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COMMITMENTS AND CONTINGENCIES | 6 Months Ended
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Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract] |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Contingencies From time to time the Company is involved in legal actions arising in the normal course of its business. The process of resolving matters through litigation or other means is inherently uncertain and it is possible that an unfavorable resolution of these matters could adversely affect the Company, its results of operations, financial condition or cash flows. The Company’s general practice is to expense legal fees as services are rendered in connection with legal matters, and to accrue for liabilities when losses are probable and reasonably estimable. Contingent Payments As of June 30, 2021, the Company was subject to contingent payments totaling approximately $727.3 million upon achievement of certain development and regulatory activities and commercial sales milestones if they occur before certain dates in the future. Of this amount, $71.5 million were considered probable and comprised of commercial milestones related to the acquisition of certain rights and other assets with respect to Kuvan and Palynziq from a third party, $235.0 million were considered reasonably possible and related to milestones for early stage development programs licensed from a third party in the second quarter of 2020 and $235.3 million were considered remote as the Company is no longer developing the related programs. As of June 30, 2021, the fair value of contingent liabilities recorded on the Company’s Condensed Consolidated Balances Sheet was $63.0 million of which $32.2 million was short term. See Note 7 – Fair Value Measurements to these Condensed Consolidated Financial Statements for further information regarding the fair value of the Company’s contingent consideration. Other Commitments The Company uses experts and laboratories at universities and other institutions to perform certain research and development (R&D) activities. These amounts are included as R&D expense as services are provided. In the normal course of business, the Company enters into various firm purchase commitments primarily related to active pharmaceutical ingredients, certain inventory-related items and certain third-party R&D services. As of June 30, 2021, such commitments and other minimum contractual obligations for clinical and post-marketing services were estimated at approximately $126.7 million. The Company has also licensed technology, for which it is required to pay royalties upon future sales, subject to certain annual minimums.

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