of this Agreement upon written notice, at which time Executive’s compensation shall cease immediately. In the event Company terminates this Agreement Without Cause, Company will offer Executive 12 months’ severance, to be paid at regular on pay dates and contingent on Executive abiding by the terms of this Agreement. To receive severance, Executive must execute a general separation and release agreement that would include a release by Executive of any claims against the Company and all “Release Parties” as defined in the release. In the event Company terminates this Agreement Without Cause, Executive shall be entitled to a pro-rata share of Executive’s Annual Bonus.

(d) Change in Control. This Section shall apply if, in the two-year period following a Change in Control, as that term is defined below, the Executive’s employment with the Company is terminated either: (i) by the Company, “Without Cause,” as that term is defined above; or by the Executive for “Good Reason,” as that term is defined below.

For the purposes of this Agreement, “Good Reason” means Executive’s resignation within thirty (30) days following the expiration of any Company cure period (discussed below) following the occurrence of one (1) or more of the following, without Executive’s express written consent: (i) a material adverse change of Executive’s title, authority, duties, position or responsibilities, or the removal of Executive from such position and responsibilities, either of which results in a material diminution of Executive’s authority, duties or responsibilities (other than temporarily while Executive is physically or mentally incapacitated or as required by applicable law); (ii) a material reduction in Executive’s Base Salary; or (iii) a material reduction in Executive’s Target Bonus percentage or (iv) a material change in the geographic location of Executive’s primary work facility or location; provided, however, that a relocation of less than fifty (50) miles from Executive’s then-present location will not be considered a material change in geographic location. Executive will not resign for Good Reason without first providing the Company with written notice of the acts or omissions constituting the grounds for “Good Reason” within sixty (60) days of the initial existence of the grounds for “Good Reason” and a reasonable cure period of not less than thirty (30) days following the date the Company receives such notice during which such condition must not have been cured. If any such termination occurs, (A) the Executive shall receive benefits set forth in Section 9(c) in addition to, (B) all outstanding equity-related awards held by the Executive shall immediately vest and all options, stock appreciation rights or similar awards shall remain exercisable for the full original term of the award.

Employer (excluding acquisitions pursuant to a Business Combination (as defined below) that is not considered to be a Change in Control under clause (v) below; (ii) the majority of the Board consists of individuals other than Incumbent Directors, which term means the members of the Board on the Effective Date; provided that any person becoming a director subsequent to such date whose election or nomination for election was supported by two-thirds of the directors who then comprised the Incumbent Directors shall be considered to be an Incumbent Director (excluding any person who received such support in connection with the settlement of a proxy contest); (iii) the Employer adopts any plan of liquidation providing for the distribution of all or substantially all of its assets; (iv) the Employer transfers all or substantially all of its assets or business (unless the shareholders of the Employer immediately prior to such transaction beneficially own, directly or indirectly, in substantially the same proportion as they owned the Voting Stock of the Employer, all of the Voting Stock or other ownership interests of the entity or entities, if any, that succeed to the business of the Employer); or (v) any merger, reorganization, consolidation or similar transaction (a “Business Combination”) unless, immediately after consummation of such Business Combination, (A) the shareholders of the Employer immediately prior to the Business Combination hold, directly or indirectly, more than 50% of the Voting Stock of the Employer or the Employer’s ultimate parent company if the Employer is a subsidiary of another corporation, and (B) no person or group beneficially owns more than 50% of the Voting Stock of the Employer or the ultimate parent company of the Employer if the Employer is a subsidiary of partner corporation. For purposes of this Change in Control definition, the “Employer” shall include any entity that succeeds to all or substantially all of the business of the Employer and “Voting Stock” shall mean securities of any class or classes having general voting power under ordinary circumstances, in the absence of contingencies, to elect the directors of a corporation.

indemnification. The Employer shall be entitled to assume the defense of any such proceeding and the Executive will use reasonable efforts to cooperate with such defense. To the extent that the Executive in good faith determines that there is an actual or potential conflict of interest between the Employer and the Executive in connection with the defense of a proceeding, the Executive shall so notify the Employer and shall be entitled to separate representation at the Employer’s expense by counsel selected by the Executive (provided that the Employer may reasonably object to the selection of counsel within ten (10) business days after notification thereof) which counsel shall cooperate, and coordinate the defense, with the Employer’s counsel and minimize the expense of such separate representation to the extent consistent with the Executive’s separate defense. This Section shall continue in effect after the termination of the Executive’s employment or the termination of this Agreement.

11. Notices. All notices, demands, requests, or other communications which may be or are required to be given or made by any party to any other party pursuant to this Agreement shall be in writing and shall be hand delivered, mailed by first-class registered or certified mail, return receipt requested, postage prepaid, delivered by overnight air courier, or transmitted by facsimile transmission addressed as follows:


(i)		If to the Employer:

		Sagent Pharmaceuticals, Inc. 1901 N. Roselle Road Suite 700 Schaumburg, IL 60195 Attn: Chief Executive Officer

(ii)		If to the Executive:

Each party may designate by notice in writing a new address to which any notice, demand, request or communication may thereafter be so given, served or sent. Each notice, demand, request, or communication that shall be given or made in the manner described above shall be deemed sufficiently given or made for all purposes at such time as it is delivered to the addressee (with the return receipt, the delivery receipt, confirmation of facsimile transmission or the affidavit of messenger being deemed conclusive but not exclusive evidence of such delivery) or at such time as delivery is refused by the addressee upon presentation.

or phrases or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, and this Agreement shall be enforceable as so modified.

13. Effect on Other Agreements. The provisions of this Agreement shall supersede the terms of any plan, policy, agreement, award or other arrangement of the Employer (whether entered into before or after the Effective Date) to the extent application of the terms of this Agreement is more favorable to the Executive.

14. Assignment. The Company may assign this Agreement to any parent, subsidiary, affiliate or successor of the Company, or to any entity that acquires all or substantially of the Company’s assets of the division in which Executive is employed. This Agreement is not assignable by Executive and is binding upon him and his executors and other legal representatives.

15. Entire Agreement. This Agreement constitutes the entire agreement between the parties respecting the employment of the Executive, there being no representations, warranties or commitments except as set forth herein.

16. Amendments. This Agreement may not be changed except by a writing signed by the Company and Executive. Executive represents to the Company that he or she is not presently bound by any agreement with any other person that conflicts with this Agreement. Executive is not relying on any representations, statements, promises or agreements that are not set forth in writing in this Agreement.

17. Waiver. The waiver of a breach of any provision of this Agreement shall not operate as or be construed to be a waiver of any other provision or subsequent breach of this Agreement.

18. Headings. Section and subsection headings contained in this Agreement are inserted for convenience of reference only, shall not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning, construction or scope of any of the provisions hereof.

19. Governing Law. This Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating thereto, shall be governed by and construed in accordance with the laws of the State of Illinois (but not including any choice of law rule thereof that would cause the laws of another jurisdiction to apply).

20. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall construe one and the same Agreement. Signature pages may be transmitted by facsimile or via PDF. Upon delivery of the facsimile or PDF, a signature shall be deemed an original and shall be admissible into evidence.

21. Withholding. The Employer may withhold from any benefit payment under this Agreement all federal, state, city or other taxes as shall be required pursuant to any law or governmental regulation or ruling; provided that any withholding obligation arising in connection with the exercise of a stock option or the transfer of stock or other property shall be satisfied through withholding an appropriate number of shares of stock or appropriate amount of such other property.

22. Executive Acknowledgement. Executive acknowledges that Executive has fully read this Agreement, understands the contents of this Agreement, and agrees to its terms and conditions of Executive’s own free will, knowingly and voluntarily, and without any duress or coercion.

23. Representations and Warranties. Executive hereby represents and warrants that: (a) other than those agreements disclosed to the Company by Executive in writing on or prior to the date of this Agreement (the “Prior Agreements”), listed in Attachment B, Executive is not subject to any restrictive covenant in any agreement and no contractual or other commitment or covenant (including, but not limited to, obligations of confidentiality and/or covenants not to compete with prior employers) exists which would prevent or impair Executive’s full performance of Executive’s duties and responsibilities under this Agreement and as an Executive for the Company; (b) Executive’s full performance of Executive’s duties for the Company and as an employee for the Company does not and will not breach any Prior Agreement, if any; (c) Executive has not, and will not, disclose or use during Executive’s employment with the Company, any confidential information or trade secrets which Executive acquired as a result of any previous engagement, any employment or under a contractual obligation of confidentiality or secrecy before Executive became engaged by of the Company; (d) all prior obligations (written and oral), such as confidentiality agreements or covenants restricting future engagements, consulting or employment, that Executive has entered into which restrict Executive’s ability to perform any services as an employee for the Company are listed below under the heading List of Prior Agreements; (e) Executive does not have any obligation to grant rights in any Work Product to a third party that might conflict with Executive’s obligations or the Company’s rights hereunder; and (f) all of Executive’s contributions to Work Product shall be Executive’s original work, and will not infringe, misappropriate or violate any intellectual property or other right of any third party.

24. Section 409A. The intent of the parties is that payments and benefits under this Agreement comply with Section 409A of the Code, or an exemption thereunder, and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. If the Executive notifies the Employer (with specificity as to the reason therefor) that the Executive believes that any provision of this Agreement (or of any award of compensation, including equity compensation or benefits) would cause the Executive to incur any additional tax or interest under Code Section 409A and the Employer concurs with such belief or the Employer (without any obligation whatsoever to do so) independently makes such determination, the Employer shall, after consulting with the Executive, reform such provision to attempt to comply with Code Section 409A through good faith modifications to the minimum extent reasonably appropriate to conform with Code Section 409A. To the extent that any

provision hereof is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to the Executive and the Employer of the applicable provision without violating the provisions of Code Section 409A. Notwithstanding the foregoing, Employer makes no representation that the payments and benefits provided under this Agreement comply with Code Section 409A and, in no event whatsoever shall the Employer be liable for any additional tax, interest or penalty that may be imposed on the Executive by Code Section 409A or damages for failing to comply with Code Section 409A. With respect to any payment or benefit considered to be nonqualified deferred compensation under Section 409A, a termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.” Notwithstanding anything to the contrary in this Agreement, if the Executive is deemed on the date of termination to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered nonqualified deferred compensation under Code Section 409A payable on account of a “separation from service,” such payment or benefit shall not be made or provided until the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such “separation from service” of the Executive, and (B) the date of the Executive’s death, to the extent required under Code Section 409A. Upon the expiration of the foregoing delay period, all payments and benefits delayed pursuant to this Section 25 (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. To the extent that reimbursements or other in-kind benefits under this Agreement constitute “nonqualified deferred compensation” for purposes of Code Section 409A, (A) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Executive, (B) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (C) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year. For purposes of Code Section 409A, the Executive’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Employer. Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes “nonqualified deferred compensation” for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code Section 409A.

IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Agreement, or have caused this Agreement to be duly executed and delivered on their behalf.


SAGENT PHARMACEUTICALS, INC.

By:		/s/ Allan Oberman
Name: Allan Oberman
Title: Chief Executive Officer

EXECUTIVE

/s/ J. Frank Harmon
Name: J. Frank Harmon

EX-10.2 3 d188156dex102.htm EX-10.2 EX-10.2

Exhibit 10.2

EMPLOYMENT AGREEMENT

This EMPLOYMENT AGREEMENT (“Agreement”) is entered into as of this 4^th day of April, 2016 (the “Effective Date”), by and between Sagent Pharmaceuticals, Inc., a Delaware corporation (the “Employer” or the “Company”), and Sean Brynjelsen, an individual (the “Executive”).

WHEREAS, Company’s Confidential Information, Trade Secrets, customer relationships, and Strategic Partners have been developed by Company at considerable expense over a number of years; and

WHEREAS, Company’s customer relationships, Strategic Partners, Trade Secrets, and Confidential Information are of considerable economic value to Company; and

WHEREAS, Company would not employ Executive if Executive did not accept the terms outlined herein; and

WHEREAS, EXECUTIVE HAS REVIEWED THE MATTERS RECITED IN THE PARAGRAPHS ABOVE AND CONFIRMS THAT S/HE AGREES WITH THOSE RECITALS.

NOW, THEREFORE, in consideration of the foregoing recitals and of the promises and covenants set forth herein, and in exchange for a one-time payment of one thousand dollars ($1,000.00), which shall be paid upon execution of this Agreement; Executive’s access to Company’s customer relationships, Strategic Partners, good will, Confidential Information, or Trade Secrets; Executive’s employment with Company; Executive’s training; Executive’s receipt of valuable information as a result of Executive’s employment with Company; and for other good and valuable consideration, the sufficiency of which are hereby acknowledged, the Parties agree as follows:

2. Term. The initial term of employment under this Agreement shall be for a three (3) year period commencing on the Effective Date (the “Initial Term”). The term of employment shall be automatically extended for an additional consecutive 12-month period (the “Extended Term”) on the third anniversary of the Effective Date and each subsequent anniversary thereof, unless and until the Employer or Executive provides written notice to the other party in accordance with the Notice provisions provided for below, not less than sixty (60) days before such anniversary date that such party is electing not to extend the term of employment under this Agreement (“Non- Renewal”), in which case the term of employment shall end as of the end of such Initial Term or Extended Term, unless terminated earlier in accordance with the terms below. Such Initial Term and all such Extended Terms are collectively referred to herein as the “Employment Period.” Anything herein to the contrary notwithstanding, if on the date of a Change in Control the remaining term of the Employment Period is less than 24 months, the Employment Period shall be automatically extended to the end of the 24-month period following such Change in Control, as that term is defined in Section 10 of this Agreement.

3. Position and Duties. During the Employment Period, the Executive shall serve as Executive Vice President, Business Development. In such capacity, the Executive shall report to the Chief Executive Officer and shall have the duties, responsibilities and authorities customarily associated with such position(s) in a company the size and nature of the Employer. The Executive shall devote the Executive’s reasonable best efforts and full business time to the performance of the Executive’s duties hereunder and the advancement of the business and affairs of the Employer.

4. Other Employment. Except in the instances where Executive acts as a trustee for estate planning purposes and for the Executive’s personal investment purposes, Executive may not be an employee, consultant, director or other agent of any other person, firm or corporation without the prior written approval of the Chief Executive Officer of the Company.

6. Compensation and Benefits; Options.

(a) Base Salary. During the Employment Period, the Employer shall pay to the Executive a base salary (the “Base Salary”) at the rate of $315,000 per calendar year, less applicable deductions, and prorated for any partial year. The Base Salary shall be reviewed by the Employer annually and shall be modified in the discretion of the Employer and any such adjusted Base Salary shall constitute the “Base Salary” for purposes of this Agreement. The Base Salary shall be paid in substantially equal installments in accordance with the Employer’s regular payroll procedures.

(d) Vacation, Paid Time Off (“PTO”); Benefits. During the Employment Period, the Executive shall be entitled to twenty-four (24) PTO days annually, accrued bi-weekly at the rate of 7.38 hours, in accordance with the Employer’s policies then in effect. The PTO accrual shall begin on the Effective Date. In addition, the Employer shall provide to the Executive employee benefits and perquisites, including, but not limited to, Company holidays, medical, dental, and disability insurance, and a 401(k) plan, on a basis that is comparable in all material respects to that provided to other executives of the Employer. Subject to the terms of this Agreement, the Employer shall have the right to change insurance carriers and to adopt, amend, terminate or modify employee benefit plans and arrangements at any time and without the consent of the Executive.

8. Confidentiality, Non-Disclosure, Non-Competition Agreement and Duty of Loyalty.

(a) When used in this Agreement the following terms have the definition set forth below:

(i) “Competing Product” means any product, creative solution, or service which is sold or provided in competition with a product, creative solution, or service: that Executive sold or provided on behalf of Company at some time during the twelve (12) months immediately preceding the point when Executive is no longer employed by Company, or by any parent, subsidiary, or related entity of Company (such point being the “Ter mination of Ex ecutive’s Employment”); that one or more Company employees or business units managed, supervised, or directed by Executive sold or provided on behalf of Company at some time during the twelve (12) months immediately preceding the Termination of Executive’s Employment; that was designed, developed, tested, distributed, marketed, provided, or produced by Executive (individually or in collaboration with other Company employees) or one or more Company employees or business units managed, supervised, or directed by Executive at some time during the twelve (12) months immediately preceding the Termination of Executive’s Employment; or that was designed, tested, developed, distributed, marketed, produced, sold, or provided by Company with management or executive support from Executive at some time during the twelve (12) months immediately preceding the Termination of Executive’s Employment. The term Competing Product shall not apply to any product, creative solution, or service which Executive sold or provided prior to his employment with the Company unless such product, creative solution, or service defined as “Competing Product” in this Paragraph 8(a)(i) resulted in corroborated or documented discussions, during Executive’s employment with the Company, involving offers, proposals and other commercial arrangements as evidenced by email, letters of intent, memoranda, term sheets, or verbal and executed agreements.

