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Assets and Liabilities Measured at Fair Value (Tables)

12 Months Ended

Dec. 31, 2016

Summary of assets and liabilities subject to fair value measurements

        A summary of the fair value of the Company's recurring assets and liabilities aggregated by the level in the fair value hierarchy within which those measurements fall as of December 31, 2016 are identified in the following table (in thousands):

		Level 2			Total
Commercial paper		$	68,390		$	68,390
Corporate debt securities			74,535			74,535
Money market funds			1,829			1,829
​	​	​	​	​	​	​	​
		$	144,754		$	144,754
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

		Level 2			Level 3			Total
Liabilities:
Contingent consideration payable		$	—		$	269,722		$	269,722
Derivative liability			265			—			265
Deferred compensation plan liability			1,479			—			1,479
​	​	​	​	​	​	​	​	​	​	​
		$	1,744		$	269,722		$	271,466
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

        A summary of the fair value of the Company's assets and liabilities aggregated by the level in the fair value hierarchy within which those measurements fall as of December 31, 2015 are identified in the following table (in thousands):

		Level 2			Total
Commercial paper			25,724			25,724
Corporate debt securities			118,474			118,474
Certificate of deposit			350			350
Market exchanged mutual funds			658			658
​	​	​	​	​	​	​	​
		$	145,206		$	145,206
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

		Level 2			Level 3			Total
Liabilities:
Contingent consideration payable		$	—		$	274,077		$	274,077
Deferred compensation plan liability			667			—			667
​	​	​	​	​	​	​	​	​	​	​
		$	667		$	274,077		$	274,744
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

Schedule of changes in contingent consideration payable

        The following table shows the change in the balance of contingent consideration payable for the year ended December 31, 2016 and 2015, respectively (in thousands):

		Year ended December 31,
		2016			2015
Balance, beginning of the period		$	274,077		$	10,700
Additions, from business acquisitions			—			259,000
Payment of contingent consideration in cash			(5,000	)		—
Payment of contingent consideration in stock			(6,115	)		—
Unrealized change in fair value change during the period, included in Statement of Operations			6,760			4,377
​	​	​	​	​	​	​	​
Balance, end of the period		$	269,722		$	274,077
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

Scioderm

Schedule of significant unobservable inputs used in the valuation of the contingent consideration payable

Contingent Consideration Liability		Fair value as of December 31, 2016		Valuation Technique		Unobservable Input		Range
						Discount rate		0.62% - 3.8%
Clinical and regulatory milestones		$237.2 million		Probability weighted discounted cash flow		Probability of achievement of milestones		66.5% - 100.0%
						Projected year of payments		2017-2019
						Revenue volatility		58%
						Probability of achievement of milestones		66.5%
Revenue-based milestones		$22.8 million		Monte Carlo		Discount rate		1.47% - 2.55%
						Projected year of payments		2019-2029

Callidus

Schedule of significant unobservable inputs used in the valuation of the contingent consideration payable

Contingent Consideration Liability		Fair value as of December 31, 2016		Valuation Technique		Unobservable Input		Range
						Discount rate		12.5%
Clinical and regulatory milestones		$9.3 million		Probability weighted discounted cash flow		Probability of achievement of milestones		30.4%-42.8%
						Projected year of payments		2018-2022

X

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19279-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a,b,bb)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2C
-URI http://asc.fasb.org/extlink&oid=36462937&loc=SL7498348-110258

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19190-110258

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- Definition

Tabular disclosure of the inputs and valuation techniques used to measure fair value, and a discussion of changes in valuation techniques and related inputs, if any, applied during the period to each separate class of assets, liabilities, and financial instruments classified in shareholders' equity that are measured on a recurring and/or nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=36462937&loc=d3e19207-110258

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- Definition

Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments.

+ References

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