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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Operating activities    
Net income including noncontrolling interests $ 246,477 $ 4,160
Adjustments to reconcile net income including noncontrolling interests to net cash provided by operating activities:    
Non-cash change in estimated fair value of contingent liabilities 4,976 4,880
Realized gain on sale of short-term investment (1,988) (1,241)
Gain on write-off of assets 0 (16)
Depreciation and amortization 1,940 1,998
Amortization of discount on investments, net 73 0
Amortization of debt discount and issuance fees 7,646 1,223
Stock-based compensation 9,511 8,795
Non-cash upfront fee 0 (1,211)
Deferred income taxes (216,989) 116
Accretion of note payable 16 225
Gain on deconsolidation of Viking Therapeutics, Inc. (28,190) 0
Loss on equity investment in Viking Therapeutics, Inc. 3,040 0
Changes in operating assets and liabilities:    
Accounts receivable 7,142 (3,590)
Inventory (158) 321
Other current assets (438) (615)
Other long-term assets (546) (1,245)
Accounts payable and accrued liabilities (4,993) (3,478)
Restricted investments 661 0
Deferred revenue (118) (2)
Net cash provided by operating activities 28,062 10,320
Investing activities    
Purchase of commercial license rights (4,030) 0
Payments to CVR holders and other contingency payments (4,941) (1,936)
Purchases of property and equipment (27) 0
Purchase of short-term investments (111,788) 0
Purchase of Viking common stock (9,000) 0
Proceeds from sale of property and equipment 1 124
Reduction of cash due to deconsolidation of Viking Therapeutics, Inc. (247) 0
Proceeds from sale of short-term investments 5,680 1,496
Proceeds from maturity of short-term investments 22,967 0
Net cash used in investing activities (101,385) (316)
Financing activities    
Repayment of debt 0 (9,364)
Gross proceeds from issuance of 2019 Convertible Senior Notes 0 245,000
Payment of debt issuance costs 0 (5,711)
Proceeds from issuance of warrants 0 11,637
Purchase of convertible bond hedge 0 (48,143)
Net proceeds from stock option exercises and ESPP 7,379 4,124
Share repurchase (489) (38,523)
Net cash provided by financing activities 6,890 159,020
Net (decrease) increase in cash and cash equivalents (66,433) 169,024
Cash and cash equivalents at beginning of period 160,203 11,639
Cash and cash equivalents at end of period 93,770 180,663
Supplemental disclosure of cash flow information    
Interest paid 1,822 494
Taxes paid 19 3
Supplemental schedule of non-cash activity    
Unrealized gain on AFS investments $ 3,082 $ 1,870