Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2013

Investments, All Other Investments [Abstract]

Summary of the assets and liabilities measured at fair value on recurring basis

The following table provides a summary of the assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2013 (in thousands):

Fair Value Measurements at Reporting Date Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Current portion of co-promote termination payments receivable	$	4,507	$	—	$	—	$	4,507
Available-for-sale securities	3,627		—		—		3,627
Long-term portion of co-promote termination payments receivable	8,387		—		—		8,387
Total assets	$	16,521	$	—	$	—	$	16,521
Liabilities:
Current portion of contingent liabilities - CyDex	$	1,879	$	—	$	—	$	1,879
Current portion of co-promote termination liability	4,507		—		—		4,507
Long-term portion of contingent liabilities-Metabasis	1,736		1,736		—		—
Long-term portion of contingent liabilities - CyDex	6,816		—		—		6,816
Liability for restricted investments owed to former licensees	544		—		—		544
Long-term portion of co-promote termination liability	8,387		—		—		8,387
Total liabilities	$	23,869	$	1,736	$	—	$	22,133

The following table provides a summary of the assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2012 (in thousands):

Fair Value Measurements at Reporting Date Using
			Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs
	Total		(Level 1)		(Level 2)		(Level 3)
Assets:
Current portion of co-promote termination payments receivable	$	4,327	$	—	$	—	$	4,327
Available-for-sale securities	1,426		—		—		1,426
Long-term portion of co-promote termination payments receivable	8,207		—		—		8,207
Total assets	$	13,960	$	—	$	—	$	13,960
Liabilities:
Current portion of contingent liabilities - CyDex	$	356	$	—	$	—	$	356
Current portion of co-promote termination liability	4,327		—		—		4,327
Long-term portion of contingent liabilities - CyDex	10,543		—		—		10,543
Liability for restricted investments owed to former licensees	214		—		—		214
Long-term portion of co-promote termination liability	8,207		—		—		8,207
Total liabilities	$	23,647	$	—	$	—	$	23,647

Reconciliation of level 3 financial instruments

A reconciliation of the level 3 financial instruments as of September 30, 2013 is as follows (in thousands):

Assets:
Fair value of level 3 financial instrument assets as of December 31, 2012	$	13,960
Assumed payments made by Pfizer or assignee	(2,450		)
Fair value adjustments recorded as unrealized gain on available-for-sale securities	2,201
Fair value adjustments to co-promote termination liability	2,810
Fair value of level 3 financial instrument assets as of September 30, 2013	$	16,521
Liabilities
Fair value of level 3 financial instrument liabilities as of December 31, 2012	$	23,647
Assumed payments made by Pfizer or assignee	(2,450		)
Fair value adjustments for amounts owed related to restricted investments and recorded as other expense	330
Payments to CVR and other former license holders	(100		)
Fair value adjustments to contingent liabilities	(2,104		)
Fair value adjustments to co-promote termination liability	2,810
Fair value of level 3 financial instrument liabilities as of September 30, 2013	$	22,133