(iii) “Restricted Customer” means a customer of Company to which Executive, or one or more individuals or Company business units supervised, managed, or directed by Executive, sold or provided products, creative solutions, or services on behalf of Company during the twelve (12) month period immediately preceding the Termination of Executive’s Employment. However, the term Restricted Customer shall not apply to any persons or entities that Executive either (1) supervised, managed, or directed or (2) sold or provided products, creative solutions or services to in the time period pre-existing Executive’s employment with Company.

Purchasing Organizations (GPOs), with which Executive, or one or more individuals or Company business units supervised, managed, or directed by Executive, did business on behalf of Company during the twelve (12) month period immediately preceding the Termination of Executive’s Employment. However, the term Strategic Partner shall not apply to any persons or entities that Executive supervised, managed, or directed in the time period pre-existing Executive’s employment with Company.

(vi) “Strategic Customer” means a customer of Company that purchased a product, creative solution, or service from Company during the twelve (12) month period immediately preceding the Termination of Executive’s Employment, but is limited to individuals and entities concerning which Executive learned, created, or reviewed Confidential Information or Trade Secrets on behalf of Company during the twelve (12) month period immediately preceding the Termination of Executive’s Employment. However, the term Strategic Customer shall not apply to any persons or entities that Executive either (1) supervised, managed, or directed, or (2) sold or provided products, creative solutions to in the time period pre-existing Executive’s employment with Company.

(vii) “Third Party Confidential Information” means information received by Company from others that Company has an obligation to treat as confidential.

(viii) “Trade Secret” means a Trade Secret as that term is defined under the Uniform Trade Secrets Act, as amended or judicially construed from time to time.

(ix) “Territory” means a county within the United States of America, the District of Columbia, a territory of the United States of America, and/or a foreign nation.

(xi) “Restricted Territory” means: Territories (as the term “Territor y” is defined below) in which Executive or one or more Company employees or business units managed, assisted or directed by Executive provided products, creative solutions, or services on behalf of Company during the twelve (12) month period immediately preceding the Termination of Executive’s Employment; Territories in which one or more Company employees or business units managed or directed by Executive sold or solicited the sale of products, creative

solutions, or services on behalf of Company during the twelve (12) month period immediately preceding the Termination of Executive’s Employment; Territories in which Executive or one or more Company employees or business units managed or directed by Executive or receiving management or executive support from Executive provided, sold, or solicited the sale of products, creative solutions, or services on behalf of Company during the twelve (12) month period immediately preceding the Termination of Executive’s Employment; and Territories in which Company sold or provided products, creative solutions, or services designed, developed, tested, or produced by Executive (either individually or in collaboration with other Company employees) or by Company employees or business units working under Executive’s direction, management, or control during the twelve (12) month period immediately preceding the Termination of Executive’s Employment. Notwithstanding the foregoing, the term Restricted Territory is limited to Territories in which Company sold or provided in excess of one hundred thousand dollars (US$100,000) in the aggregate worth of products, creative solutions, or services in the twelve (12) month period immediately preceding the Termination of Executive’s Employment.

(d) Obligations Not to Disclose or Use Confidential Information . Except as set forth herein or as expressly authorized in writing on behalf of Company, Executive agrees that while Executive is employed by Company and during the one (1) year period commencing at the Termination of Executive’s Employment, Executive will not use or disclose (except in discharging Executive’s job duties with Company) any Confidential Information, whether such Confidential Information is in Executive’s memory or it is set forth electronically, in writing or other form. This prohibition does not prohibit Executive’s disclosure of information after it ceases to meet the definition of “Confidential Information,” or Executive’s use of general skills and know-how acquired during and prior to employment by Company, so long as such use does not involve the use or disclosure of Confidential Information; nor does this prohibition restrict Executive from providing prospective employers with an employment history or description of Executive’s duties with Company, so long as Executive does not use or disclose Confidential Information. Notwithstanding the foregoing, if Executive learns information in the course of employment with Company which is subject to a law governing confidentiality or non-

disclosure, Executive shall keep such information confidential for so long as required by law, or for two (2) years, whichever period is longer. However, this Paragraph shall not preclude employees within the meaning of the National Labor Relations Act from exercising Section 7 rights they might have to communicate about working conditions.

(e) Return of Property; No Cop yin g or Transfer of Documents . All equipment, books, records, papers, notes, catalogs, compilations of information, data bases, correspondence, recordings, stored data (including data or files that exist on any personal computer or other electronic storage device), software, and any physical items, including copies and duplicates, that Executive generates or develops or which come into Executive’s possession or control, which relate directly or indirectly to, or are a part of Company’s (or its customers’) business matters, whether of a public nature or not, shall be and remain the property of Company, and Executive shall deliver all such materials and items, and any and all copies of them, to Company upon termination of employment. During employment or after Termination of Executive’s Employment, Executive will not copy, duplicate, or otherwise reproduce, or permit copying, duplicating, or reproduction of Company documents or writings, whether stored on paper, magnetic tape, CD, electronically, or otherwise, including but not limited to notes, notebooks, letters, blueprints, manuals, drawings, sketches, specifications, formulas, financial documents, business plans, and the like, or any other documentation owned or originated by Company and relating to Company’s business which, from time to time, may have come into Executive’s possession, custody, or control as a result of, or in the course of, Executive’s employment with Company, without the express written consent of Company, or, as a part of Executive’s duties performed hereunder for the benefit of Company. Executive expressly covenants and warrants, upon termination of employment for any reason (or no reason), that Executive shall promptly deliver to Company any and all originals and copies in Executive’s possession, custody, or control of any and all said property, documents, or writings, and that Executive shall not make, retain, or transfer to any third party any copies thereof. In the event any Confidential Information or Trade Secrets are stored or otherwise kept in or on a computer hard drive or other storage device owned by or otherwise in the possession or control of Executive (each individually an “Executive Storage Device”), upon termination of employment Executive will present every such Executive Storage Device to Company, and certify that all Executive Storage Device(s) have been provided, for inspection and removal of all information regarding Company (including but not limited to Confidential Information or Trade Secrets) that is stored on Executive Storage Device.

(n) Non-solicitation of Key Employees . For one (1) year following the Termination of Executive’s Employment, for whatever reason, Executive shall not, without the prior written consent of Company, solicit a Key Employee to engage in competition with Company, unless such Key Employee has already ceased employment with Company. This shall not bar any employee of Company from applying for or accepting employment with any person or entity.

assistance of, any of its or their premises, facilities, materials, employees, officers, directors, agents, advisors, or representatives, or any of their Confidential Information (whether or not during usual working hours), whether conceived, created, discovered, made, or invented individually or jointly with others, will, together with all the worldwide patent, copyright, trade secret, or other intellectual property rights in all such works, be and remain the absolute property of Company. Executive irrevocably and unconditionally waives all rights that may otherwise vest in his authorship (or after the date of this Agreement) in connection with his authorship of any such copyrightable works, wherever in the world enforceable. Without limitation, Executive waives the right to be identified as the author of any such works and the right not to have any such works subjected to derogatory treatment. Executive recognizes any such works are “works for hire” of which Company is the author.

(q) Personal Creations. Notwithstanding the foregoing, Sections 8(m) and 8(n) shall not apply to any IP Asset for which no equipment, supplies, premises, facility, Confidential Information, employee, officer, director, agent, advisor or representative of Company (including any of its predecessors or successors) was used and that was developed entirely on Executive’s own time unless (a) the IP Asset relates (i) directly to the business of Company, to which Company has a right or interest, or (ii) to any actual or anticipated research or development of Company, to which Company has a right or interest, or (b) the IP Asset results from any work Executive performed as an employee of Company.

remedy for Company, and Company will be entitled to enforce this Agreement by a temporary, preliminary and/or permanent injunction or other equitable relief, without the necessity of posting bond or security, which Executive expressly waives. Executive understands that Company may waive some of the requirements expressed in this Agreement, but that such a waiver to be effective must be made in writing and should not in any way be deemed a waiver of Company’s right to enforce any other requirements or provisions of this Agreement. Executive agrees that each of Executive’s obligations specified in this Agreement is a separate and independent covenant and that the unenforceability of any of them shall not preclude the enforcement of any other covenants in this Agreement. Executive further agrees that any breach of this Agreement by Company prior to the Date of Termination shall not release Executive from compliance with Executive’s obligations under this Section 8. Notwithstanding the foregoing sentence, neither party shall be precluded from pursuing judicial remedies as a result of any such breaches.

9. Termination of Employment. This Agreement may be terminated upon occurrence of any one of the following events:

(ii) If the Executive (for reasons other than illness or injury) is absent from Executives duties without the consent of the Company for more than three (3) consecutive days;

(iii) If the Executive dies (effective on the date of death);

(iv) If the Executive should be convicted of a crime punishable by imprisonment;

(v) If the Executive should willfully breach or habitually neglect the duties required to perform under this Agreement;

(vii) If the Executive violates any Company policy or fails to meet the legitimate expectations of the Company, and fails to cure such violation(s) to the satisfaction of the Company within ten (10) business days after written notice is given to the Executive by the Company

(viii) If the Executive has violated or breached the terms and conditions of this Agreement;

(x) If the Executive has knowingly caused the Company to commit a material violation of any applicable law that has (or is likely to have) a material adverse effect on the Company;

(xi) If the Executive engagement in anything that reflects poorly on the Company, as determined by the Company, and fails to cure such violation(s) to the satisfaction of the Company within ten (10) business days after written notice is given to the Executive by the Company; or

(xii) If the Executive has disregarded a reasonable directive from the Company, and fails to cure such violation(s) to the satisfaction of the Company within ten (10) business days after written notice is given to the Executive by the Company. Whether the Executive has disregarded a reasonable directive will be determined by the Company.

In the event Executive is terminated pursuant to this paragraph, Executive will not be offered any severance payments and Executive’s compensation will cease immediately.

(c) Involuntary Without Cause. The Company, in its sole discretion, may terminate this Agreement without “Cause,” as that term is defined above, at any time during the term of this Agreement upon written notice, at which time Executive’s compensation shall cease immediately. In the event Company terminates this Agreement Without Cause, Company will offer Executive twelve (12) months’ severance, to be paid at regular on pay dates and contingent on Executive abiding by the terms of this Agreement. To receive severance, Executive must execute a general separation and release agreementthat would include a release by Executive of any claims against the Company and all “Release Parties” as defined in the release.

(i) a material adverse change of Executive’s title, authority, duties, position or responsibilities, or the removal of Executive from such position and responsibilities, either of which results in a material diminution of Executive’s authority, duties or responsibilities (other than temporarily while Executive is physically or mentally incapacitated or as required by applicable law); (ii) a material reduction in Executive’s Base Salary; or (iii) a material change in the geographic location of Executive’s primary work facility or location; provided, however, that a relocation of less than fifty (50) miles from Executive’s then-present location will not be considered a material change in geographic location. Executive will not resign for Good Reason without first providing the Company with written notice of the acts or omissions constituting the grounds for “Good Reason” within sixty (60) days of the initial existence of the grounds for “Good Reason” and a reasonable cure period of not less than thirty (30) days following the date the Company receives such notice during which such condition must not have been cured. If any such termination occurs, (A) the Executive shall receive benefits set forth in Section 9(b) in addition to, (B) all outstanding equity- related awards held by the Executive shall immediately vest and all options, stock appreciation rights or similar awards shall remain exercisable for the full original term of the award.

For purposes of this Agreement “Change in Control” means the occurrence of one or more of the following events: (i) any “person” (as such terms is used in Sections 3(a)(9) and 13(d) of the Securities Exchange Act of 1934 as amended (the “Act”)) or “group” (as such term is used in Section 14(d)(d) of the Act) is or becomes a “beneficial owner” (as such term is used in Rule 13d- 3 promulgated under the Act) of more than 30% of the Voting Stock of the Employer (excluding acquisitions pursuant to a Business Combination (as defined below) that is not considered to be a Change in Control under clause (v) below; (ii) the majority of the Board consists of individuals other than Incumbent Directors, which term means the members of the Board on the Effective Date; provided that any person becoming a director subsequent to such date whose election or nomination for election was supported by two-thirds of the directors who then comprised the Incumbent Directors shall be considered to be an Incumbent Director (excluding any person who received such support in connection with the settlement of a proxy contest); (iii) the Employer adopts any plan of liquidation providing for the distribution of all or substantially all of its assets;

(iv) the Employer transfers all or substantially all of its assets or business (unless the shareholders of the Employer immediately prior to such transaction beneficially own, directly or indirectly, in substantially the same proportion as they owned the Voting

Stock of the Employer, all of the Voting Stock or other ownership interests of the entity or entities, if any, that succeed to the business of the Employer); or (v) any merger, reorganization, consolidation or similar transaction (a “Business Combination”) unless, immediately after consummation of such Business Combination, (A) the shareholders of the Employer immediately prior to the Business Combination hold, directly or indirectly, more than 50% of the Voting Stock of the Employer or the Employer’s ultimate parent company if the Employer is a subsidiary of another corporation, and (B) no person or group beneficially owns more than 50% of the Voting Stock of the Employer or the ultimate parent company of the Employer if the Employer is a subsidiary of partner corporation. For purposes of this Change in Control definition, the “Employer” shall include any entity that succeeds to all or substantially all of the business of the Employer and “Voting Stock” shall mean securities of any class or classes having general voting power under ordinary circumstances, in the absence of contingencies, to elect the directors of a corporation.

10. Indemnification. During the Employment Period and thereafter, the Employer agrees to indemnify and hold the Executive and the Executive’s heirs and representatives harmless, to the maximum extent permitted by law, against any and all damages, costs, liabilities, losses and expenses (including reasonable attorneys’ fees) as a result of any claim or proceeding (whether civil, criminal, administrative or investigative), or any threatened claim or proceeding (whether civil, criminal, administrative or investigative), against the Executive that arises out of or relates to the Executive’s service as an officer, director or employee, as the case may be, of the Employer, or the Executive’s service in any such capacity or similar capacity with an affiliate of the Employer or other entity at the request of the Employer, both prior to and after the Effective Date, and to promptly advance to the Executive or the Executive’s heirs or representatives such expenses upon written request with appropriate documentation of such expense upon receipt of an undertaking by the Executive or on the Executive’s behalf to repay such amount if it shall ultimately be determined that the Executive is not entitled to be indemnified by the Employer. During the Employment Period and thereafter, the Employer also shall provide the Executive with coverage under its current directors’ and officers’ liability policy to the same extent that it provides such coverage to its other executive officers. If the Executive has any knowledge of any actual or threatened action, suit or proceeding, whether civil, criminal, administrative or investigative, as to which the Executive may request indemnity under this provision, the Executive will give the Employer prompt written notice thereof; provided that the failure to give such notice shall not affect the Executive’s right to indemnification. The Employer shall be entitled to assume the defense of any such proceeding and the Executive will use reasonable efforts to cooperate with such defense. To the extent that the Executive in good faith determines that there is an actual or potential conflict of interest between the Employer and the Executive in connection with the defense of a proceeding, the Executive shall so notify the Employer and shall be entitled to separate representation at the Employer’s expense by counsel selected by the Executive (provided that the Employer may reasonably object to the selection of counsel within ten (10) business days after notification thereof) which counsel shall cooperate, and coordinate the defense, with the Employer’s counsel and minimize the expense of such separate representation to the extent consistent with the Executive’s separate defense. This Section shall continue in effect after the termination of the Executive’s employment or the termination of this Agreement.

(i)

If to the Employer:

Sagent Pharmaceuticals, Inc.

1901 N. Roselle Road

Suite 700

Schaumburg, IL 60195

Attn: Chief Executive Officer

(ii)

If to the Executive:

12. Severability. In case any one or more of the provisions contained in this Agreement is, for any reason, held invalid in any respect, such invalidity shall not affect the validity of any other provision of this Agreement. If the final judgment of a court of competent jurisdiction declares that any term or provision of this Agreement is invalid or unenforceable, the parties agree that the court making the determination of invalidity or unenforceability shall have the power to reduce the scope, duration or area of the term or provision, to delete specified words or phrases or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, and this Agreement shall be enforceable as so modified.

13. Blue-Penciling. Executive acknowledges and agrees that the any of the restrictive covenants set forth in this Agreement are reasonable, necessary and valid in duration and geographical scope and in all other respect. If any court of competent jurisdiction determines that any of the restrictive covenants set forth in this Agreement, or any part hereof, are unenforceable because of the duration or geographical scope of

such provisions or otherwise, such court shall modify such provision so as to be the greatest restriction permitted by law, and such provision, in its modified form, shall then be enforceable.

14. Effect on Other Agreements. The provisions of this Agreement shall supersede the terms of any plan, policy, agreement, award or other arrangement of the Employer (whether entered into before or after the Effective Date) to the extent application of the terms of this Agreement is more favorable to the Executive.

