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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities      
Net income $ 23,392 $ 179,722 $ 220,262
Adjustments to reconcile net income to net cash provided by operating activities:      
Deferred income taxes (12,617) 4,400 25,006
Amortization of capitalized fees and depreciation of property and equipment 13,951 13,921 13,931
Amortization of acquired intangible assets 25,902 21,784 5,581
Inventory fair value step-up adjustment included in cost of products sold 13,820 27,164 10,023
Stock-based compensation 6,374 5,837 7,347
Amortization of debt discount and issuance costs 2,110 2,065 2,055
Changes in fair values of equity method investments, net 64,253 (77,392) 161,749
Changes in fair values of equity and long-term investments, net 59,161 (11,129) (8,462)
Loss on extinguishment of debt 0 0 20,662
Net gain on sale of TRC 0 0 (266,696)
Other non-cash items (722) (517) 3,402
Changes in operating assets and liabilities:      
Accounts receivable (5,938) (5,053) (3,525)
Receivables from collaboration arrangements 3,647 (14,949) 13,319
Inventory (6,808) (12,004) 280
Prepaid expenses 567 7,929 (21,350)
Other assets (38,186) (2,965) (3,341)
Accounts payable (4,585) 3,778 92
Accrued personnel-related expenses and other accrued liabilities 3,044 (1,498) 11,913
Accrued interest payable 0 (937) 207
Deferred revenue (151) (817) (755)
Income tax payable 41,476 1,725 10,026
Net cash provided by operating activities 188,690 141,064 201,726
Cash flows from investing activities      
Acquisition of intangible asset (4,000) 0 0
Purchases of equity method investments 0 0 (45,000)
Purchases of trading securities (59,617) (65,132) 0
Purchases of equity and long-term investments 0 (1,218) (13,725)
Purchases of equity investments managed by ISP Fund LP (32,270) (31,164) (60,910)
Purchases of trading security managed by ISP Fund LP 0 0 (50,000)
Sales of equity investments managed by ISP Fund LP 75,756 72,500 24,281
Purchases and sales of other investments managed by ISP Fund LP, net (43,486) (41,336) (23,371)
Purchases of property and equipment (270) (411) (67)
Sale of property and equipment 101 0 0
Proceeds from sale of ownership interest in TRC, net 0 0 248,191
Cash acquired through the consolidation of Entasis 0 0 23,070
Cash paid for the acquisition of La Jolla, net of cash acquired 0 0 (159,103)
Net cash used in investing activities (63,786) (66,761) (56,634)
Cash flows from financing activities      
Distributions to noncontrolling interests 0 0 (69,811)
Purchase of Entasis noncontrolling interest 0 0 (43,910)
Repurchase of common stock (14,777) (75,728) (8,503)
Repurchase of shares to satisfy tax withholding (142) (77) (82)
Proceeds from issuances of common stock, net 1,466 170 370
Payment for repurchase of convertible subordinated notes due 2023 0 (96,204) (165,131)
Purchases of capped call options associated with convertible senior notes due 2028 0 0 (21,037)
Proceeds from issuance of convertible senior notes due 2028, net of issuance costs 0 0 252,536
Net cash used in financing activities (13,453) (171,839) (55,568)
Net increase (decrease) in cash and cash equivalents 111,451 (97,536) 89,524
Cash and cash equivalents at beginning of period 193,513 291,049 201,525
Cash and cash equivalents at end of period 304,964 193,513 291,049
Supplemental Disclosure of Cash Flow Information:      
Cash paid for interest 10,359 11,381 11,736
Cash paid for income taxes 11,793 0 53,855
Supplemental Disclosure of Non-cash Investing and Financing Activities:      
Accrued interest income converted to long-term investments 3,584 2,666 0
Adoption of ASU 2020-06 $ 0 $ 0 $ (28,228)