Subsequent Event

9 Months Ended

Sep. 30, 2014

Subsequent Event

20. Subsequent Event

In October 2014, the Company entered into an agreement with Bellicum Pharmaceuticals, Inc. (“Bellicum”) to restructure and amend an existing license agreement between the companies for the Company’s cell-signaling technology. The restructured agreement gives Bellicum a worldwide exclusive license, with the right to sublicense, to the Company’s cell-signaling technology for broad use in human cell therapies for all diseases. Under the terms of the agreement, the Company will receive $50 million, payable in three installments ($15 million paid upon execution of the agreement, $20 million due by June 30, 2015 and $15 million due by June 30, 2016) in exchange for granting Bellicum a fully paid-up license to this technology and return of shares of Bellicum common stock owned by the Company upon receipt of the second installment payment.

The second and third installment payments may be accelerated under certain circumstances and can be prepaid at any time. The agreement can be terminated by either party upon a specified uncured material breach of the agreement and by the Company upon Bellicum’s failure to make the installment payments after specified dates.