15. Assignment. The Company may assign this Agreement to any parent, subsidiary, affiliate or successor of the Company, or to any entity that acquires all or substantially of the Company’s assets of the division in which Executive is employed. This Agreement is not assignable by Executive without the Company’s prior written consent, and is binding upon him and his executors and other legal representatives.

16. Entire Agreement. This Agreement constitutes the entire agreement between the parties respecting the employment of the Executive, there being no representations, warranties or commitments except as set forth herein.

17. Amendments. This Agreement may not be changed except by a writing signed by the Company and Executive. Except as otherwise stated herein, Executive represents to the Company that he or she is not presently bound by any agreement with any other person that conflicts with this Agreement. Executive is not relying on any representations, statements, promises or agreements that are not set forth in writing in this Agreement.

18. Waiver. The waiver of a breach of any provision of this Agreement shall not operate as or be construed to be a waiver of any other provision or subsequent breach of this Agreement.

19. Headings. Section and subsection headings contained in this Agreement are inserted for convenience of reference only, shall not be deemed to be a part of this Agreement for any purpose, and shall not in any way define or affect the meaning, construction or scope of any of the provisions hereof.

20. Governing Law. This Agreement, the rights and obligations of the parties hereto, and any claims or disputes relating thereto, shall be governed by and construed in accordance with the laws of the State of Illinois (but not including any choice of law rule thereof that would cause the laws of another jurisdiction to apply).

21. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall construe one and the same Agreement. Signature pages may be transmitted by facsimile or via PDF. Upon delivery of the facsimile or PDF, a signature shall be deemed an original and shall be admissible into evidence.

22. Withholding. The Employer may withhold from any benefit payment under this Agreement all federal, state, city or other taxes as shall be required pursuant to any law or governmental regulation or ruling; provided that any withholding obligation arising in connection with the exercise of a stock option or the transfer of stock or other property shall be satisfied through withholding an appropriate number of shares of stock or appropriate amount of such other property.

23. Executive Acknowledgement. Executive acknowledges that Executive has fully read this Agreement, understands the contents of this Agreement, and agrees to its terms and conditions of Executive’s own free will, knowingly and voluntarily, and without any duress or coercion.

24. Representations and Warranties. Executive hereby represents and warrants, to the best of his knowledge, that:

(a) other than those agreements disclosed to the Company by Executive in writing on or prior to the date of this Agreement (the “Prior Agreements”), listed in Attachment A, Executive is not subject to any restrictive covenant in any agreement and no contractual or other commitment or covenant (including, but not limited to, obligations of confidentiality and/or covenants not to compete with prior employers) exists which would prevent or impair Executive’s full performance of Executive’s duties and responsibilities under this Agreement and as an Executive for the Company;

(b) Executive’s full performance of Executive’s duties for the Company and as an employee for the Company does not and will not breach any Prior Agreement, if any;

(c) Executive has not, and will not, disclose or use during Executive’s employment with the Company, any confidential information or trade secrets which Executive acquired as a result of any previous engagement, any employment or under a contractual obligation of confidentiality or secrecy before Executive became engaged by of the Company;

(d) all prior obligations (written and oral), such as confidentiality agreements or covenants restricting future engagements, consulting or employment, that Executive has entered into which restrict Executive’s ability to perform any services as an employee for the Company are listed below under the heading Executive’s List of Prior Agreements;

(e) Executive does not have any obligation to grant rights in any Work Product to a third party that might conflict with Executive’s obligations or the Company’s rights hereunder; and

(f) all of Executive’s contributions to Work Product shall be Executive’s original work, and will not infringe, misappropriate or violate any intellectual property or other right of any third party.

25. Section 409A. The intent of the parties is that payments and benefits under this Agreement comply with Section 409A of the Code, or an exemption thereunder, and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith. If the Executive notifies the Employer (with specificity as to the reason therefor) that the Executive believes that any provision of this Agreement (or of any award of compensation, including equity compensation or benefits) would cause the Executive to incur any additional tax or interest under Code Section 409A and the Employer concurs with such belief or the Employer (without any obligation whatsoever to do so) independently makes such determination, the Employer shall, after consulting with the Executive, reform such provision to attempt to comply with Code Section 409A through good faith modifications to the minimum extent reasonably appropriate to conform with Code Section 409A. To the extent that any provision hereof is modified in order to comply with Code Section 409A, such modification shall be made in good faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to the Executive and the Employer of the applicable provision without violating the provisions of Code Section 409A. Notwithstanding the foregoing, Employer makes no representation that the payments and benefits provided under this Agreement comply with Code Section 409A and, in no event whatsoever shall the Employer be liable for any additional tax, interest or penalty that may be imposed on the Executive by Code Section 409A or damages for failing to comply with Code Section 409A. With respect to any payment or benefit considered to be nonqualified deferred compensation under Section 409A, a termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.” Notwithstanding anything to the contrary in this Agreement, if the Executive is deemed on the date of termination to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is considered nonqualified deferred compensation under Code Section 409A payable on account of a “separation from service,” such payment or benefit shall not be made or provided until the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such “separation from service” of the Executive, and (B) the date of the Executive’s death, to the extent required under Code Section 409A. Upon the expiration of the foregoing delay period, all payments and benefits delayed pursuant to this Section 25 (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. To the extent

that reimbursements or other in-kind benefits under this Agreement constitute “nonqualified deferred compensation” for purposes of Code Section 409A, (A) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the taxable year following the taxable year in which such expenses were incurred by the Executive, (B) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (C) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year. For purposes of Code Section 409A, the Executive’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments. Whenever a payment under this Agreement specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be within the sole discretion of the Employer. Notwithstanding any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes “nonqualified deferred compensation” for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted by Code Section 409A.

[Signature Page Follows]

IN WITNESS WHEREOF, the undersigned have duly executed and delivered this Agreement, or have caused this Agreement to be duly executed and delivered on their behalf as of the Effective Date.


COMPANY:

SAGENT PHARMACEUTICALS, INC.

By:		/s/ Allan Oberman
Name:		Allan Oberman
Title:		Chief Executive Officer

EXECUTIVE:

By:		/s/ Sean Brynjelsen
Name:		Sean Brynjelsen

EX-31.1 4 d188156dex311.htm EX-31.1 EX-31.1

Exhibit 31.1

Certifications

I, Allan Oberman, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Sagent Pharmaceuticals, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 3, 2016

/s/ Allan Oberman

Allan Oberman

Chief Executive Officer

EX-31.2 5 d188156dex312.htm EX-31.2 EX-31.2

Exhibit 31.2

Certifications

I, Jonathon M. Singer, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Sagent Pharmaceuticals, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

(a)

(b)

(c)

(d)

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)

(b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 3, 2016

/s/ Jonathon M. Singer

Jonathon M. Singer

Executive Vice President and Chief Financial Officer

EX-32.1 6 d188156dex321.htm EX-32.1 EX-32.1

Exhibit 32.1

CERTIFICATIONS

PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Allan Oberman, Chief Executive Officer of Sagent Pharmaceuticals, Inc. (“Sagent”), certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that Sagent’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in Sagent’s Quarterly Report on Form 10-Q fairly presents in all material respects Sagent’s financial condition and results of operations.

/s/ Allan Oberman

Allan Oberman

Chief Executive Officer

May 3, 2016

I, Jonathon M. Singer, Chief Financial Officer of Sagent Pharmaceuticals, Inc. (“Sagent”), certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that Sagent’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in Sagent’s Quarterly Report on Form 10-Q fairly presents in all material respects Sagent’s financial condition and results of operations.

/s/ Jonathon M. Singer

Jonathon M. Singer

Executive Vice President and Chief Financial Officer

May 3, 2016

A signed original of these written statements required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Sagent Pharmaceuticals, Inc. and will be retained by Sagent Pharmaceuticals, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

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<div> Note 11. Accrued liabilities: Accrued liabilities at March 31, 2016 and December 31, 2015 were as follows:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="76%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">March 31, 2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">December 31, 2015</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Payroll and employee benefits </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,998</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,512</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Sales and marketing </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,224</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,308</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Taxes payable </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">170</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">131</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Other accrued liabilities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,453</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,755</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">13,845</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">15,706</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

2418562

<div> Note 1. Basis of presentation: Our interim condensed consolidated financial statements are unaudited. We prepared the condensed consolidated financial statements following rules for interim reporting as prescribed by the U.S. Securities and Exchange Commission (“SEC”). As permitted under those rules, we have condensed or omitted a number of footnotes or other financial information that are normally required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). It is management’s opinion that these financial statements include all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation of our financial position, operating results and cash flows. Operating results for any interim period are not necessarily indicative of future or annual results. The condensed consolidated financial statements include Sagent as well as our wholly owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. We account for our investment in Sagent Agila LLC using the equity method of accounting, as our interest in the entity provides for joint financial and operational control. Management uses segment information to evaluate segment performance and allocate resources. Since the acquisition of Omega in the fourth quarter of 2014, we have operated in two reportable segments comprised of operations organized geographically in the United States (Sagent US segment) and Canada (Omega segment). Effective March 2016, we completed the disposal of the Sagent China Pharmaceuticals Co., Ltd. (“SCP”) manufacturing facility, which was a component of the Sagent US segment, reorganized our internal reporting responsibilities with our new EVP-Global Operations, and continued to align our strategic focus to integrate our Canadian business to support the manufacturing and sale of products in both the Canadian and US markets. Following these events, our Chief Executive Officer now focuses his review of financial performance and allocation of resources on the operations of the consolidated Company. As a result, we began operating in a single reportable segment, which develops, sources, manufactures and markets affordable generic pharmaceutical products to the hospital market. We continue to operate with two reporting units, which comprise the single reportable segment. You should read these statements in conjunction with our consolidated financial statements and related notes for the year ended December 31, 2015, included in our most recent Annual Report on Form 10-K filed with the SEC on March 7, 2016. </div>

<div> Note 19. Commitments and contingencies: From time to time, we are subject to claims and litigation arising in the ordinary course of business. These claims may include assertions that our products infringe existing patents and claims that the use of our products has caused personal injuries. We intend to vigorously defend any such litigation that may arise under all defenses that would be available to us. At this time, there are no proceedings of which we are aware that are considered likely to have a material adverse effect on our consolidated financial position or results of operations. </div>

<div> Note 15. Stock-based compensation: The following tables set forth stock option and restricted stock activity for the three months ended March 31, 2016:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="76%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">Number of Shares</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Stock options</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Restricted stock</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Outstanding at January 1, 2016 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,679,039</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">180,208</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Granted </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">537,955</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">169,580</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Exercised </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(47,340</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Forfeited </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(95,637</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(5,243</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Outstanding at March 31, 2016 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,121,357</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">297,205</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2015 was $1,550. There were no stock options exercised during the three months ended March 31, 2016. </div>

<div> Note 3. Sale of SCP: On March 22, 2016, we completed the sale of all of the issued and outstanding shares of the capital stock of SCP to Hong Kong King-Friend Pharmaceutical Co., Ltd., a subsidiary of Nanjing King-Friend Pharmaceutical Co., Ltd., (“NKF”), in exchange for $500. In connection with the closing of the transaction, we incurred additional charges related to employee severance, cumulative currency translation adjustments and transferred working capital, resulting in a loss of $6,341, net of the cash consideration we received. </div>

Q1 2016 10-Q

-0.15

0001369786

<div> Note 6. Inventories: Inventories at March 31, 2016 and December 31, 2015 were as follows:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="60%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="10" align="center" style="border-bottom:1.00pt solid #000000">March 31, 2016</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="10" align="center" style="border-bottom:1.00pt solid #000000">December 31, 2015</td> <td valign="bottom"> </td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Approved</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Pending regulatory approval</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Inventory</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Approved</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Pending regulatory approval</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Inventory</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Raw materials </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,567</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,050</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,617</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,855</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,800</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,655</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Work in process </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">694</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">694</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">433</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">433</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Finished goods </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">79,059</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">79,059</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">73,365</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">73,365</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Inventory reserve </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(5,227</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,729</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(7,956</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(5,000</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(5,000</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">80,093</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,321</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">83,414</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">73,653</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,800</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">76,453</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> We have $6,050 of pre-launch inventory, including $2,729 of active pharmaceutical ingredient related to Iron Sucrose, recorded in raw material inventory as of March 31, 2016. In December 2015, we received a Complete Response Letter (“CRL”) from the US FDA related to our ANDA for Iron Sucrose regarding our pending ANDA. We have completed our evaluation of the Complete Response Letter (“CRL”) from the US FDA with respect to our ANDA for Iron Sucrose, and have performed additional testing of pre-launch API to determine if it can be used to develop and receive FDA approval for commercial production. Based on this testing, we do not believe we will be able to commercialize our product based on its current formulation. As a result, we have reserved all remaining pre-launch raw material inventory related to Iron Sucrose as of March 31, 2016. In the first quarter of 2016, we acquired $3,248 of pre-launch API. We have included this amount within Raw materials pending regulatory approval as we believe the approval and launch of the related product is probable. </div>

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<div> Note 2: Recent Accounting Pronouncements In May 2014, the FASB issued amended revenue recognition guidance to clarify the principles for recognizing revenue from contracts with customers. The guidance requires an entity to recognize revenue in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. The guidance also requires expanded disclosures relating to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required about customer contracts, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. In July 2015, the FASB approved a one year deferral to the new revenue guidance, and we are therefore required to adopt the new guidance on January 1, 2018 using one of the two prescribed retroactive methods. We are evaluating the impact of the amended revenue recognition guidance on our financial statements. In February 2015, the FASB issued amended guidance on the model used to evaluate whether certain legal entities should be consolidated. This guidance is effective for the Company in the first quarter of 2016. We have adopted this guidance in the current period. There was no material impact of adoption.   In April 2015, the FASB issued amended guidance which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This guidance is effective for annual and interim periods beginning after December 15, 2015. We have adopted this guidance in the current period. There was no material impact of adoption. In February 2016, the FASB issued lease guidance, which is intended to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. In order to meet that objective, the new standard requires recognition of the assets and liabilities that arise from leases. A lessee will be required to recognize on the balance sheet the assets and liabilities for leases with lease terms of more than 12 months. Accounting by lessors will remain largely unchanged from current U.S. GAAP. The new standard is effective for public companies for fiscal years beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. We are currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures. In March 2016, the FASB issued amended guidance on employee share-based payment accounting. This update involves several aspects of the accounting for share-based payment transactions, including income tax effects, forfeitures and classifications on the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2016. Early adoption is permitted in an interim or annual period; however, all amendments must be adopted at the same time. We are currently evaluating the impact of this guidance on our financial statements. </div>

<div> In May 2014, the FASB issued amended revenue recognition guidance to clarify the principles for recognizing revenue from contracts with customers. The guidance requires an entity to recognize revenue in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. The guidance also requires expanded disclosures relating to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required about customer contracts, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. In July 2015, the FASB approved a one year deferral to the new revenue guidance, and we are therefore required to adopt the new guidance on January 1, 2018 using one of the two prescribed retroactive methods. We are evaluating the impact of the amended revenue recognition guidance on our financial statements. In February 2015, the FASB issued amended guidance on the model used to evaluate whether certain legal entities should be consolidated. This guidance is effective for the Company in the first quarter of 2016. We have adopted this guidance in the current period. There was no material impact of adoption.   In April 2015, the FASB issued amended guidance which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This guidance is effective for annual and interim periods beginning after December 15, 2015. We have adopted this guidance in the current period. There was no material impact of adoption. In February 2016, the FASB issued lease guidance, which is intended to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. In order to meet that objective, the new standard requires recognition of the assets and liabilities that arise from leases. A lessee will be required to recognize on the balance sheet the assets and liabilities for leases with lease terms of more than 12 months. Accounting by lessors will remain largely unchanged from current U.S. GAAP. The new standard is effective for public companies for fiscal years beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. We are currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures. In March 2016, the FASB issued amended guidance on employee share-based payment accounting. This update involves several aspects of the accounting for share-based payment transactions, including income tax effects, forfeitures and classifications on the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2016. Early adoption is permitted in an interim or annual period; however, all amendments must be adopted at the same time. We are currently evaluating the impact of this guidance on our financial statements. </div>

<div> Accumulated other comprehensive income (loss) at March 31, 2016 and December 31, 2015 is comprised of the following:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="76%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">March 31, 2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">December 31, 2015</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Currency translation adjustment, net of tax </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(11,174</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(17,414</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Unrealized gains (losses) on available for sale securities, net of tax </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(68</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total accumulated other comprehensive loss </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(11,167</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(17,482</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> The table below presents the significant amounts reclassified out of each component of accumulated other comprehensive loss for the period ended March 31, 2016.   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="45%"></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="9%"></td> <td width="32%"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom" nowrap="nowrap">Type of reclassification</td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center"> Amount reclassified from accumulated other comprehensive income </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" align="center"> Affected line item in the condensed consolidated statement of operations </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Currency translation adjustment – reclassification of cumulative currency translation gain </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,426</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">Loss on sale of SCP</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Total reclassification for the three months ended March 31, 2016, net of tax </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,426</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"></td> </tr> </table> </div>

