Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2015

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

The following tables represent the fair value hierarchy as of December 31, 2015 and 2014, for those assets and liabilities that we measure at fair value on a recurring basis (in thousands):

	Fair Value Measurements at December 31, 2015 Using:
			Quoted Prices in				Significant
			Active Markets for		Significant Other		Unobservable
			Identical Assets		Observable Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Money market funds	$	73,676	$	73,676	$	—	$	—
Corporate debt securities		200,677		—		200,677		—
Commercial paper		34,449		—		34,449		—
Municipal securities		2,500		—		2,500		—
Total Assets	$	311,302	$	73,676	$	237,626	$	—
Liabilities:
Contingent consideration - Lumara Health	$	214,895	$	—	$	—	$	214,895
Contingent consideration - MuGard		7,664		—		—		7,664
Total Liabilities	$	222,559	$	—	$	—	$	222,559

	Fair Value Measurements at December 31, 2014 Using:
			Quoted Prices in				Significant
			Active Markets for		Significant Other		Unobservable
			Identical Assets		Observable Inputs		Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Money market funds	$	77,254	$	77,254	$	—	$	—
Corporate debt securities		24,890		—		24,890		—
Total Assets	$	102,144	$	77,254	$	24,890	$	—
Liabilities:
Contingent consideration - Lumara Health	$	206,600	$	—	$	—	$	206,600
Contingent consideration - MuGard		12,102		—		—		12,102
Total Liabilities	$	218,702	$	—	$	—	$	218,702

Lumara Health

Schedule of reconciliation of contingent consideration obligations related to acquisitions measured on recurring basis using Level 3 inputs

The following table presents a reconciliation of contingent consideration obligations related to the acquisition of Lumara Health and the MuGard Rights (in thousands): 

Balance as of January 1, 2014	$	14,550
Payments made		(270)
Adjustments to fair value of contingent consideration		(681)
Acquisition date fair value of Lumara Health contingent consideration		205,000
Other adjustments		103
Balance as of December 31, 2014	$	218,702
Payments made		(456)
Adjustments to fair value of contingent consideration		4,271
Other adjustments		42
Balance as of December 31, 2015	$	222,559