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Commitments and contingencies | 12 Months Ended
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Dec. 31, 2016
Commitments and contingencies |
Commitments and contingencies | 17 Commitments and contingencies a. Royalties and milestones In the course of its business, the Company enters as a licensee into contracts with other parties with regard to the development and marketing of its pipeline products. Among other payment obligations, the Company is obligated to pay royalties to the licensors based on future sales levels and milestone payments whenever specified development, regulatory and commercial milestones are met. As both future sales levels and the timing and achievement of milestones are uncertain, the financial effect of these agreements cannot be estimated reliably. b. Grant commitments From October 1, 2000 until May 31, 2005, the Company's predecessor entity received a technical development loan from the Dutch government in relation to the development of Glybera. This grant includes a repayment clause in the event the Company generates revenues from the related project. The Company received total grants of €3.6 million ($3.8 million) relating to eligible project costs in the grant period. The grant amount received bears interest of 5.7% per annum and must be repaid in the period January 1, 2008 through December 31, 2019 as a percentage of revenues, which are derived from product sales of Glybera. If future royalty payments are not sufficient to repay the grant on or prior to December 31, 2019, or if there are no revenues generated, the remaining balance will be forgiven. Repayment obligations continue to apply if the product is not commercialized or transferred to others. The total amount of the contingent commitment as of December 31, 2016 was €6.4 million or $6.8 million (December 31, 2015: €6.1 million ($6.6 million)), comprising the original total amount of the grant together with accrued interest. If the grant becomes repayable then it shall be accounted as a change in accounting estimate.

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