<div> Assets measured at fair value on a recurring basis as of March 31, 2016 consisted of the following:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="60%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Total fair value</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Quoted prices in active markets for identical assets (Level 1)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Significant other observable inputs (Level 2)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Significant unobservable inputs (Level 3)</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Assets </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Money market funds </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,843</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,843</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Corporate bonds and notes </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20,086</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20,086</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Short-term investments </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">20,086</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">20,086</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total assets </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">23,929</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,843</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">20,086</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Liabilities </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Contingent purchase consideration </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">50</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">50</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> Assets measured at fair value on a recurring basis as of December 31, 2015 consisted of the following:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="59%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Total fair value</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Quoted prices in active markets for identical assets (Level 1)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Significant other observable inputs (Level 2)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Significant unobservable inputs (Level 3)</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Assets </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Money market funds </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">13,838</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">13,838</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Corporate bonds and notes </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20,060</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20,060</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Short-term investments </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">20,060</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">20,060</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total assets </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">33,898</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">13,838</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">20,060</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Liabilities </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Contingent purchase consideration </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">50</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">50</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

SGNT

32829000

false

<div> Note 8. Goodwill and Intangible assets, net: Goodwill at March 31, 2016 and December 31, 2015 was $26,574 and $25,184, respectively. There were no goodwill impairment losses for the three months ended March 31, 2016 and 2015, respectively. Movements in goodwill were due to the following:   <table cellspacing="0" cellpadding="0" width="68%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="87%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> December 31, 2015 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right"> 25,184</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Foreign currency movements </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,390</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> March 31, 2016 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">26,574</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> Intangible assets at March 31, 2016 and December 31, 2015 were as follows:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="46%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1.00pt solid #000000">March 31, 2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1.00pt solid #000000">December 31, 2015</td> <td valign="bottom"> </td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Gross carrying amount</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Accumulated amortization</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Intangible assets, net</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Gross carrying amount</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Accumulated amortization</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Intangible assets, net</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Product licensing rights </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,533</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(3,096</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,437</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,533</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(2,998</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,535</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Product development rights </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,290</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,290</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,890</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,890</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Purchased product rights and other </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">49,165</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(6,434</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">42,731</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">46,238</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(5,087</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">41,151</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Total definite-lived intangible assets </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">58,988</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(9,530</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">49,458</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">53,661</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(8,085</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">45,576</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> In-process research and development (IPR&D) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,976</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom">$</td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,976</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,590</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom">$</td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,590</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Total intangible assets </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">66,964</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(9,530</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">57,434</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">61,251</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(8,085</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">53,166</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> The weighted-average period prior to the next extension or renewal for the 21 products comprising our product licensing rights intangible asset was 50 months at March 31, 2016. </div>

<div> Note 18. Income Taxes: Our benefit for income taxes for the three months ended March 31, 2016 was $1,266 and our provision for income taxes for the three months ended March 31, 2015 was $319. Included within the first quarter 2016 tax benefit are $1,064 of discrete tax benefits related to the completion of the sale of SCP. </div>

<div> Note 5. Investments: Our investments at March 31, 2016 were comprised of the following:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="57%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Cost basis</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Unrealized gains</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Unrealized losses</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Carrying value</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Cash and cash equivalents</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Short term investments</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Assets </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Cash </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">8,661</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom">$</td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom">$</td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">8,661</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">8,661</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom">$</td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Money market funds </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,843</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,843</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,843</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Corporate/Government </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> bonds and notes </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20,079</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">14</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(7</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20,086</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20,086</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">32,583</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">14</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(7</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">32,590</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">12,504</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">20,086</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> Investments with continuous unrealized losses for less than twelve months and their related fair values at March 31, 2016 were as follows:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="77%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" nowrap="nowrap"> Fair value </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Unrealized losses</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Corporate/Government </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right"> 8,071</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(7</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> bonds and notes </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> </table>   Unrealized losses from fixed-income securities are primarily attributable to changes in interest rates. Because we do not currently intend to sell these investments, and it is not more likely than not that we will be required to sell our investments before recovery of their amortized cost basis, which may be maturity, we do not consider these investments to be other-than-temporarily impaired at March 31, 2016. The original cost and estimated current fair value of our fixed-income securities at March 31, 2016 are set forth below.   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="70%"></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Cost basis</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000"> Estimated fair value</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Due in one year or less </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,355</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,358</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Due between one and five years </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,724</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,728</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">20,079</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">20,086</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> Property, plant and equipment at March 31, 2016 and December 31, 2015 were as follows:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="76%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" rowspan="2" align="center" style="border-bottom:1.00pt solid #000000">March 31, 2016</td> <td valign="bottom" rowspan="2"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" rowspan="2" align="center" style="border-bottom:1.00pt solid #000000">December 31, 2015</td> <td valign="bottom" rowspan="2"> </td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Land and land improvements </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,182</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,102</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Buildings and improvements </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,579</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,713</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Machinery, equipment, furniture and fixtures </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,014</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,457</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Computer software </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,770</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,776</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Construction in process </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9,610</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,535</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">28,155</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">23,583</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Less accumulated depreciation </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(4,492</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,822</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">23,663</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">19,761</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> The table below presents the computation of basic and diluted earnings per share for the three months ended March 31, 2016 and 2015:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="80%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center"> Three months ended March 31,</td> <td valign="bottom"> </td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">2015</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Basic and dilutive numerator: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Net loss, as reported </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(4,988</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(1,894</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Denominator: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Weighted-average common shares outstanding - basic (in thousands) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">32,829</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">32,043</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Net effect of dilutive securities: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Stock options and restricted stock </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Weighted-average common shares outstanding - diluted (in thousands) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">32,829</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">32,043</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Net loss per common share (basic) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(0.15</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(0.06</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Net loss per common share (diluted) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(0.15</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(0.06</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> Inventories at March 31, 2016 and December 31, 2015 were as follows:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="60%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="10" align="center" style="border-bottom:1.00pt solid #000000">March 31, 2016</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="10" align="center" style="border-bottom:1.00pt solid #000000">December 31, 2015</td> <td valign="bottom"> </td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Approved</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Pending regulatory approval</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Inventory</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Approved</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Pending regulatory approval</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Inventory</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Raw materials </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">5,567</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,050</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,617</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,855</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,800</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,655</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Work in process </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">694</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">694</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">433</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">433</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Finished goods </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">79,059</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">79,059</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">73,365</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">73,365</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Inventory reserve </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(5,227</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(2,729</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(7,956</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(5,000</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(5,000</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">80,093</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,321</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">83,414</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">73,653</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">2,800</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">76,453</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> Net revenue by therapeutic class is as follows:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="80%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center"> Three months ended March 31,</td> <td valign="bottom"> </td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">2015</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Therapeutic class: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Anti-infective </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">28,032</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">31,558</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Critical care </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">28,448</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">29,909</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Oncology </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,315</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">21,178</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">67,795</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">82,645</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> Investments with continuous unrealized losses for less than twelve months and their related fair values at March 31, 2016 were as follows:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="77%"></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="8%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" nowrap="nowrap"> Fair value </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Unrealized losses</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Corporate/Government </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right"> 8,071</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(7</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> bonds and notes </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> </table> </div>

<div> Movements in goodwill were due to the following:   <table cellspacing="0" cellpadding="0" width="68%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="87%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> December 31, 2015 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right"> 25,184</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Foreign currency movements </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,390</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> March 31, 2016 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">26,574</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

95637

<div> Note 13. Accumulated other comprehensive income (loss): Accumulated other comprehensive income (loss) at March 31, 2016 and December 31, 2015 is comprised of the following:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="76%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">March 31, 2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">December 31, 2015</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Currency translation adjustment, net of tax </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(11,174</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(17,414</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Unrealized gains (losses) on available for sale securities, net of tax </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(68</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total accumulated other comprehensive loss </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(11,167</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(17,482</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> The table below presents the significant amounts reclassified out of each component of accumulated other comprehensive loss for the period ended March 31, 2016.   <table style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="45%"></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="9%"></td> <td width="32%"></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom" nowrap="nowrap">Type of reclassification</td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center"> Amount reclassified from accumulated other comprehensive income </td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" align="center"> Affected line item in the condensed consolidated statement of operations </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Currency translation adjustment – reclassification of cumulative currency translation gain </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,426</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">Loss on sale of SCP</td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Total reclassification for the three months ended March 31, 2016, net of tax </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,426</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"></td> </tr> </table> </div>

--12-31

<div> Note 10. Debt: JPMorgan Chase Revolving Credit Loan Facility On October 31, 2014, we entered into a credit agreement with JPMorgan Chase Bank, N.A., (the “Chase Agreement”). The Chase Agreement provides for an $80,000 asset based revolving credit loan facility, with availability subject to a borrowing base consisting of eligible cash, short-term investments, accounts receivable and inventory and the satisfaction of conditions precedent specified in the Chase Agreement. The Chase Agreement provides for an accordion feature, whereby we may increase the revolving commitment up to an additional $25,000, subject to certain customary terms and conditions, including pro-forma compliance with a fixed charge coverage ratio (as defined in the Chase Agreement) of 1.00 to 1.00. The Chase Agreement matures on October 31, 2019, at which time all amounts outstanding will be due and payable. Borrowings under the Chase Agreement may be used for general corporate purposes, including funding working capital. Amounts drawn bear an interest rate equal to, at our option, either a Eurodollar rate plus 2.00% per annum or an alternative base rate plus 1.00% per annum. We also incur a commitment fee on undrawn amounts equal to 0.25% per annum. The Chase Agreement includes customary covenants and also imposes a financial covenant requiring compliance with a minimum fixed charge coverage ratio of 1.00 to 1.00 during certain covenant testing times triggered if availability under the Chase Agreement is below the greater of 10% of the revolving commitment and $8,000. On January 7, 2016, we amended and restated our Chase Agreement (the “Amended Chase Agreement”) by adding a Canadian tranche and joining Omega as a borrower. The Amended Chase Agreement adds a C$30,000 term loan (including a delayed draw term loan) to fund, among other things, Omega’s construction of a facility in Quebec. The Amended Chase Agreement also adds a C$10,000 revolving facility sublimit to the existing revolving facility, with the total revolving commitment amount remaining at $80,000. The applicable margins for the Canadian prime rate and Canadian Dollar Offered Rate (“CDOR”) revolving loans are the same as the base rate and Eurodollar rates for the U.S. revolving loans at 1.00% and 2.00%, respectively. The margins for the Canadian term loans are 1.25% and 2.25% for Canadian prime rate and CDOR, respectively. The commitment fee rate remains 0.25%. The fixed charge coverage ratio remains at 1.00 to 1.00. The Canadian term loans are to be repaid in certain increments pursuant to the Amended Chase Agreement as the facility in Quebec is completed. As of March 31, 2016, there was $3,337 in borrowings outstanding under our Amended Chase Agreement, $1,568 on the term loan and $1,769 on the revolver, and we were in compliance with all covenants under the Amended Chase Agreement. Total availability under our Chase term loan facility was $21,607 (C$27,970) at March 31, 2016. Total availability under our Chase revolving loan facility was $78,131 at March 31, 2016, which is subject to adjustment on a monthly basis under our borrowing base calculation. Credit facilities acquired under the Omega acquisition In connection with the acquisition of Omega, we assumed a series of credit facilities and mortgages with the National Bank of Canada (“NBC”) and the Business Development Bank of Canada (“BDC”). In January 2015, we paid off all amounts outstanding under the Omega operating credit facility, the Omega demand loan and the Omega decreasing revolving credit facility with available cash on hand. Omega also had five mortgage loans with the BDC (collectively the “Omega mortgages”) which we assumed in connection with the acquisition. The Omega mortgages, which require monthly installments and which are secured by specific Omega buildings and equipment, range in amount from C$70 to C$1,250 ($62 to $1,114 as of the acquisition date) and bear interest at the lender’s prime rate (5% as of the acquisition date) plus a premium ranging from 0%—1.5%. The carrying value of the mortgages approximates fair value. The Omega mortgages matured at various times from August 2019 through November 2036. In January 2016, in connection with entering the Amended Chase Agreement, we repaid the Omega mortgages in full, and refinanced them under the Chase term loan. </div>

2016-03-31

-0.15

Accelerated Filer

<div> The original cost and estimated current fair value of our fixed-income securities at March 31, 2016 are set forth below.   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="70%"></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="9%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Cost basis</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000"> Estimated fair value</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Due in one year or less </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,355</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">11,358</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Due between one and five years </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,724</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">8,728</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">20,079</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">20,086</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> Note 7. Property, plant and equipment Property, plant and equipment at March 31, 2016 and December 31, 2015 were as follows:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="76%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" rowspan="2" align="center" style="border-bottom:1.00pt solid #000000">March 31, 2016</td> <td valign="bottom" rowspan="2"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" rowspan="2" align="center" style="border-bottom:1.00pt solid #000000">December 31, 2015</td> <td valign="bottom" rowspan="2"> </td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Land and land improvements </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,182</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,102</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Buildings and improvements </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,579</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,713</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Machinery, equipment, furniture and fixtures </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,014</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,457</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Computer software </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,770</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,776</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Construction in process </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">9,610</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">6,535</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">28,155</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">23,583</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Less accumulated depreciation </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(4,492</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(3,822</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">23,663</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">19,761</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table>   Depreciation expense was $563 and $1,427 for the three months ending March 31, 2016 and 2015, respectively. </div>

<div> Note 20. Management transition: In 2015, we incurred costs related to the transition of our senior management team, following the retirement of our founder and Chief Executive Officer and resignation of our President in March 2015, and the elimination of certain positions in the US as part of the ongoing review of our business. Costs associated with these matters for the three months ended March 31, 2015, primarily severance related charges, totaled $3,308. Of the charges incurred in 2015, $451 were paid during the quarter ended March 31, 2016 related to ongoing severance obligations. Total costs accrued within the Accounts Payable and Accrued liabilities captions of the balance sheet at March 31, 2016 were $723. No costs were incurred in the three months ended March 31, 2016. </div>

<div> The following tables set forth stock option and restricted stock activity for the three months ended March 31, 2016:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="76%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="6" align="center">Number of Shares</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Stock options</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Restricted stock</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Outstanding at January 1, 2016 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,679,039</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">180,208</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Granted </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">537,955</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">169,580</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Exercised </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(47,340</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Forfeited </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(95,637</td> <td valign="bottom" nowrap="nowrap">) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(5,243</td> <td valign="bottom" nowrap="nowrap">) </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Outstanding at March 31, 2016 </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,121,357</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">297,205</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

537955

<div> Note 14. Earnings per share: Basic earnings per share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Because of their anti-dilutive effect, 2,418,562 and 2,848,026 common share equivalents, comprised of unvested restricted stock and unexercised stock options, have been excluded from the calculation of diluted earnings per share for the periods ended March 31, 2016 and 2015, respectively. The table below presents the computation of basic and diluted earnings per share for the three months ended March 31, 2016 and 2015:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="80%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center"> Three months ended March 31,</td> <td valign="bottom"> </td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">2015</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Basic and dilutive numerator: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Net loss, as reported </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(4,988</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(1,894</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Denominator: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Weighted-average common shares outstanding - basic (in thousands) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">32,829</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">32,043</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Net effect of dilutive securities: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Stock options and restricted stock </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Weighted-average common shares outstanding - diluted (in thousands) </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">32,829</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">32,043</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Net loss per common share (basic) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(0.15</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(0.06</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Net loss per common share (diluted) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(0.15</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(0.06</td> <td nowrap="nowrap" valign="bottom">) </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

SAGENT PHARMACEUTICALS, INC.

