Subsequent Events (Notes)

12 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

SUBSEQUENT EVENTS

On March 27, 2017, we announced the completed divestment of our Tysabri^® royalty stream to Royalty Pharma for up to $2.85 billion, which consists of $2.2 billion in cash and up to $250.0 million and $400.0 million in milestone payments to us if the royalties on global net sales of Tysabri^® that are received by Royalty Pharma meet specific thresholds in 2018 and 2020, respectively. As a result of this transaction, we will derecognize the Tysabri^® financial asset in the first quarter of 2017 and we do not expect the disposition to have a material impact on our results.

On April 6, 2017, we announced the completed divestment of our India API business to Strides Shasun Limited. Total cash received was $22.2 million. The sale is not expected to have a material impact on our operations nor will the transaction result in a significant gain or loss when recorded in the second quarter of 2017.

On April 7, 2017, we issued a notice of redemption to redeem all of the $600.0 million in aggregate principal amount of the outstanding 2.300% senior notes due November 8, 2018 (the “2.300% 2018 Notes”). On May 8, 2017, using proceeds from the sale of Tysabri^®, we redeemed all of the 2.300% 2018 Notes.