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INVENTORIES

12 Months Ended

Dec. 31, 2012

NOTE 7—INVENTORIES

Inventories, net of reserves, consist of the following at December 31, 2012 and 2011 (in thousands):

	December 31,
	2012		2011
Raw materials	$	11,167	$	8,635
Work-in-process		35,562		10,554
Finished goods		37,734		23,662
Total	$	84,463	$	42,851

Short-term portion	$	72,691	$	42,851
Long-term portion	$	11,772	$	-

Inventory at December 31, 2012 includes $41.4 million of inventory acquired from eBioscience that includes the unamortized balance of the fair value step-up in basis of $19.5 million discussed in Note 3. "Acquisition." Amortization expense on the fair value step-up during the year ended December 31, 2012 was $9.4 million.

- Definition

The entire disclosure for inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amount and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.

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