<div> Note 12. Fair value measurements: Assets measured at fair value on a recurring basis as of March 31, 2016 consisted of the following:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="60%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Total fair value</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Quoted prices in active markets for identical assets (Level 1)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Significant other observable inputs (Level 2)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Significant unobservable inputs (Level 3)</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Assets </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Money market funds </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,843</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,843</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Corporate bonds and notes </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20,086</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20,086</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Short-term investments </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">20,086</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">20,086</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total assets </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">23,929</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,843</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">20,086</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Liabilities </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Contingent purchase consideration </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">50</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">50</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> The fair value of our Level 2 investments is based on a combination of quoted market prices of similar securities and matrix pricing provided by third-party pricing services utilizing securities of similar quality and maturity. The fair value of our Level 3 contingent consideration is based upon a probability weighting approach that considered the possible outcomes based on assumptions related to the timing and probability of the product approval date. Assets measured at fair value on a recurring basis as of December 31, 2015 consisted of the following:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" align="center" border="0"> <tr> <td width="59%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Total fair value</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Quoted prices in active markets for identical assets (Level 1)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Significant other observable inputs (Level 2)</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">Significant unobservable inputs (Level 3)</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Assets </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Money market funds </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">13,838</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">13,838</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Corporate bonds and notes </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20,060</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20,060</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Short-term investments </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">20,060</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">20,060</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Total assets </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">33,898</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">13,838</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">20,060</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Liabilities </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Contingent purchase consideration </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">50</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom" nowrap="nowrap">$</td> <td valign="bottom" nowrap="nowrap" align="right"> —  </td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">50</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> There were no transfers of assets between Level 1, Level 2 or Level 3 during the periods presented.   The contingent consideration is fixed at $50 if product approval is not achieved by June 30, 2016; the fair value is $50 using a probability weighting approach that considered the possible outcomes based on assumptions related to the timing and probability of the Cisatracurium product approval date. There were no changes in the fair value of our contingent purchase consideration measured using significant unobservable inputs (Level 3), during the three months ending March 31, 2016. </div>

<div> Note 17. Related party transactions: As of March 31, 2016 and December 31, 2015, respectively, we had a receivable of $2,677 and $2,678 from Sagent Agila LLC, which is expected to offset future profit-sharing payments. As of March 31, 2016 and December 31, 2015, respectively, we had a payable of $14,392 and $13,754 to Sagent Agila LLC, principally for the acquisition of inventory and amounts due under profit-sharing arrangements. </div>

<div> Accrued liabilities at March 31, 2016 and December 31, 2015 were as follows:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="76%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">March 31, 2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">December 31, 2015</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Payroll and employee benefits </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,998</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">6,512</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Sales and marketing </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,224</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">7,308</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Taxes payable </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">170</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">131</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Other accrued liabilities </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,453</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,755</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">13,845</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">15,706</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> Our investments at March 31, 2016 were comprised of the following:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="57%"></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="2%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Cost basis</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Unrealized gains</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Unrealized losses</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Carrying value</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Cash and cash equivalents</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Short term investments</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Assets </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Cash </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">8,661</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom">$</td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom">$</td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">8,661</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">8,661</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom">$</td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Money market funds </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,843</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,843</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">3,843</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Corporate/Government </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"> </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> bonds and notes </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20,079</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">14</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(7</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20,086</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20,086</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">32,583</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">14</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(7</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">32,590</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">12,504</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">20,086</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

<div> Intangible assets at March 31, 2016 and December 31, 2015 were as follows:   <table cellspacing="0" cellpadding="0" width="100%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="46%"></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="3%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="14" align="center" style="border-bottom:1.00pt solid #000000">March 31, 2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center" style="border-bottom:1.00pt solid #000000">December 31, 2015</td> <td valign="bottom"> </td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Gross carrying amount</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Accumulated amortization</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Intangible assets, net</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Gross carrying amount</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Accumulated amortization</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">Intangible assets, net</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Product licensing rights </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,533</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(3,096</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,437</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">4,533</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(2,998</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,535</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Product development rights </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,290</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">5,290</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,890</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">2,890</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Purchased product rights and other </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">49,165</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(6,434</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">42,731</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">46,238</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">(5,087</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">41,151</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Total definite-lived intangible assets </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">58,988</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(9,530</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">49,458</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">53,661</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(8,085</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">45,576</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> In-process research and development (IPR&D) </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,976</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom">$</td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,976</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,590</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td nowrap="nowrap" valign="bottom">$</td> <td nowrap="nowrap" valign="bottom" align="right"> —  </td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,590</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Total intangible assets </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">66,964</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(9,530</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">57,434</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">61,251</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">(8,085</td> <td nowrap="nowrap" valign="bottom">) </td> <td valign="bottom"> </td> <td valign="bottom">$</td> <td valign="bottom" align="right">53,166</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom"> </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

2339000

-6184000

67795000

75000

-7217000

-4988000

6229000

1156000

-1390000

2000000

1327000

1584000

2003000

451000

4814000

16847000

-6341000

79000

-33000

6315000

1094000

1077000

-1000

556000

-6254000

-1466000

563000

733000

-1266000

131000

-2036000

2400000

-1426000

2000000

1038000

1398000

1703000

2000000

12124000

1472000

6757000

-16458000

50948000

-10114000

19723000

3135000

<div> Note 4. Sale of Product Rights: During March 2016, we completed the sale of two product rights to NKF for cash consideration of $2,000 and recognized a gain of that amount in the first quarter. We have no continuing involvement in the manufacturing process of the products, nor do we have ongoing obligations related to the transfer of these product rights. </div> -1694000 21 <div> Note 16. Net revenue by product: Net revenue by therapeutic class is as follows:   <table cellspacing="0" cellpadding="0" width="76%" border="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" align="center"> <tr> <td width="80%"></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="4%"></td> <td></td> <td></td> <td></td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center"> Three months ended March 31,</td> <td valign="bottom"> </td> </tr> <tr style="font-family:Times New Roman; font-size:8pt"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="2" align="center" style="border-bottom:1.00pt solid #000000">2015</td> <td valign="bottom"> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Therapeutic class: </td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom"></td> <td valign="bottom"></td> <td valign="bottom"></td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Anti-infective </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">28,032</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">31,558</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Critical care </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">28,448</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">29,909</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-family:Times New Roman; font-size:10pt"> <td valign="top"> Oncology </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">11,315</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">21,178</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr bgcolor="#CCEEFF" style="font-family:Times New Roman; font-size:10pt"> <td valign="top"></td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">67,795</td> <td nowrap="nowrap" valign="bottom">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">82,645</td> <td nowrap="nowrap" valign="bottom">  </td> </tr> <tr style="font-size:1px;"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div> 993000

5243

47340

169580

0.10

2019-10-31

8000000

28032000

28448000

11315000

1426000

1064000

0.015

0.000

1250000

1114000

70000

62000

<div> Note 9. Investment in Sagent Agila: Changes in our investment in Sagent Agila during the three months ended March 31, 2016 were as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="89%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Investment in Sagent Agila at January 1, 2016 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right"> 7,108</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Equity in net income of Sagent Agila </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">556</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Investment in Sagent Agila at March 31, 2016 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,664</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> Condensed statement of operations information of Sagent Agila is presented below.   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="78%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center"> Three months ended March 31,</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">Condensed statement of operations information</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2015</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Net revenues </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,607</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,074</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Gross profit </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,112</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,770</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Net income </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,112</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,770</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> </table> </div>

<div> Condensed statement of operations information of Sagent Agila is presented below.   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="76%" align="center" border="0"> <tr> <td width="78%"></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> <td valign="bottom" width="6%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom"> </td> <td valign="bottom">  </td> <td valign="bottom" colspan="6" align="center"> Three months ended March 31,</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman"> <td valign="bottom">Condensed statement of operations information</td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2016</td> <td valign="bottom"> </td> <td valign="bottom">  </td> <td style="BORDER-BOTTOM: #000000 1pt solid" valign="bottom" colspan="2" align="center">2015</td> <td valign="bottom"> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Net revenues </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">1,607</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">3,074</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Gross profit </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,112</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,770</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Net income </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,112</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">1,770</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> </table> </div>

<div> Changes in our investment in Sagent Agila during the three months ended March 31, 2016 were as follows:   <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="68%" align="center" border="0"> <tr> <td width="89%"></td> <td valign="bottom" width="5%"></td> <td></td> <td></td> <td></td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Investment in Sagent Agila at January 1, 2016 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right"> 7,108</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"> <td valign="top"> Equity in net income of Sagent Agila </td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">556</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> <tr style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman" bgcolor="#CCEEFF"> <td valign="top"> Investment in Sagent Agila at March 31, 2016 </td> <td valign="bottom">  </td> <td valign="bottom">$</td> <td valign="bottom" align="right">7,664</td> <td valign="bottom" nowrap="nowrap">  </td> </tr> <tr style="FONT-SIZE: 1px"> <td valign="bottom"></td> <td valign="bottom">  </td> <td valign="bottom">   </td> <td valign="bottom">   </td> <td> </td> </tr> </table> </div>

1607000

1112000

556000

P50M

3248000

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Critical Care [Member] Critical care Current Fiscal Year End Date Current Fiscal Year End Date Debt Disclosure [Abstract] Debt Disclosure [Abstract] Debt Disclosure [Text Block] Debt Debt Instrument [Axis] Debt Instrument [Axis] Debt Instrument, Basis Spread on Variable Rate Basis spread on variable rate Debt Instrument, Name [Domain] Debt Instrument, Name [Domain] Debt Instrument, Periodic Payment Monthly mortgages installments Debt Securities [Member] Corporate/Government bonds and notes Debt service coverage ratio under covenants term. Debt Service Coverage Ratio Under Covenants Term Debt coverage ratio Deferred Income Tax Expense (Benefit) Deferred income taxes, net Deferred Tax Assets, Net of Valuation Allowance, Noncurrent Non-current deferred tax assets Deferred Tax Liabilities, Net, Noncurrent Deferred income taxes Depreciation Depreciation expense Depreciation, Depletion and Amortization, Nonproduction Depreciation and amortization Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Disclosure of Compensation Related Costs, Share-based Payments [Abstract] Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Stock-based compensation Discontinued Operations and Disposal Groups [Abstract] Discontinued Operations and Disposal Groups [Abstract] Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] Sale of SCP Document and entity information [Abstract]. Document And Entity Information [Abstract] Document And Entity Information [Abstract] Document Fiscal Period Focus Document Fiscal Period Focus Document Fiscal Year Focus Document Fiscal Year Focus Document Period End Date Document Period End Date Document Type Document Type Due from Related Parties, Current Due from related party Due to Related Parties, Current Due to related party Earnings Per Share [Abstract] Net loss per common share: Earnings Per Share, Basic Basic Net loss per common share (basic) Earnings Per Share, Diluted Diluted Net loss per common share (diluted) Earnings Per Share [Text Block] Earnings per share Effect of Exchange Rate on Cash and Cash Equivalents Effect of exchange rate movements in cash Employee-related Liabilities, Current Payroll and employee benefits Entity Central Index Key Entity Central Index Key Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding Entity [Domain] Entity [Domain] Entity Filer Category Entity Filer Category Entity Registrant Name Entity Registrant Name Equity [Abstract] Equity [Abstract] Equity Component [Domain] Equity Component [Domain] Investment, Name [Domain] Investment, Name [Domain] Equity Method Investments Investment at end of the period Investment at beginning of the period Investment in joint ventures Equity Method Investments and Joint Ventures [Abstract] Equity Method Investments and Joint Ventures [Abstract] Equity Method Investments and Joint Ventures Disclosure [Text Block] Investment in Sagent Agila Equity Method Investments [Table Text Block] Changes in Investment Equity Method Investment, Summarized Financial Information, Gross Profit (Loss) Gross profit Equity Method Investment, Summarized Financial Information, Net Income (Loss) Net income Equity Method Investment, Summarized Financial Information, Revenue Net revenues Eurodollar [Member] Eurodollar Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value, Assets, Level 1 to Level 2 Transfers, Amount Transfer of assets between Level 1 to Level 2 Fair Value, Assets, Level 2 to Level 1 Transfers, Amount Transfer of assets between Level 2 to Level 1 Asset Class [Domain] Asset Class [Domain] Asset Class [Axis] Asset Class [Axis] Fair Value, Hierarchy [Axis] Fair Value, Hierarchy [Axis] Liability Class [Axis] Liability Class [Axis] Measurement Frequency [Axis] Measurement Frequency [Axis] Fair Value Disclosures [Abstract] Fair Value Disclosures [Abstract] Fair Value Disclosures [Text Block] Fair value measurements Fair Value, Inputs, Level 1 [Member] Quoted prices in active markets for identical assets (Level 1) Fair Value, Inputs, Level 2 [Member] Significant other observable inputs (Level 2) Fair Value, Inputs, Level 3 [Member] Significant unobservable inputs (Level 3) Fair Value by Liability Class [Domain] Fair Value by Liability Class [Domain] Fair Value, Measurement Frequency [Domain] Fair Value, Measurement Frequency [Domain] Fair Value Hierarchy [Domain] Fair Value Hierarchy [Domain] Fair Value, Measurements, Recurring [Member] Assets and liabilities measured at fair value on a recurring basis Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers, Net Transfer of assets into (out of) Level 3 Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings Change in fair value of contingent purchase consideration Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value Fair value of the contingent consideration Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] Finite-Lived and Indefinite-Lived Intangible Assets [Table] Finite-Lived and Indefinite-Lived Intangible Assets [Table] Finite-Lived and Indefinite-Lived Intangible Assets [Table] Finite lived intangible asset number of products. Finite Lived Intangible Asset Number Of Products Number of products comprising product licensing rights intangible asset Finite-Lived Intangible Assets, Accumulated Amortization Definite-lived intangible assets, Accumulated amortization Finite-Lived Intangible Assets by Major Class [Axis] Finite-Lived Intangible Assets by Major Class [Axis] Finite-Lived Intangible Assets, Gross Definite-lived intangible assets, Gross carrying amount Finite-Lived Intangible Assets, Major Class Name [Domain] Finite-Lived Intangible Assets, Major Class Name [Domain] Finite-Lived Intangible Assets, Net Definite-lived intangible assets, net Finite-Lived Intangible Asset, Weighted Average Period before Next Renewal or Extension Weighted-average period prior to next extension or renewal of intangible asset Fixed Charge Coverage Ratio Fixed Charge Coverage Ratio Fixed charge coverage ratio Gain (Loss) on Disposition of Intangible Assets Gain on sale of product rights Gain on sale of product rights Gain (Loss) on Sale of Equity Investments Sale of SCP Gain (Loss) on Disposition of Stock in Subsidiary Loss on sale of SCP Loss on sale of SCP Goodwill Balance at March 31, 2016 Balance at December 31, 2015 Goodwill Goodwill and Intangible Assets Disclosure [Abstract] Goodwill and Intangible Assets Disclosure [Abstract] Goodwill and Intangible Assets Disclosure [Text Block] Goodwill and Intangible assets, net Goodwill And Intangible Assets [Line Items] Goodwill And Intangible Assets [Line Items] Goodwill And Intangible Assets [Line Items] Goodwill And Intangible Assets [Table] Goodwill And Intangible Assets [Table] Goodwill And Intangible Assets [Table] Goodwill, Foreign Currency Translation Gain (Loss) Foreign currency movements Goodwill, Impairment Loss Goodwill impairment Gross Profit Gross profit Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest Loss before income taxes Income (Loss) from Equity Method Investments Equity in net income of joint ventures Equity in net (income) loss of joint ventures Equity in net income of joint ventures Income (Loss) from Subsidiaries, Tax Expense (Benefit) Tax benefit Income Statement [Abstract] Income Statement [Abstract] Income Tax Disclosure [Abstract] Income Tax Disclosure [Abstract] Income Tax Disclosure [Line Items] Income Tax Disclosure [Line Items] Income Tax Disclosure [Line Items] Income Tax Disclosure [Table] Income Tax Disclosure [Table] Income Tax Disclosure [Table] Income Tax Disclosure [Text Block] Income Taxes Income Tax Expense (Benefit) Provision (benefit) for income taxes Increase (Decrease) in Accounts Payable and Accrued Liabilities Accounts payable and other accrued liabilities Increase (Decrease) in Accounts Receivable Accounts receivable, net Increase (Decrease) in Due from Related Parties, Current Due from related party Increase (Decrease) in Inventories Inventories, net Increase (Decrease) in Operating Capital [Abstract] Changes in operating assets and liabilities: Increase (Decrease) in Prepaid Expense and Other Assets Prepaid expenses and other current assets Increase (Decrease) in Raw Materials, Packaging Materials and Supplies Inventories Raw materials acquired Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements Net effect of dilutive securities: Stock options and restricted stock Indefinite-lived Intangible Assets [Axis] Indefinite-lived Intangible Assets [Axis] Indefinite-Lived Intangible Assets (Excluding Goodwill) Indefinite-lived IPR&D, Intangible assets, net Indefinite-lived Intangible Assets, Major Class Name [Domain] Indefinite-lived Intangible Assets, Major Class Name [Domain] Intangible Assets, Gross (Excluding Goodwill) Intangible assets, Gross carrying amount Intangible Assets, Net (Excluding Goodwill) Intangible assets, net Intangible assets, net Interest Expense Interest expense Inventory approved. 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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2016	Apr. 29, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
Trading Symbol	SGNT
Entity Registrant Name	SAGENT PHARMACEUTICALS, INC.
Entity Central Index Key	0001369786
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		32,838,743

