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INVENTORIES

9 Months Ended

Sep. 30, 2014

At September 30, 2014 and December 31, 2013, inventories, net consisted of the following (in thousands):



	September 30, 2014		December 31, 2013
Raw materials	$	11,169	$	11,587
Work-in-process	18,497		22,139
Finished goods	28,106		30,305
Total	$	57,772	$	64,031

Short-term portion	$	51,674	$	58,059
Long-term portion	$	6,098	$	5,972

Inventory at December 31, 2013 includes $4.7 million, net of fair value step-up in basis that was recognized when the Company acquired eBioscience in 2012. Amortization expense related to the fair value step-up during the nine months ended September 30, 2014 and 2013 was approximately $4.7 million and $12.0 million, respectively. The inventory fair value step-up was fully amortized as of June 30, 2014.

- 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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