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Commitments and Contingencies | 3 Months Ended
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Mar. 31, 2015
Commitments and Contingencies |
(7) | Commitments and Contingencies
Litigation In the ordinary course of business, the Company is from time to time involved in lawsuits, claims, investigations, proceedings, and threats of litigation relating to its business. “Item 3. Legal Proceedings” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014 includes a discussion of the Company’s current legal proceedings. There have been no material changes to those disclosures as of the date of this filing other than as disclosed in Note 11—Subsequent Events. Milestone and Supply Purchase Obligations The Company entered into several product development agreements with, subject to performance obligations, certain milestone and supply purchase obligations. The Company has Vascepa API supply agreements with two independent companies for the purchase of qualified API supply: Nisshin Pharma, Inc., or Nisshin, and Chemport, Inc., or Chemport. The Company’s agreement with Chemport contains minimum purchase obligations and a provision requiring the Company to pay Chemport in cash for any shortfall in the minimum purchase obligations. To date, the Company has met or exceeded its minimum purchase obligations with Chemport. The Company has no royalty, milestone or minimum purchase commitments with Nisshin. Pursuant to the agreements with the Company’s API suppliers, there is a total of $54.3 million that is potentially payable over the term of such agreements based on minimum purchase obligations. Under the 2004 share repurchase agreement with Laxdale Limited, or Laxdale, upon receipt of marketing approval in Europe for the first indication for Vascepa (or first indication of any product containing Amarin Neuroscience intellectual property acquired from Laxdale in 2004), the Company must make an aggregate stock or cash payment to the former shareholders of Laxdale (at the sole option of each of the sellers) of £7.5 million (approximately $11.1 million at March 31, 2015). Also under the Laxdale agreement, upon receipt of a marketing approval in the United States or Europe for a further indication of Vascepa (or further indication of any other product using Amarin Neuroscience intellectual property), the Company must make an aggregate stock or cash payment (at the sole option of each of the sellers) of £5 million (approximately $7.4 million at March 31, 2015) for each of the two potential market approvals (i.e. £10 million maximum, or approximately $14.8 million at March 31, 2015). The Company has no provision for any of the obligations above since the amounts are either not probable or able to be estimated at March 31, 2015.

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