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Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 12,504	$ 28,962
Short-term investments	20,086	20,060
Accounts receivable, net of chargebacks and other deductions	49,887	51,425
Inventories, net	83,414	76,453
Due from related party	2,677	2,678
Prepaid expenses and other current assets	8,856	7,388
Assets held for sale		4,626
Total current assets	177,424	191,592
Property, plant, and equipment, net	23,663	19,761
Investment in joint ventures	7,664	7,108
Goodwill	26,574	25,184
Intangible assets, net	57,434	53,166
Non-current deferred tax assets	51,758	50,808
Other assets	1,451	2,113
Total assets	345,968	349,732
Current liabilities:
Accounts payable	41,792	43,703
Due to related party	14,392	13,754
Accrued profit sharing	5,998	7,582
Accrued liabilities	13,845	15,706
Liabilities held for sale		2,910
Total current liabilities	76,027	83,655
Long term liabilities:
Long-term debt	2,799	1,623
Deferred income taxes	12,361	12,021
Other long-term liabilities	1,330	1,340
Total liabilities	92,517	98,639
Stockholders' equity:
Common stock-$0.01 par value, 100,000,000 authorized, and 32,838,001 and 32,801,896 outstanding at March 31, 2016 and December 31, 2015, respectively	329	328
Additional paid-in capital	368,266	367,235
Accumulated other comprehensive loss	(11,167)	(17,482)
Accumulated deficit	(103,977)	(98,988)
Total stockholders' equity	253,451	251,093
Total liabilities and stockholders' equity	$ 345,968	$ 349,732

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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized shares	100,000,000	100,000,000
Common stock, outstanding shares	32,838,001	32,801,896

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Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Net revenue	$ 67,795	$ 82,645
Cost of sales	50,948	60,720
Gross profit	16,847	21,925
Operating expenses:
Product development	6,757	5,315
Selling, general and administrative	12,124	13,125
Acquisition-related costs	1,398	1,251
Management transition costs	0	3,308
Equity in net income of joint ventures	(556)	(885)
Total operating expenses	19,723	22,114
Loss on sale of SCP	6,341
Gain on sale of product rights	(2,000)
Loss from operations	(7,217)	(189)
Interest income and other income (expense), net	1,094	(1,056)
Interest expense	(131)	(330)
Loss before income taxes	(6,254)	(1,575)
Provision (benefit) for income taxes	(1,266)	319
Net loss	$ (4,988)	$ (1,894)
Net loss per common share:
Basic	$ (0.15)	$ (0.06)
Diluted	$ (0.15)	$ (0.06)
Weighted-average of shares used to compute net loss per common share:
Basic	32,829	32,043
Diluted	32,829	32,043

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Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net loss	$ (4,988)	$ (1,894)
Other comprehensive income (loss), net of tax
Foreign currency translation adjustments	4,814	(7,038)
Reclassification of cumulative currency translation gain	1,426
Unrealized gains on available for sale securities	75	30
Total other comprehensive income (loss), net of tax	6,315	(7,008)
Comprehensive income (loss)	$ 1,327	$ (8,902)

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities
Net income (loss)	$ (4,988)	$ (1,894)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	1,703	3,089
Stock-based compensation	1,038	1,090
Equity in net (income) loss of joint ventures	(556)	(885)
Deferred income taxes, net	(1,466)	(843)
Sale of SCP	6,184
Other	33
Changes in operating assets and liabilities:
Accounts receivable, net	(1,156)	(11,071)
Inventories, net	(6,229)	(844)
Prepaid expenses and other current assets	(1,077)	(646)
Due from related party	1	3,169
Accounts payable and other accrued liabilities	(10,114)	11,831
Net cash provided by (used in) operating activities	(16,627)	2,996
Cash flows from investing activities
Capital expenditures	(2,339)	(2,240)
Purchases of investments	(2,003)	(2,464)
Sale of investments	2,000	1,000
Net reduction in cash due to sale of SCP	(1,694)
Sale of product rights	2,000
Purchase of product rights		(100)
Net cash used in investing activities	(2,036)	(3,804)
Cash flows from financing activities
Increase (reduction) in short-term borrowings		(5,189)
Issuance of long-term debt	3,135
Repayment of long-term debt	(1,584)	(260)
Payment of deferred financing costs	(79)	(27)
Proceeds from issuance of common stock, net of issuance costs		165
Net cash used in financing activities	1,472	(5,311)
Effect of exchange rate movements in cash	733	(164)
Net decrease in cash and cash equivalents	(16,458)	(6,283)
Cash and cash equivalents, at beginning of period	28,962	55,633
Cash and cash equivalents, at end of period	12,504	49,350
Supplemental disclosure of cash flow information
Acquisition of property, plant and equipment in accounts payable	993	$ (801)
Acquisition of intangibles in accounts payable	$ 2,400

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Basis of presentation	3 Months Ended
Basis of presentation	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of presentation	Note 1. Basis of presentation: Our interim condensed consolidated financial statements are unaudited. We prepared the condensed consolidated financial statements following rules for interim reporting as prescribed by the U.S. Securities and Exchange Commission (“SEC”). As permitted under those rules, we have condensed or omitted a number of footnotes or other financial information that are normally required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). It is management’s opinion that these financial statements include all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation of our financial position, operating results and cash flows. Operating results for any interim period are not necessarily indicative of future or annual results. The condensed consolidated financial statements include Sagent as well as our wholly owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. We account for our investment in Sagent Agila LLC using the equity method of accounting, as our interest in the entity provides for joint financial and operational control. Management uses segment information to evaluate segment performance and allocate resources. Since the acquisition of Omega in the fourth quarter of 2014, we have operated in two reportable segments comprised of operations organized geographically in the United States (Sagent US segment) and Canada (Omega segment). Effective March 2016, we completed the disposal of the Sagent China Pharmaceuticals Co., Ltd. (“SCP”) manufacturing facility, which was a component of the Sagent US segment, reorganized our internal reporting responsibilities with our new EVP-Global Operations, and continued to align our strategic focus to integrate our Canadian business to support the manufacturing and sale of products in both the Canadian and US markets. Following these events, our Chief Executive Officer now focuses his review of financial performance and allocation of resources on the operations of the consolidated Company. As a result, we began operating in a single reportable segment, which develops, sources, manufactures and markets affordable generic pharmaceutical products to the hospital market. We continue to operate with two reporting units, which comprise the single reportable segment. You should read these statements in conjunction with our consolidated financial statements and related notes for the year ended December 31, 2015, included in our most recent Annual Report on Form 10-K filed with the SEC on March 7, 2016.

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Recent Accounting Pronouncements	3 Months Ended
Recent Accounting Pronouncements	Mar. 31, 2016
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	Note 2: Recent Accounting Pronouncements In May 2014, the FASB issued amended revenue recognition guidance to clarify the principles for recognizing revenue from contracts with customers. The guidance requires an entity to recognize revenue in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. The guidance also requires expanded disclosures relating to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required about customer contracts, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. In July 2015, the FASB approved a one year deferral to the new revenue guidance, and we are therefore required to adopt the new guidance on January 1, 2018 using one of the two prescribed retroactive methods. We are evaluating the impact of the amended revenue recognition guidance on our financial statements. In February 2015, the FASB issued amended guidance on the model used to evaluate whether certain legal entities should be consolidated. This guidance is effective for the Company in the first quarter of 2016. We have adopted this guidance in the current period. There was no material impact of adoption. In April 2015, the FASB issued amended guidance which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This guidance is effective for annual and interim periods beginning after December 15, 2015. We have adopted this guidance in the current period. There was no material impact of adoption. In February 2016, the FASB issued lease guidance, which is intended to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. In order to meet that objective, the new standard requires recognition of the assets and liabilities that arise from leases. A lessee will be required to recognize on the balance sheet the assets and liabilities for leases with lease terms of more than 12 months. Accounting by lessors will remain largely unchanged from current U.S. GAAP. The new standard is effective for public companies for fiscal years beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. We are currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures. In March 2016, the FASB issued amended guidance on employee share-based payment accounting. This update involves several aspects of the accounting for share-based payment transactions, including income tax effects, forfeitures and classifications on the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2016. Early adoption is permitted in an interim or annual period; however, all amendments must be adopted at the same time. We are currently evaluating the impact of this guidance on our financial statements.

- Definition

The entire disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=6507316

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Direct Effects of a Change in Accounting Principle
-URI http://asc.fasb.org/extlink&oid=66092750

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-URI http://asc.fasb.org/extlink&oid=6523989

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+ Details

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Sale of SCP	3 Months Ended
Sale of SCP	Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Sale of SCP	Note 3. Sale of SCP: On March 22, 2016, we completed the sale of all of the issued and outstanding shares of the capital stock of SCP to Hong Kong King-Friend Pharmaceutical Co., Ltd., a subsidiary of Nanjing King-Friend Pharmaceutical Co., Ltd., (“NKF”), in exchange for $500. In connection with the closing of the transaction, we incurred additional charges related to employee severance, cumulative currency translation adjustments and transferred working capital, resulting in a loss of $6,341, net of the cash consideration we received.

- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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+ Details

XML 22 R10.htm IDEA: XBRL DOCUMENT

Sale of Product Rights	3 Months Ended
Sale of Product Rights	Mar. 31, 2016
Text Block [Abstract]
Sale of Product Rights	Note 4. Sale of Product Rights: During March 2016, we completed the sale of two product rights to NKF for cash consideration of $2,000 and recognized a gain of that amount in the first quarter. We have no continuing involvement in the manufacturing process of the products, nor do we have ongoing obligations related to the transfer of these product rights.

XML 23 R11.htm IDEA: XBRL DOCUMENT

Investments

3 Months Ended

Mar. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Investments

Note 5. Investments:

Our investments at March 31, 2016 were comprised of the following:


	Cost basis		Unrealized gains		Unrealized losses			Carrying value		Cash and cash equivalents		Short term investments
Assets
Cash	$	8,661	$	—	$	—		$	8,661	$	8,661	$	—
Money market funds		3,843		—		—			3,843		3,843		—
Corporate/Government
bonds and notes		20,079		14		(7	)		20,086		—		20,086

	$	32,583	$	14	$	(7	)	$	32,590	$	12,504	$	20,086

Investments with continuous unrealized losses for less than twelve months and their related fair values at March 31, 2016 were as follows:


	Fair value		Unrealized losses
Corporate/Government	$	8,071	$	(7	)
bonds and notes

The original cost and estimated current fair value of our fixed-income securities at March 31, 2016 are set forth below.


	Cost basis		Estimated fair value
Due in one year or less	$	11,355	$	11,358
Due between one and five years		8,724		8,728

	$	20,079	$	20,086

- Definition

The entire disclosure for investments in certain debt and equity securities.

+ References + Details

XML 24 R12.htm IDEA: XBRL DOCUMENT

Inventories

3 Months Ended

Mar. 31, 2016

Inventory Disclosure [Abstract]

Inventories

Note 6. Inventories:

Inventories at March 31, 2016 and December 31, 2015 were as follows:


	March 31, 2016									December 31, 2015
	Approved			Pending regulatory approval			Inventory			Approved			Pending regulatory approval		Inventory
Raw materials	$	5,567		$	6,050		$	11,617		$	4,855		$	2,800	$	7,655
Work in process		694			—			694			433			—		433
Finished goods		79,059			—			79,059			73,365			—		73,365
Inventory reserve		(5,227	)		(2,729	)		(7,956	)		(5,000	)		—		(5,000	)

	$	80,093		$	3,321		$	83,414		$	73,653		$	2,800	$	76,453

XML 25 R13.htm IDEA: XBRL DOCUMENT

Property, plant and equipment

3 Months Ended

Mar. 31, 2016

Property, Plant and Equipment [Abstract]

Property, plant and equipment

Note 7. Property, plant and equipment

Property, plant and equipment at March 31, 2016 and December 31, 2015 were as follows:


	March 31, 2016			December 31, 2015
	March 31, 2016			December 31, 2015
Land and land improvements	$	1,182		$	1,102
Buildings and improvements		7,579			6,713
Machinery, equipment, furniture and fixtures		6,014			5,457
Computer software		3,770			3,776
Construction in process		9,610			6,535

		28,155			23,583
Less accumulated depreciation		(4,492	)		(3,822	)

	$	23,663		$	19,761

Depreciation expense was $563 and $1,427 for the three months ending March 31, 2016 and 2015, respectively.

XML 26 R14.htm IDEA: XBRL DOCUMENT

Goodwill and Intangible assets, net

3 Months Ended

Mar. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible assets, net

Note 8. Goodwill and Intangible assets, net:

Goodwill at March 31, 2016 and December 31, 2015 was $26,574 and $25,184, respectively. There were no goodwill impairment losses for the three months ended March 31, 2016 and 2015, respectively.

Movements in goodwill were due to the following:


December 31, 2015	$	25,184
Foreign currency movements		1,390

March 31, 2016	$	26,574

Intangible assets at March 31, 2016 and December 31, 2015 were as follows:


	March 31, 2016									December 31, 2015
	Gross carrying amount		Accumulated amortization			Intangible assets, net		Gross carrying amount		Accumulated amortization			Intangible assets, net
Product licensing rights	$	4,533	$	(3,096	)	$	1,437	$	4,533	$	(2,998	)	$	1,535
Product development rights		5,290		—			5,290		2,890		—			2,890
Purchased product rights and other		49,165		(6,434	)		42,731		46,238		(5,087	)		41,151

Total definite-lived intangible assets	$	58,988	$	(9,530	)	$	49,458	$	53,661	$	(8,085	)	$	45,576

In-process research and development (IPR&D)	$	7,976	$	—		$	7,976	$	7,590	$	—		$	7,590

Total intangible assets	$	66,964	$	(9,530	)	$	57,434	$	61,251	$	(8,085	)	$	53,166

The weighted-average period prior to the next extension or renewal for the 21 products comprising our product licensing rights intangible asset was 50 months at March 31, 2016.

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References + Details

XML 27 R15.htm IDEA: XBRL DOCUMENT

Investment in Sagent Agila

3 Months Ended

Mar. 31, 2016

Sagent Agila LLC

Investment in Sagent Agila

Note 9. Investment in Sagent Agila:

Changes in our investment in Sagent Agila during the three months ended March 31, 2016 were as follows:


Investment in Sagent Agila at January 1, 2016	$	7,108
Equity in net income of Sagent Agila		556

Investment in Sagent Agila at March 31, 2016	$	7,664

Condensed statement of operations information of Sagent Agila is presented below.


	Three months ended March 31,
Condensed statement of operations information	2016		2015
Net revenues	$	1,607	$	3,074
Gross profit		1,112		1,770
Net income		1,112		1,770

XML 28 R16.htm IDEA: XBRL DOCUMENT

Debt	3 Months Ended
Debt	Mar. 31, 2016
Debt Disclosure [Abstract]
Debt	Note 10. Debt: JPMorgan Chase Revolving Credit Loan Facility On October 31, 2014, we entered into a credit agreement with JPMorgan Chase Bank, N.A., (the “Chase Agreement”). The Chase Agreement provides for an $80,000 asset based revolving credit loan facility, with availability subject to a borrowing base consisting of eligible cash, short-term investments, accounts receivable and inventory and the satisfaction of conditions precedent specified in the Chase Agreement. The Chase Agreement provides for an accordion feature, whereby we may increase the revolving commitment up to an additional $25,000, subject to certain customary terms and conditions, including pro-forma compliance with a fixed charge coverage ratio (as defined in the Chase Agreement) of 1.00 to 1.00. The Chase Agreement matures on October 31, 2019, at which time all amounts outstanding will be due and payable. Borrowings under the Chase Agreement may be used for general corporate purposes, including funding working capital. Amounts drawn bear an interest rate equal to, at our option, either a Eurodollar rate plus 2.00% per annum or an alternative base rate plus 1.00% per annum. We also incur a commitment fee on undrawn amounts equal to 0.25% per annum. The Chase Agreement includes customary covenants and also imposes a financial covenant requiring compliance with a minimum fixed charge coverage ratio of 1.00 to 1.00 during certain covenant testing times triggered if availability under the Chase Agreement is below the greater of 10% of the revolving commitment and $8,000. On January 7, 2016, we amended and restated our Chase Agreement (the “Amended Chase Agreement”) by adding a Canadian tranche and joining Omega as a borrower. The Amended Chase Agreement adds a C$30,000 term loan (including a delayed draw term loan) to fund, among other things, Omega’s construction of a facility in Quebec. The Amended Chase Agreement also adds a C$10,000 revolving facility sublimit to the existing revolving facility, with the total revolving commitment amount remaining at $80,000. The applicable margins for the Canadian prime rate and Canadian Dollar Offered Rate (“CDOR”) revolving loans are the same as the base rate and Eurodollar rates for the U.S. revolving loans at 1.00% and 2.00%, respectively. The margins for the Canadian term loans are 1.25% and 2.25% for Canadian prime rate and CDOR, respectively. The commitment fee rate remains 0.25%. The fixed charge coverage ratio remains at 1.00 to 1.00. The Canadian term loans are to be repaid in certain increments pursuant to the Amended Chase Agreement as the facility in Quebec is completed. As of March 31, 2016, there was $3,337 in borrowings outstanding under our Amended Chase Agreement, $1,568 on the term loan and $1,769 on the revolver, and we were in compliance with all covenants under the Amended Chase Agreement. Total availability under our Chase term loan facility was $21,607 (C$27,970) at March 31, 2016. Total availability under our Chase revolving loan facility was $78,131 at March 31, 2016, which is subject to adjustment on a monthly basis under our borrowing base calculation. Credit facilities acquired under the Omega acquisition In connection with the acquisition of Omega, we assumed a series of credit facilities and mortgages with the National Bank of Canada (“NBC”) and the Business Development Bank of Canada (“BDC”). In January 2015, we paid off all amounts outstanding under the Omega operating credit facility, the Omega demand loan and the Omega decreasing revolving credit facility with available cash on hand. Omega also had five mortgage loans with the BDC (collectively the “Omega mortgages”) which we assumed in connection with the acquisition. The Omega mortgages, which require monthly installments and which are secured by specific Omega buildings and equipment, range in amount from C$70 to C$1,250 ($62 to $1,114 as of the acquisition date) and bear interest at the lender’s prime rate (5% as of the acquisition date) plus a premium ranging from 0%—1.5%. The carrying value of the mortgages approximates fair value. The Omega mortgages matured at various times from August 2019 through November 2036. In January 2016, in connection with entering the Amended Chase Agreement, we repaid the Omega mortgages in full, and refinanced them under the Chase term loan.

