Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2016

Fair Value Measurements

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

The following tables represent the fair value hierarchy as of June 30, 2016 and December 31, 2015, for those assets and liabilities that we measure at fair value on a recurring basis (in thousands):

	Fair Value Measurements at June 30, 2016 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	$	19,029	$	19,029	$	—	$	—
Corporate debt securities		254,228		—		254,228		—
U.S. treasury and government agency securities		5,986		—		5,986		—
Commercial paper		32,644		—		32,644		—
Municipal securities		2,501		—		2,501		—
Total Assets	$	314,388	$	19,029	$	295,359	$	—
Liabilities:
Contingent consideration - Lumara Health	$	221,449	$	—	$	—	$	221,449
Contingent consideration - MuGard		2,360		—		—		2,360
Total Liabilities	$	223,809	$	—	$	—	$	223,809

	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

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 December 31, 2015	$	222,559
Payments made		(149)
Adjustments to fair value of contingent consideration		1,399
Balance as of June 30, 2016	$	223,809