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Subsequent events | 3 Months Ended
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Mar. 31, 2017
Subsequent Events [Abstract] |
Subsequent events | Subsequent events On April 20, 2017, the Company completed its previously announced acquisition of all rights to EMFLAZA™ (deflazacort) pursuant to an asset purchase agreement, dated March 15, 2017, and amended on April 20, 2017, by and between the Company and Marathon Pharmaceuticals, LLC (now known as Complete Pharma Holdings, LLC), or Marathon. Upon the closing of the acquisition of EMFLAZA, the Company paid to Marathon total upfront consideration of approximately $140 million, comprised of $75 million in cash, funded through cash on hand, and 6,683,598 shares of the Company's common stock. Marathon is also 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, which the Company expects will range as a percentage of net sales between the low to mid-20s on a blended average basis. In addition, Marathon has the opportunity to receive a single $50 million sales-based milestone. Additional information concerning the EMFLAZA acquisition is discussed in Note 1. The Company is currently assessing the accounting related to the EMFLAZA acquisition. On May 5, 2017, the Company entered into a credit and security agreement with MidCap Financial Trust a Delaware statutory trust, or MidCap Financial, as administrative agent and MidCap Financial and other certain institutions as lenders thereto, or the Credit Agreement, that provides for a $60 million term loan facility, of which $40 million was drawn by the Company at close. The remaining $20 million under the senior secured term loan facility would become available to the Company upon demonstration (prior to December 31, 2018) of net product revenue equaling or exceeding $120 million for the trailing twelve month period. The maturity date of the Credit Agreement is May 1, 2021, unless terminated earlier. Borrowings under the Credit Agreement bear interest at a rate per annum equal to LIBOR (with a floor rate of 1.00%) plus 6.15%. The Company is obligated to make only interest payments (payable monthly, in arrears) through April 30, 2019. Commencing on May 1, 2019 and continuing for the remaining twenty-four months of the facility, the Company will be required to make monthly interest payments and monthly principal payments based on the straight-line amortization schedule in the Credit Agreement. The Credit Agreement requires the Company to not have less than $100 million of net revenue (raised to $120 million if the additional $20 million term loan is issued) for the prior twelve months to be measured on the last day of each fiscal quarter beginning on December 31, 2017. The Company is currently assessing the accounting related to the Credit 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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