XML 29 R17.htm IDEA: XBRL DOCUMENT

Accrued liabilities

3 Months Ended

Mar. 31, 2016

Payables and Accruals [Abstract]

Accrued liabilities

Note 11. Accrued liabilities:

Accrued liabilities at March 31, 2016 and December 31, 2015 were as follows:


	March 31, 2016		December 31, 2015
Payroll and employee benefits	$	3,998	$	6,512
Sales and marketing		7,224		7,308
Taxes payable		170		131
Other accrued liabilities		2,453		1,755

	$	13,845	$	15,706

XML 30 R18.htm IDEA: XBRL DOCUMENT

Fair value measurements

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Fair value measurements

Note 12. Fair value measurements:

Assets measured at fair value on a recurring basis as of March 31, 2016 consisted of the following:


	Total fair value		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets
Money market funds	$	3,843	$	3,843	$	—	$	—

Corporate bonds and notes		20,086		—		20,086		—

Short-term investments	$	20,086	$	—	$	20,086	$	—

Total assets	$	23,929	$	3,843	$	20,086	$	—

Liabilities
Contingent purchase consideration	$	50	$	—	$	—	$	50

Assets measured at fair value on a recurring basis as of December 31, 2015 consisted of the following:


	Total fair value		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets
Money market funds	$	13,838	$	13,838	$	—	$	—

Corporate bonds and notes		20,060		—		20,060		—

Short-term investments	$	20,060	$	—	$	20,060	$	—

Total assets	$	33,898	$	13,838	$	20,060	$	—

Liabilities
Contingent purchase consideration	$	50	$	—	$	—	$	50

There were no transfers of assets between Level 1, Level 2 or Level 3 during the periods presented.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 31 R19.htm IDEA: XBRL DOCUMENT

Accumulated other comprehensive income (loss)

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Accumulated other comprehensive income (loss)

Note 13. Accumulated other comprehensive income (loss):

Accumulated other comprehensive income (loss) at March 31, 2016 and December 31, 2015 is comprised of the following:


	March 31, 2016			December 31, 2015
Currency translation adjustment, net of tax	$	(11,174	)	$	(17,414	)
Unrealized gains (losses) on available for sale securities, net of tax		7			(68	)

Total accumulated other comprehensive loss	$	(11,167	)	$	(17,482	)

The table below presents the significant amounts reclassified out of each component of accumulated other comprehensive loss for the period ended March 31, 2016.

- Definition

The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e689-108580

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=66004124&loc=SL7669619-108580

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e640-108580

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e716-108580

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-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 16
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e709-108580

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e637-108580

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
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-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e681-108580

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Glossary Reclassification Adjustments
-URI http://asc.fasb.org/extlink&oid=6522872

+ Details

XML 32 R20.htm IDEA: XBRL DOCUMENT

Earnings per share

3 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

Earnings per share

Note 14. Earnings per share:

The table below presents the computation of basic and diluted earnings per share for the three months ended March 31, 2016 and 2015:


	Three months ended March 31,
	2016			2015
Basic and dilutive numerator:
Net loss, as reported	$	(4,988	)	$	(1,894	)

Denominator:
Weighted-average common shares outstanding - basic (in thousands)		32,829			32,043
Net effect of dilutive securities:
Stock options and restricted stock		—			—

Weighted-average common shares outstanding - diluted (in thousands)		32,829			32,043

Net loss per common share (basic)	$	(0.15	)	$	(0.06	)

Net loss per common share (diluted)	$	(0.15	)	$	(0.06	)

XML 33 R21.htm IDEA: XBRL DOCUMENT

Stock-based compensation

3 Months Ended

Mar. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock-based compensation

Note 15. Stock-based compensation:

The following tables set forth stock option and restricted stock activity for the three months ended March 31, 2016:


	Number of Shares
	Stock options			Restricted stock
Outstanding at January 1, 2016		1,679,039			180,208
Granted		537,955			169,580
Exercised		—			(47,340	)
Forfeited		(95,637	)		(5,243	)

Outstanding at March 31, 2016		2,121,357			297,205

The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2015 was $1,550. There were no stock options exercised during the three months ended March 31, 2016.

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

+ References + Details

XML 34 R22.htm IDEA: XBRL DOCUMENT

Net revenue by product

3 Months Ended

Mar. 31, 2016

Text Block [Abstract]

Net revenue by product

Note 16. Net revenue by product:

Net revenue by therapeutic class is as follows:


	Three months ended March 31,
	2016		2015
Therapeutic class:
Anti-infective	$	28,032	$	31,558
Critical care		28,448		29,909
Oncology		11,315		21,178

	$	67,795	$	82,645

XML 35 R23.htm IDEA: XBRL DOCUMENT

Related party transactions	3 Months Ended
Related party transactions	Mar. 31, 2016
Related Party Transactions [Abstract]
Related party transactions	Note 17. Related party transactions: As of March 31, 2016 and December 31, 2015, respectively, we had a receivable of $2,677 and $2,678 from Sagent Agila LLC, which is expected to offset future profit-sharing payments. As of March 31, 2016 and December 31, 2015, respectively, we had a payable of $14,392 and $13,754 to Sagent Agila LLC, principally for the acquisition of inventory and amounts due under profit-sharing arrangements.

XML 36 R24.htm IDEA: XBRL DOCUMENT

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Note 18. Income Taxes: Our benefit for income taxes for the three months ended March 31, 2016 was $1,266 and our provision for income taxes for the three months ended March 31, 2015 was $319. Included within the first quarter 2016 tax benefit are $1,064 of discrete tax benefits related to the completion of the sale of SCP.

XML 37 R25.htm IDEA: XBRL DOCUMENT

Commitments and contingencies	3 Months Ended
Commitments and contingencies	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Note 19. Commitments and contingencies: From time to time, we are subject to claims and litigation arising in the ordinary course of business. These claims may include assertions that our products infringe existing patents and claims that the use of our products has caused personal injuries. We intend to vigorously defend any such litigation that may arise under all defenses that would be available to us. At this time, there are no proceedings of which we are aware that are considered likely to have a material adverse effect on our consolidated financial position or results of operations.

XML 38 R26.htm IDEA: XBRL DOCUMENT

Management transition	3 Months Ended
Management transition	Mar. 31, 2016
Restructuring and Related Activities [Abstract]
Management transition	Note 20. Management transition: In 2015, we incurred costs related to the transition of our senior management team, following the retirement of our founder and Chief Executive Officer and resignation of our President in March 2015, and the elimination of certain positions in the US as part of the ongoing review of our business. Costs associated with these matters for the three months ended March 31, 2015, primarily severance related charges, totaled $3,308. Of the charges incurred in 2015, $451 were paid during the quarter ended March 31, 2016 related to ongoing severance obligations. Total costs accrued within the Accounts Payable and Accrued liabilities captions of the balance sheet at March 31, 2016 were $723. No costs were incurred in the three months ended March 31, 2016.

XML 39 R27.htm IDEA: XBRL DOCUMENT

Recent Accounting Pronouncements (Policies)	3 Months Ended
Recent Accounting Pronouncements (Policies)	Mar. 31, 2016
Accounting Changes and Error Corrections [Abstract]
Recent Accounting Pronouncements	In May 2014, the FASB issued amended revenue recognition guidance to clarify the principles for recognizing revenue from contracts with customers. The guidance requires an entity to recognize revenue in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. The guidance also requires expanded disclosures relating to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required about customer contracts, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. In July 2015, the FASB approved a one year deferral to the new revenue guidance, and we are therefore required to adopt the new guidance on January 1, 2018 using one of the two prescribed retroactive methods. We are evaluating the impact of the amended revenue recognition guidance on our financial statements. In February 2015, the FASB issued amended guidance on the model used to evaluate whether certain legal entities should be consolidated. This guidance is effective for the Company in the first quarter of 2016. We have adopted this guidance in the current period. There was no material impact of adoption. In April 2015, the FASB issued amended guidance which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This guidance is effective for annual and interim periods beginning after December 15, 2015. We have adopted this guidance in the current period. There was no material impact of adoption. In February 2016, the FASB issued lease guidance, which is intended to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. In order to meet that objective, the new standard requires recognition of the assets and liabilities that arise from leases. A lessee will be required to recognize on the balance sheet the assets and liabilities for leases with lease terms of more than 12 months. Accounting by lessors will remain largely unchanged from current U.S. GAAP. The new standard is effective for public companies for fiscal years beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. We are currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures. In March 2016, the FASB issued amended guidance on employee share-based payment accounting. This update involves several aspects of the accounting for share-based payment transactions, including income tax effects, forfeitures and classifications on the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2016. Early adoption is permitted in an interim or annual period; however, all amendments must be adopted at the same time. We are currently evaluating the impact of this guidance on our financial statements.

XML 40 R28.htm IDEA: XBRL DOCUMENT

Investments (Tables)

3 Months Ended

Mar. 31, 2016

Investments, Debt and Equity Securities [Abstract]

Investments

Our investments at March 31, 2016 were comprised of the following:


	Cost basis		Unrealized gains		Unrealized losses			Carrying value		Cash and cash equivalents		Short term investments
Assets
Cash	$	8,661	$	—	$	—		$	8,661	$	8,661	$	—
Money market funds		3,843		—		—			3,843		3,843		—
Corporate/Government
bonds and notes		20,079		14		(7	)		20,086		—		20,086

	$	32,583	$	14	$	(7	)	$	32,590	$	12,504	$	20,086

Investments with Continuous Unrealized Losses for Less Than Twelve Months and Related Fair Values

Investments with continuous unrealized losses for less than twelve months and their related fair values at March 31, 2016 were as follows:


	Fair value		Unrealized losses
Corporate/Government	$	8,071	$	(7	)
bonds and notes

Cost and Estimated Current Fair Value of Fixed-Income Securities

The original cost and estimated current fair value of our fixed-income securities at March 31, 2016 are set forth below.


	Cost basis		Estimated fair value
Due in one year or less	$	11,355	$	11,358
Due between one and five years		8,724		8,728

	$	20,079	$	20,086

XML 41 R29.htm IDEA: XBRL DOCUMENT

Inventories (Tables)

3 Months Ended

Mar. 31, 2016

Inventory Disclosure [Abstract]

Inventory Valuation

Inventories at March 31, 2016 and December 31, 2015 were as follows:


	March 31, 2016									December 31, 2015
	Approved			Pending regulatory approval			Inventory			Approved			Pending regulatory approval		Inventory
Raw materials	$	5,567		$	6,050		$	11,617		$	4,855		$	2,800	$	7,655
Work in process		694			—			694			433			—		433
Finished goods		79,059			—			79,059			73,365			—		73,365
Inventory reserve		(5,227	)		(2,729	)		(7,956	)		(5,000	)		—		(5,000	)

	$	80,093		$	3,321		$	83,414		$	73,653		$	2,800	$	76,453

XML 42 R30.htm IDEA: XBRL DOCUMENT

Property, plant and equipment (Tables)

3 Months Ended

Mar. 31, 2016

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Property, plant and equipment at March 31, 2016 and December 31, 2015 were as follows:


	March 31, 2016			December 31, 2015
	March 31, 2016			December 31, 2015
Land and land improvements	$	1,182		$	1,102
Buildings and improvements		7,579			6,713
Machinery, equipment, furniture and fixtures		6,014			5,457
Computer software		3,770			3,776
Construction in process		9,610			6,535

		28,155			23,583
Less accumulated depreciation		(4,492	)		(3,822	)

	$	23,663		$	19,761

XML 43 R31.htm IDEA: XBRL DOCUMENT

Goodwill and Intangible assets, net (Tables)

3 Months Ended

Mar. 31, 2016

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Movements in Goodwill

Movements in goodwill were due to the following:


December 31, 2015	$	25,184
Foreign currency movements		1,390

March 31, 2016	$	26,574

Schedule of Intangible Assets - Finite lived

Intangible assets at March 31, 2016 and December 31, 2015 were as follows:


	March 31, 2016									December 31, 2015
	Gross carrying amount		Accumulated amortization			Intangible assets, net		Gross carrying amount		Accumulated amortization			Intangible assets, net
Product licensing rights	$	4,533	$	(3,096	)	$	1,437	$	4,533	$	(2,998	)	$	1,535
Product development rights		5,290		—			5,290		2,890		—			2,890
Purchased product rights and other		49,165		(6,434	)		42,731		46,238		(5,087	)		41,151

Total definite-lived intangible assets	$	58,988	$	(9,530	)	$	49,458	$	53,661	$	(8,085	)	$	45,576

In-process research and development (IPR&D)	$	7,976	$	—		$	7,976	$	7,590	$	—		$	7,590

Total intangible assets	$	66,964	$	(9,530	)	$	57,434	$	61,251	$	(8,085	)	$	53,166

XML 44 R32.htm IDEA: XBRL DOCUMENT

Investment in Sagent Agila (Tables) - Sagent Agila LLC

3 Months Ended

Mar. 31, 2016

Changes in Investment

Changes in our investment in Sagent Agila during the three months ended March 31, 2016 were as follows:


Investment in Sagent Agila at January 1, 2016	$	7,108
Equity in net income of Sagent Agila		556

Investment in Sagent Agila at March 31, 2016	$	7,664

Condensed Statement of Operations Information

Condensed statement of operations information of Sagent Agila is presented below.


	Three months ended March 31,
Condensed statement of operations information	2016		2015
Net revenues	$	1,607	$	3,074
Gross profit		1,112		1,770
Net income		1,112		1,770

XML 45 R33.htm IDEA: XBRL DOCUMENT

Accrued liabilities (Tables)

3 Months Ended

Mar. 31, 2016

Payables and Accruals [Abstract]

Accrued Liabilities

Accrued liabilities at March 31, 2016 and December 31, 2015 were as follows:


	March 31, 2016		December 31, 2015
Payroll and employee benefits	$	3,998	$	6,512
Sales and marketing		7,224		7,308
Taxes payable		170		131
Other accrued liabilities		2,453		1,755

	$	13,845	$	15,706

XML 46 R34.htm IDEA: XBRL DOCUMENT

Fair value measurements (Tables)

3 Months Ended

Mar. 31, 2016

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets measured at fair value on a recurring basis as of March 31, 2016 consisted of the following:


	Total fair value		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets
Money market funds	$	3,843	$	3,843	$	—	$	—

Corporate bonds and notes		20,086		—		20,086		—

Short-term investments	$	20,086	$	—	$	20,086	$	—

Total assets	$	23,929	$	3,843	$	20,086	$	—

Liabilities
Contingent purchase consideration	$	50	$	—	$	—	$	50

Assets measured at fair value on a recurring basis as of December 31, 2015 consisted of the following:


	Total fair value		Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Assets
Money market funds	$	13,838	$	13,838	$	—	$	—

Corporate bonds and notes		20,060		—		20,060		—

Short-term investments	$	20,060	$	—	$	20,060	$	—

Total assets	$	33,898	$	13,838	$	20,060	$	—

Liabilities
Contingent purchase consideration	$	50	$	—	$	—	$	50

XML 47 R35.htm IDEA: XBRL DOCUMENT

Accumulated other comprehensive income (loss) (Tables)

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated other comprehensive income (loss) at March 31, 2016 and December 31, 2015 is comprised of the following:


	March 31, 2016			December 31, 2015
Currency translation adjustment, net of tax	$	(11,174	)	$	(17,414	)
Unrealized gains (losses) on available for sale securities, net of tax		7			(68	)

Total accumulated other comprehensive loss	$	(11,167	)	$	(17,482	)

The table below presents the significant amounts reclassified out of each component of accumulated other comprehensive loss for the period ended March 31, 2016.

