Related Party Transactions

12 Months Ended

Dec. 31, 2013

Related Party Transactions [Abstract]

Related Party Transactions

11.    Related Party Transactions

From July 2010 to November 2013 the Company manufactured and sold products to Actavis at Columbia’s cost plus 10%; the revenues generated from these sales were recorded within product revenues from related party. Pursuant to the Purchase and Collaboration Agreement, Columbia receive royalties equal to a minimum of 10% of annual net sales of CRINONE by Actavis for annual net sales up to $150 million, 15% for sales above $150 million but less than $250 million; and 20% for annual net sales of $250 million and over. At December 31, 2013, Actavis owned 11.5% of the Company’s outstanding common stock.

The table below presents the transactions between the Company and Actavis for the years ended, December 31, 2013, 2012 and 2011:

	2013		2012		2011
Revenues:
Product revenues	$	—	$	4,304,519	$	3,201,464
Royalties		3,436,173		3,079,379		2,650,831
Other revenues		299,818		—		21,974,383
Total revenues		3,735,991		7,383,898		27,826,678
Cost of Product Revenues:
Cost of product revenues		—		3,913,199		2,874,873
Gross profit	$	3,735,991	$	3,470,699	$	24,951,805

As of December 31, 2013 and December 31, 2012, amounts due from related party for these sales were $0.9 million and $2.2 million, respectively. There were no amounts due to Actavis as of December 30, 2013 and December 31, 2012.

Other revenues for the year ended December 31, 2013, consisted of a $0.3 million one-time payment associated with the termination of the supply agreement with Actavis in fourth quarter of 2013.

Other revenues for the year ended December 31, 2011 of $22.0 million, consisted of the recognition in 2011 of $17.0 million in revenue related to the gain on the sale of the progesterone assets to Actavis and a $5.0 million milestone payment from Actavis for the acceptance for filing of NDA 22-139 by the FDA.

In the years ended December 31, 2012 and 2011, Actavis reimbursed Columbia $0.4 million and $3.2 million, respectively, for research and development expenses pursuant to the purchase agreement. There are no further research and development expenses to be reimbursed by Actavis related to the purchase agreement.