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Subsequent events | 12 Months Ended
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Dec. 31, 2016
Subsequent Events [Abstract] |
Subsequent events | Subsequent events On March 16, 2017, the Company announced it had entered into an Asset Purchase Agreement (the Asset Purchase Agreement) with Marathon Pharmaceuticals, LLC (Marathon) to acquire all rights to Emflaza™ (deflazacort) (the Transaction). Emflaza is approved in the United States for all Duchenne muscular dystrophy patients aged five years and older, regardless of their genetic mutation. Under the terms of the Asset Purchase Agreement, the Company has agreed to pay Marathon total upfront consideration of $140 million upon closing of the Transaction, comprised of approximately $75 million in cash and approximately $65 million in PTC common stock. The number of shares of the Company’s common stock issuable at closing will be based on the volume weighted average price per share of the Company’s common stock on the NASDAQ Stock Market for the 15 trading day period ending on the third trading day immediately preceding the closing of the Transaction and will be subject to reduction such that the number of shares issuable will not exceed 19.9% of the issued and outstanding shares of the Company’s common stock immediately prior to the closing date, which is expected to be a maximum of approximately 6.9 million shares, with any shortfall to be made whole with additional cash consideration. The Company will also assume certain liabilities with respect to the assets to be acquired. In addition, Marathon will be entitled to receive contingent payments from the Company based on annual net sales of Emflaza beginning in 2018, up to a specified aggregate maximum amount for such payments. The Company estimates that the contingent payments will, on a blended average basis, range in percentages of net sales between the low to mid-twenties. Further, Marathon may be entitled to receive a single $50 million sales-based milestone. Each of the contingent payments and the milestone payment are subject to the terms and conditions of the Asset Purchase Agreement.

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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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