XML 48 R36.htm IDEA: XBRL DOCUMENT

Earnings per share (Tables)

3 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Earnings Per Share

The table below presents the computation of basic and diluted earnings per share for the three months ended March 31, 2016 and 2015:


	Three months ended March 31,
	2016			2015
Basic and dilutive numerator:
Net loss, as reported	$	(4,988	)	$	(1,894	)

Denominator:
Weighted-average common shares outstanding - basic (in thousands)		32,829			32,043
Net effect of dilutive securities:
Stock options and restricted stock		—			—

Weighted-average common shares outstanding - diluted (in thousands)		32,829			32,043

Net loss per common share (basic)	$	(0.15	)	$	(0.06	)

Net loss per common share (diluted)	$	(0.15	)	$	(0.06	)

XML 49 R37.htm IDEA: XBRL DOCUMENT

Stock-based compensation (Tables)

3 Months Ended

Mar. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Option and Restricted Stock Activity

The following tables set forth stock option and restricted stock activity for the three months ended March 31, 2016:


	Number of Shares
	Stock options			Restricted stock
Outstanding at January 1, 2016		1,679,039			180,208
Granted		537,955			169,580
Exercised		—			(47,340	)
Forfeited		(95,637	)		(5,243	)

Outstanding at March 31, 2016		2,121,357			297,205

XML 50 R38.htm IDEA: XBRL DOCUMENT

Net revenue by product (Tables)

3 Months Ended

Mar. 31, 2016

Text Block [Abstract]

Schedule of Net Revenue by Product Category

Net revenue by therapeutic class is as follows:


	Three months ended March 31,
	2016		2015
Therapeutic class:
Anti-infective	$	28,032	$	31,558
Critical care		28,448		29,909
Oncology		11,315		21,178

	$	67,795	$	82,645

XML 51 R39.htm IDEA: XBRL DOCUMENT

Sale of SCP - Additional Information (Detail) - USD ($) $ in Thousands		3 Months Ended
	Mar. 22, 2016	Mar. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Sale of SCP	$ 500
Loss on sale of SCP		$ (6,341)

XML 52 R40.htm IDEA: XBRL DOCUMENT

Sale of Product Rights - Additional Information (Detail) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2016 USD ($) Right	Mar. 31, 2016 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Sale of product rights	$ 2,000	$ 2,000
Gain on sale of product rights	$ 2,000	$ 2,000
Number of product rights \| Right	2

XML 53 R41.htm IDEA: XBRL DOCUMENT

Investments (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Cost basis	$ 32,583
Unrealized gains	14
Unrealized losses	(7)
Carrying value	32,590
Cash and cash equivalents	12,504	$ 28,962	$ 49,350	$ 55,633
Short term investments	20,086	$ 20,060
Cash
Schedule of Available-for-sale Securities [Line Items]
Cost basis	8,661
Carrying value	8,661
Cash and cash equivalents	8,661
Money market funds
Schedule of Available-for-sale Securities [Line Items]
Cost basis	3,843
Carrying value	3,843
Cash and cash equivalents	3,843
Corporate/Government bonds and notes
Schedule of Available-for-sale Securities [Line Items]
Cost basis	20,079
Unrealized gains	14
Unrealized losses	(7)
Carrying value	20,086
Short term investments	$ 20,086

XML 54 R42.htm IDEA: XBRL DOCUMENT

Investments with Continuous Unrealized Losses for Less Than Twelve Months and Related Fair Values (Detail) - Corporate/Government bonds and notes $ in Thousands	Mar. 31, 2016 USD ($)
Schedule of Available-for-sale Securities [Line Items]
Fair value	$ 8,071
Unrealized losses	$ (7)

XML 55 R43.htm IDEA: XBRL DOCUMENT

Cost and Estimated Current Fair Value of Fixed-Income Securities (Detail) $ in Thousands	Mar. 31, 2016 USD ($)
Investments, Debt and Equity Securities [Abstract]
Due in one year or less, Cost basis	$ 11,355
Due between one and five years, Cost basis	8,724
Total fixed income securities, Cost basis	20,079
Due in one year or less, Estimated fair value	11,358
Due between one and five years, Estimated fair value	8,728
Total fixed income securities, Estimated fair value	$ 20,086

XML 56 R44.htm IDEA: XBRL DOCUMENT

Inventories (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Inventory [Line Items]
Raw materials	$ 11,617	$ 7,655
Work in process	694	433
Finished goods	79,059	73,365
Inventory reserve	(7,956)	(5,000)
Inventory, Net, Total	83,414	76,453
Approved
Inventory [Line Items]
Raw materials	5,567	4,855
Work in process	694	433
Finished goods	79,059	73,365
Inventory reserve	(5,227)	(5,000)
Inventory, Net, Total	80,093	73,653
Pending Regulatory Approval
Inventory [Line Items]
Raw materials	6,050	2,800
Inventory reserve	(2,729)
Inventory, Net, Total	$ 3,321	$ 2,800

XML 57 R45.htm IDEA: XBRL DOCUMENT

Inventories - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Inventory [Line Items]
Raw materials	$ 11,617	$ 7,655
Inventory reserve	7,956	5,000
Pending Regulatory Approval
Inventory [Line Items]
Raw materials	6,050	$ 2,800
Inventory reserve	2,729
Raw materials acquired	$ 3,248

XML 58 R46.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Property, plant and equipment before depreciation	$ 28,155	$ 23,583
Less accumulated depreciation	(4,492)	(3,822)
Property, plant and equipment after depreciation	23,663	19,761
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment before depreciation	1,182	1,102
Buildings and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment before depreciation	7,579	6,713
Machinery, equipment, furniture and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment before depreciation	6,014	5,457
Computer Software
Property, Plant and Equipment [Line Items]
Property, plant and equipment before depreciation	3,770	3,776
Construction in process
Property, Plant and Equipment [Line Items]
Property, plant and equipment before depreciation	$ 9,610	$ 6,535

XML 59 R47.htm IDEA: XBRL DOCUMENT

Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 563	$ 1,427

XML 60 R48.htm IDEA: XBRL DOCUMENT

Goodwill and Intangible Assets, net - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016 USD ($) Product_Right	Mar. 31, 2015 USD ($)	Dec. 31, 2015 USD ($)
Goodwill And Intangible Assets [Line Items]
Goodwill	$ 26,574,000		$ 25,184,000
Goodwill impairment	$ 0	$ 0
Number of products comprising product licensing rights intangible asset \| Product_Right	21
Product Licensing Rights
Goodwill And Intangible Assets [Line Items]
Weighted-average period prior to next extension or renewal of intangible asset	50 months

XML 61 R49.htm IDEA: XBRL DOCUMENT

Summary of Movements in Goodwill (Detail) $ in Thousands	3 Months Ended
Summary of Movements in Goodwill (Detail) $ in Thousands	Mar. 31, 2016 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Balance at December 31, 2015	$ 25,184
Foreign currency movements	1,390
Balance at March 31, 2016	$ 26,574

XML 62 R50.htm IDEA: XBRL DOCUMENT

Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Definite-lived intangible assets, Gross carrying amount	$ 58,988	$ 53,661
Intangible assets, Gross carrying amount	66,964	61,251
Definite-lived intangible assets, Accumulated amortization	(9,530)	(8,085)
Definite-lived intangible assets, net	49,458	45,576
Intangible assets, net	57,434	53,166
Product Licensing Rights
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Definite-lived intangible assets, Gross carrying amount	4,533	4,533
Definite-lived intangible assets, Accumulated amortization	(3,096)	(2,998)
Definite-lived intangible assets, net	1,437	1,535
Product Development Rights
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Definite-lived intangible assets, Gross carrying amount	5,290	2,890
Definite-lived intangible assets, net	5,290	2,890
Purchased Product Rights And Other
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Definite-lived intangible assets, Gross carrying amount	49,165	46,238
Definite-lived intangible assets, Accumulated amortization	(6,434)	(5,087)
Definite-lived intangible assets, net	42,731	41,151
In-Process Research and Development (IPR&D)
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items]
Indefinite-lived IPR&D, Intangible assets, net	$ 7,976	$ 7,590

XML 63 R51.htm IDEA: XBRL DOCUMENT

Changes in Investment of Sagent Agila (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule of Equity Method Investments [Line Items]
Investment at beginning of the period	$ 7,108
Equity in net income of joint ventures	556	$ 885
Investment at end of the period	7,664
Sagent Agila LLC
Schedule of Equity Method Investments [Line Items]
Investment at beginning of the period	7,108
Equity in net income of joint ventures	556
Investment at end of the period	$ 7,664

XML 64 R52.htm IDEA: XBRL DOCUMENT

Condensed Statement of Operations Information (Detail) - Sagent Agila LLC - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Schedule of Equity Method Investments [Line Items]
Net revenues	$ 1,607	$ 3,074
Gross profit	1,112	1,770
Net income	$ 1,112	$ 1,770

XML 65 R53.htm IDEA: XBRL DOCUMENT

Debt - Additional Information (Detail)			3 Months Ended
Debt - Additional Information (Detail)	Jan. 07, 2016 USD ($)	Oct. 31, 2014 USD ($)	Mar. 31, 2016 USD ($) MortgageLoan	Mar. 31, 2016 CAD	Mar. 31, 2016 CAD MortgageLoan	Jan. 07, 2016 CAD
Canadian Term Loans
Line of Credit Facility [Line Items]
Commitment fee rate	0.25%
Fixed charge coverage ratio	100.00%					100.00%
Prime Rate \| Canadian Term Loans
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.25%
CDOR \| Canadian Term Loans
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.25%
Omega
Line of Credit Facility [Line Items]
Number of mortgage loans \| MortgageLoan			5		5
Omega \| Term Loan
Line of Credit Facility [Line Items]
Amount available under credit facility \| CAD						CAD 30,000,000
JP Morgan Chase Revolving Credit Loan Facility Amended
Line of Credit Facility [Line Items]
Outstanding borrowings			$ 3,337,000
JP Morgan Chase Revolving Credit Loan Facility Amended \| Term Loan
Line of Credit Facility [Line Items]
Outstanding borrowings			1,568,000
Line of credit facility, remaining borrowing capacity			$ 21,607,000		CAD 27,970,000
Mortgage Loans \| Omega \| Prime Rate
Line of Credit Facility [Line Items]
Interest rate			5.00%		5.00%
Minimum \| Mortgage Loans \| Omega
Line of Credit Facility [Line Items]
Monthly mortgages installments			$ 62,000	CAD 70,000
Minimum \| Mortgage Loans \| Omega \| Prime Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate			0.00%	0.00%
Maximum \| Mortgage Loans \| Omega
Line of Credit Facility [Line Items]
Monthly mortgages installments			$ 1,114,000	CAD 1,250,000
Maximum \| Mortgage Loans \| Omega \| Prime Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate			1.50%	1.50%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Amount available under credit facility	$ 80,000,000					CAD 10,000,000
Revolving Credit Facility \| Eurodollar
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.00%
Revolving Credit Facility \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Revolving Credit Facility \| JPMorgan Chase Revolving Credit Loan Facility
Line of Credit Facility [Line Items]
Amount available under credit facility		$ 80,000,000
Amount available under additional revolving credit facility		$ 25,000,000
Debt coverage ratio		100.00%
Agreement maturity date			Oct. 31, 2019	Oct. 31, 2019
Commitment fee on undrawn amounts		0.25%
Credit facility, interest rate			10.00%	10.00%
Revolving Credit Facility \| JPMorgan Chase Revolving Credit Loan Facility \| Eurodollar
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.00%
Revolving Credit Facility \| JPMorgan Chase Revolving Credit Loan Facility \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.00%
Revolving Credit Facility \| JP Morgan Chase Revolving Credit Loan Facility Amended
Line of Credit Facility [Line Items]
Outstanding borrowings			$ 1,769,000
Line of credit facility, remaining borrowing capacity			$ 78,131,000
Revolving Credit Facility \| Minimum \| JPMorgan Chase Revolving Credit Loan Facility
Line of Credit Facility [Line Items]
Debt coverage ratio			100.00%		100.00%
Revolving Credit Facility \| Maximum \| JPMorgan Chase Revolving Credit Loan Facility
Line of Credit Facility [Line Items]
Line of credit availability to trigger debt covenants			$ 8,000,000

XML 66 R54.htm IDEA: XBRL DOCUMENT

Accrued Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accrued Liabilities, Current [Abstract]
Payroll and employee benefits	$ 3,998	$ 6,512
Sales and marketing	7,224	7,308
Taxes payable	170	131
Other accrued liabilities	2,453	1,755
Accrued Liabilities, Total	$ 13,845	$ 15,706

XML 67 R55.htm IDEA: XBRL DOCUMENT

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Assets and liabilities measured at fair value on a recurring basis - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 23,929	$ 33,898
Contingent purchase consideration	50	50
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	3,843	13,838
Corporate bonds and notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	20,086	20,060
Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	20,086	20,060
Quoted prices in active markets for identical assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	3,843	13,838
Quoted prices in active markets for identical assets (Level 1) \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	3,843	13,838
Significant other observable inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	20,086	20,060
Significant other observable inputs (Level 2) \| Corporate bonds and notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	20,086	20,060
Significant other observable inputs (Level 2) \| Short-term investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	20,086	20,060
Significant unobservable inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent purchase consideration	$ 50	$ 50

XML 68 R56.htm IDEA: XBRL DOCUMENT

Fair Value Measurements - Additional Information (Detail) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfer of assets between Level 1 to Level 2	$ 0	$ 0
Transfer of assets between Level 2 to Level 1	0	0
Transfer of assets into (out of) Level 3	0	$ 0
Contingent Consideration Liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent purchase consideration	50,000
Fair value of the contingent consideration	50,000
Change in fair value of contingent purchase consideration	$ 0

XML 69 R57.htm IDEA: XBRL DOCUMENT

Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Currency translation adjustment, net of tax	$ (11,174)	$ (17,414)
Unrealized gains (losses) on available for sale securities, net of tax	7	(68)
Total accumulated other comprehensive loss	$ (11,167)	$ (17,482)

XML 70 R58.htm IDEA: XBRL DOCUMENT

Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Loss (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016 USD ($)
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Loss on sale of SCP	$ (6,341)
Reclassification out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Loss on sale of SCP	1,426
Reclassification out of Accumulated Other Comprehensive Income \| Currency translation adjustment
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Loss on sale of SCP	$ 1,426

XML 71 R59.htm IDEA: XBRL DOCUMENT

Earning Per Share - Additional Information (Detail) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Anti-dilutive share excluded from the calculation of diluted earnings	2,418,562	2,848,026

XML 72 R60.htm IDEA: XBRL DOCUMENT

Schedule of Calculation of Numerator and Denominator in Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Basic and dilutive numerator:
Net loss, as reported	$ (4,988)	$ (1,894)
Denominator:
Weighted-average common shares outstanding - basic (in thousands)	32,829	32,043
Net effect of dilutive securities: Stock options and restricted stock	0	0
Weighted-average common shares outstanding - diluted (in thousands)	32,829	32,043
Net loss per common share (basic)	$ (0.15)	$ (0.06)
Net loss per common share (diluted)	$ (0.15)	$ (0.06)

XML 73 R61.htm IDEA: XBRL DOCUMENT

Stock Option and Restricted Stock Activity (Detail)	3 Months Ended
Stock Option and Restricted Stock Activity (Detail)	Mar. 31, 2016 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance, Options Outstanding	1,679,039
Granted	537,955
Exercised	0
Forfeited	(95,637)
Ending Balance, Options Outstanding	2,121,357
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning Balance, Outstanding	180,208
Granted	169,580
Exercised	(47,340)
Forfeited	(5,243)
Ending Balance, Outstanding	297,205

XML 74 R62.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Intrinsic value of stock options exercised		$ 1,550
Stock options exercised	0

XML 75 R63.htm IDEA: XBRL DOCUMENT

Schedule of Net Revenue by Product Category (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Product Information [Line Items]
Net revenue by product Line	$ 67,795	$ 82,645
Anti-infective
Product Information [Line Items]
Net revenue by product Line	28,032	31,558
Critical care
Product Information [Line Items]
Net revenue by product Line	28,448	29,909
Oncology
Product Information [Line Items]
Net revenue by product Line	$ 11,315	$ 21,178

XML 76 R64.htm IDEA: XBRL DOCUMENT

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Related Party Transaction [Line Items]
Due from related party	$ 2,677	$ 2,678
Due to related party	14,392	13,754
Sagent Agila LLC
Related Party Transaction [Line Items]
Due from related party	2,677	2,678
Due to related party	$ 14,392	$ 13,754

XML 77 R65.htm IDEA: XBRL DOCUMENT

Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Line Items]
Provision (benefit) for income taxes	$ (1,266)	$ 319
SCP
Income Tax Disclosure [Line Items]
Tax benefit	$ 1,064

XML 78 R66.htm IDEA: XBRL DOCUMENT

Management Transition Changes - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Restructuring Cost and Reserve [Line Items]
Management transition costs	$ 0	$ 3,308
Payment of management transition cost	451
Accounts Payable and Accrued Liabilities
Restructuring Cost and Reserve [Line Items]
Management transition cost accrued	$ 723

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