Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments

v2.4.0.6
Financial Instruments
 6 Months Ended
Jun. 30, 2011
Financial Instruments [Abstract]  
Financial Instruments

3. Financial Instruments

The Company measures certain financial assets and liabilities at fair value on a recurring basis, including available-for-sale fixed income and equity securities and other equity securities. The following table provides a summary of the assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2011 (in thousands):

 

Fair Value Measurements at Reporting Date Using

  
            Quoted Prices in
Active Markets for
Identical Assets		      Significant Other
Observable Inputs		      Significant
Unobservable
Inputs		  
     Total      (Level 1)      (Level 2)      (Level 3)  

Assets:

            

Fixed income available-for-sale securities

    $ 10,000       $ 10,000       $ 0       $ 0   

Liabilities:

            

Current potion of liability for contingent value rights - CyDex

    $ 5,955       $ 0       $ 0       $ 5,955   

Liability for contingent value rights - Metabasis

      1,603         1,603         0         0   

Liability for contingent value rights - Neurogen

      700         0         0         700   

Liability for contingent value rights - CyDex

      14,905         0         0         14,905   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total liabilities

    $ 17,208       $ 1,603       $ 0       $ 15,605   
  

 

 

     

 

 

     

 

 

     

 

 

  

The following table provides a summary of the assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2010 (in thousands):

 

Fair Value Measurements at Reporting Date Using

  
            Quoted Prices in
Active Markets for
Identical Assets		      Significant Other
Observable Inputs		      Significant
Unobservable
Inputs		  
     Total      (Level 1)      (Level 2)      (Level 3)  

Assets:

            

Fixed income available-for-sale securities

    $ 19,351       $ 19,351       $ 0       $ 0   

Liabilities:

            

Liability for contingent value rights - Metabasis

    $ 0       $ 0       $ 0       $ 0   

Liability for contingent value rights - Neurogen

      700         0         0         700   
  

 

 

     

 

 

     

 

 

     

 

 

  
   $ 700       $ 0       $ 0       $ 700   
  

 

 

     

 

 

     

 

 

     

 

 

  

The Company's short-term investments are fixed income available-for-sale securities and include Corporate Notes, Corporate Discount Commercial Paper and certificates of deposit. The fair value of the Company's short-term investments and liability for contingent value rights- Metabasis are determined using quoted market prices in active markets.