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Facility financing agreement (Tables)
 12 Months Ended
Dec. 31, 2013
Components of Facility Agreement

The components of the Facility Agreement recorded as of December 31, 2013 consist of the following (in thousands):

 

     December 31,
2013		  

2019 notes

   

Principal amount

    $ 120,000   

Principal converted to equity

      (6,500 ) 

Debt discount-net of amortization

      (10,834 ) 

Unaccreted debt issuance expense

      (366 ) 
  

 

 

  

Net carrying amount of facility financing agreement

    $ 102,300   
  

 

 

  

The Company’s Facility Agreement principal repayment schedule is comprised of payments beginning on the third anniversary of each issued tranche, totaling $28,375,000 annually, commencing on July 1, 2016 and ending on December 9, 2019, for a total amount of $113,500,000.

 

Milestone rights

   

Initial milestone rights fair value

    $ 16,276   

Debt discount-net of amortization

      (51 ) 

Unaccreted debt issuance expense

      (61 ) 

Less current portion of milestone rights included in other current liabilities

      (3,151 ) 
  

 

 

  

Net carrying amount included in other liabilities

    $ 13,013   
  

 

 

  

Commitment Asset

   

Initial commitment asset fair value

    $ 13,393   

Less Tranche 2 portion of commitment asset

      (3,656 ) 

Less Tranche 3 portion of commitment asset

      (4,580 ) 
  

 

 

  

Commitment asset value included in other assets

    $ 5,157   
  

 

 

  
Accretion of Debt Issuance Cost and Debt Discount

Accretion of debt issuance cost and debt discount in connection with the Deerfield financing during the three and twelve months ended December 31, 2013 are as follows (in thousands).

 

     Three months ended
December 31,
2013		      Twelve months ended
December 31,
2013		  

Accretion expense- debt issuance cost

    $ 34       $ 42   

Accretion expense- debt discount

    $ 923       $ 1,113