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Subsequent Event | 6 Months Ended
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Jun. 30, 2017
Subsequent Events [Abstract] |
Subsequent Event | SUBSEQUENT EVENT On July 19, 2017, we and Genentech entered into the Genentech Amendment. The Genentech Amendment was entered into in connection with the settlement of the arbitration concerning claims asserted by us against Genentech related to its clinical development, pricing and commercialization of COTELLIC, and cost and revenue allocations arising from COTELLIC’s commercialization in the U.S. See “Note 2 - Collaboration Agreements - Genentech Collaboration” for additional information on the Genentech collaboration. The Genentech Amendment sets forth the parties’ confirmation and agreement that we have exercised our co-promotion option and that, as such, we have the right to co-promote current and future Genentech combinations that include COTELLIC in the U.S. Pursuant to the terms of the Genentech Amendment, we will continue to be entitled to a share of U.S. profits and losses received in connection with the commercialization of COTELLIC, which share will continue to decrease as sales of COTELLIC increase in accordance with the profit share tiers as originally set forth in the Genentech Collaboration Agreement. However, effective as of July 1, 2017, the revenue for each sale of COTELLIC applied to the profit and loss statement for the Genentech Collaboration Agreement (the “Collaboration P&L”) will be calculated using the average of the quarterly net selling prices of COTELLIC and any additional branded Genentech product(s) prescribed with COTELLIC in such sale. While we will also continue to share U.S. commercialization costs for COTELLIC, the Genentech Amendment expressly sets forth that the amount of commercialization costs Genentech is entitled to allocate to the Collaboration P&L will be reduced based on the number of Genentech products in any given combination including COTELLIC. The Genentech Amendment also provides for more detailed communication requirements for the parties related to COTELLIC research, development and commercialization activities and clarifies meeting and escalation procedures for the joint steering committee and the joint commercialization committee, each a body established under the Genentech Collaboration Agreement to coordinate activities with respect to COTELLIC.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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