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Milestone Payments
9 Months Ended
Sep. 30, 2016
Debt Disclosure [Abstract]  
Milestone Payments
Milestone Payments
In June 2015, we entered into the First Amendment, or the License Amendment, to the Development, Commercialization and License Agreement, or the Original License Agreement, dated as of November 14, 2013, with Baxter International Inc., or Baxter. Baxalta Incorporated and its affiliates, or Baxalta, which is now part of Shire plc, or Shire, have been assigned Baxter’s rights and obligations under the Original License Agreement. Pursuant to the License Amendment, two milestone payments in the aggregate amount of $32.0 million from Baxalta to us were accelerated from the schedule contemplated by the Original License Agreement relating to the following: the $12.0 million milestone payment payable in connection with the regulatory submission of the Marketing Authorization Application, or the MAA, to the EMA with respect to pacritinib, or the MAA Milestone, and the $20.0 million development milestone payment payable in connection with the first treatment dosing of the 300th patient enrolled per the protocol in PERSIST-2, or the PERSIST-2 Milestone. Under the License Amendment, each of the two milestone advances were bearing interest at an annual rate of 9% until the earlier of the date of the first occurrence of the respective milestone or the date that the respective advance plus accrued interest was repaid in full. In the first quarter of 2016, we recorded $32.0 million in License and contract revenue upon the achievement of these two milestones.