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Collaboration Agreements (Tables)

6 Months Ended

Jun. 30, 2019

Summary of Revenue Recognized under Agreement

Amounts recognized as revenue under the Japan Agreement were as follows (in thousands):

		Three Months Ended June 30,				Six Months Ended June 30,
Agreement	Performance Obligation	2019		2018		2019		2018
Japan	License revenue	$	—	$	14,323	$	—	$	14,323
	Development revenue	$	369	$	1,142	$	615	$	1,591

Transaction Price Related to Consideration Received and Accounts Receivable Allocated to Performance Obligations along with Associated Deferred Revenue

The transaction price related to consideration received and accounts receivable has been allocated to each of the following performance obligations under the Japan Agreement, along with any associated deferred revenue as follows (in thousands):

Japan Agreement	Cumulative Revenue Through June 30, 2019		Deferred Revenue at June 30, 2019		Total Consideration Through June 30, 2019
License	$	74,089	$	—	$	74,089
Development revenue		14,523		136		14,659
Total license and development revenue	$	88,612	$	136	$	88,748

Europe [Member]

Summary of Revenue Recognized under Agreement

Amounts recognized as revenue under the Europe Agreement were as follows (in thousands):

		Three Months Ended June 30,				Six Months Ended June 30,
Agreement	Performance Obligation	2019		2018		2019		2018
Europe	License revenue	$	117,470	$	—	$	117,470	$	—
	Development revenue	$	16,854	$	5,003	$	21,467	$	9,726

Transaction Price Related to Consideration Received and Accounts Receivable Allocated to Performance Obligations along with Associated Deferred Revenue

The transaction price related to consideration received and accounts receivable has been allocated to each of the following performance obligations under the Europe Agreement, along with any associated deferred revenue as follows (in thousands):

Europe Agreement	Cumulative Revenue Through June 30, 2019		Deferred Revenue at June 30, 2019			Total Consideration Through June 30, 2019
License	$	487,951	$	—		$	487,951
Development revenue		224,304		2,019			226,323
Total license and development revenue	$	712,255	$	2,019	*	$	714,274

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Contract assets and liabilities related to rights and obligations in the same contract are recorded net on the condensed consolidated balance sheets. As of June 30, 2019, prepaid expenses and other current assets included a net unbilled contract asset of $128.0 million related to the Europe Agreement, which represents the net of the above-mentioned unbilled contract asset of $130.0 million, and $2.0 million of deferred revenue presented above.

U.S./RoW and China [Member]

Summary of Revenue Recognized under Agreement

Amounts recognized as revenue under the U.S./RoW Agreement were as follows (in thousands):

		Three Months Ended June 30,				Six Months Ended June 30,
Agreement	Performance Obligation	2019		2018		2019		2018
U.S. / RoW and China	License revenue	$	33,111	$	—	$	33,111	$	—
	Development revenue		23,762		23,479		42,766		50,202
	China performance obligation	$	—	$	—	$	—	$	—

Transaction Price Related to Consideration Received and Accounts Receivable Allocated to Performance Obligations along with Associated Deferred Revenue

The transaction price related to consideration received and accounts receivable has been allocated to each of the following performance obligations under the U.S./RoW Agreement and China Agreement, along with any associated deferred revenue as follows (in thousands):

U.S. / RoW and China Agreements	Cumulative Revenue Through June 30, 2019		Deferred Revenue at June 30, 2019			Total Consideration Through June 30, 2019
License	$	327,275	$	—		$	327,275
Co-development, information sharing & committee services		451,402		16,342			467,744
China performance obligation		—		136,584			136,584
Total license and development revenue	$	778,677	$	152,926	*	$	931,603

_______________________________________________________________________________________________________

Contract assets and liabilities related to rights and obligations in the same contract are recorded net on the condensed consolidated balance sheets. As of June 30, 2019, long-term deferred revenue included $102.9 million related to the U.S./RoW and China Agreement, which represents the net of $152.9 million of deferred revenue presented above and the above-mentioned $50.0 million unbilled contract asset.