Acorda Therapeutics (ACORQ) 10-Q 9 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 30, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	ACORDA THERAPEUTICS INC
Entity Central Index Key	1,008,848
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		46,659,426
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	ACOR

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 133,619	$ 158,537
Restricted cash	61	79
Trade accounts receivable, net of allowances of $938 and $964, as of March 31, 2017 and December 31, 2016, respectively	50,238	52,239
Prepaid expenses	13,615	12,907
Finished goods inventory	46,054	43,135
Other current assets	4,565	5,760
Total current assets	248,152	272,657
Property and equipment, net of accumulated depreciation	37,132	34,310
Goodwill	278,069	280,599
Deferred tax asset	4,400	4,400
Intangible assets, net of accumulated amortization	740,838	742,242
Non-current portion of deferred cost of license revenue	2,113	2,272
Other assets	9,138	5,855
Total assets	1,319,842	1,342,335
Current liabilities:
Accounts payable	21,378	26,933
Accrued expenses and other current liabilities	88,146	104,890
Current portion of deferred license revenue	9,057	9,057
Current portion of loans payable	754	6,256
Current portion of convertible notes payable		765
Total current liabilities	119,335	147,901
Convertible senior notes (due 2021)	301,706	299,395
Acquired contingent consideration	82,900	72,100
Non-current portion of deferred license revenue	30,191	32,456
Non-current portion of loans payable	24,660	24,635
Deferred tax liability	76,130	92,807
Other non-current liabilities	8,793	8,830
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.001 par value. Authorized 80,000,000 shares at March 31, 2017 and December 31, 2016; issued 46,770,661 and 46,182,738 shares, including those held in treasury, as of March 31, 2017 and December 31, 2016, respectively	47	46
Treasury stock at cost (12,420 shares at March 31, 2017 and December 31, 2016)	(329)	(329)
Additional paid-in capital	937,665	921,365
Accumulated deficit	(250,757)	(243,970)
Accumulated other comprehensive loss	(10,499)	(12,901)
Total stockholders’ equity	676,127	664,211
Total liabilities and stockholders’ equity	$ 1,319,842	$ 1,342,335

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Statement Of Financial Position [Abstract]
Trade accounts receivable, allowances (in dollars)	$ 938	$ 964
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, Authorized shares	80,000,000	80,000,000
Common stock, issued shares	46,770,661	46,182,738
Treasury stock, shares	12,420	12,420

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Net product revenues	$ 112,593	$ 110,148
Royalty revenues	4,528	3,492
License revenue	2,265	2,264
Total net revenues	119,386	115,904
Costs and expenses:
Cost of sales	25,183	23,186
Cost of license revenue	159	159
Research and development	46,493	44,570
Selling, general and administrative	52,024	58,980
Changes in fair value of acquired contingent consideration	10,800	6,200
Total operating expenses	134,659	133,095
Operating loss	(15,273)	(17,191)
Other (expense) income, (net):
Interest and amortization of debt discount expense	(4,143)	(3,723)
Interest income	38	215
Realized loss on foreign currency transactions	(444)
Other income		10,442
Total other (expense) income, (net)	(4,549)	6,934
Loss before taxes	(19,822)	(10,257)
Benefit from income taxes	918	9,737
Net loss	$ (18,904)	$ (520)
Net loss per share—basic	$ (0.41)	$ (0.01)
Net loss per share—diluted	$ (0.41)	$ (0.01)
Weighted average common shares outstanding used in computing net loss per share—basic	45,808	44,815
Weighted average common shares outstanding used in computing net loss per share—diluted	45,808	44,815

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (18,904)	$ (520)
Other comprehensive income, net of tax:
Foreign currency translation adjustment	2,402
Reclassification of net losses to net income		119
Other comprehensive income, net of tax	2,402	119
Comprehensive loss	$ (16,502)	$ (401)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net loss	$ (18,904)	$ (520)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Share-based compensation expense	7,872	8,159
Amortization of net premiums and discounts on investments		495
Amortization of debt discount and debt issuance costs	2,580	2,204
Depreciation and amortization expense	5,647	3,949
Changes in fair value of acquired contingent consideration	10,800	6,200
Unrealized foreign currency transaction loss (gain)	247	(10,289)
Deferred tax benefit	(4,673)	(10,172)
Changes in assets and liabilities:
Decrease (Increase) in accounts receivable	2,011	(10,156)
Decrease in prepaid expenses and other current assets	497	4,308
Increase in inventory	(2,918)	(3,191)
Decrease in non-current portion of deferred cost of license revenue	159	159
Increase in other assets	(3,415)
(Decrease) increase in accounts payable, accrued expenses, other current liabilities	(23,093)	11,969
Decrease in non-current portion of deferred license revenue	(2,264)	(2,264)
Increase in other non-current liabilities	35	4
Decrease in restricted cash	18	5,842
Net cash (used in) provided by operating activities	(25,401)	6,697
Cash flows from investing activities:
Purchases of property and equipment	(5,773)	(1,037)
Purchases of intangible assets	(76)	(406)
Purchases of investments		(40,214)
Proceeds from maturities of investments		239,966
Net cash (used in) provided by investing activities	(5,849)	198,309
Cash flows from financing activities:
Proceeds from issuance of common stock and option exercises	5,474	73,229
Refund of deposit for purchase of noncontrolling interest	2,722
Repayments of revenue interest liability		(25)
Repayment of loans payable	(2,225)
Net cash provided by financing activities	5,971	73,204
Effect of exchange rate changes on cash and cash equivalents	361
Net (decrease) increase in cash and cash equivalents	(24,918)	278,210
Cash and cash equivalents at beginning of period	158,537	153,204
Cash and cash equivalents at end of period	133,619	431,414
Supplemental disclosure:
Cash paid for interest	29	21
Cash paid for taxes	$ 1,915	$ 157

Organization and Business Activ

Organization and Business Activities	3 Months Ended
	Mar. 31, 2017
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Business Activities	(1) Organization and Business Activities Acorda Therapeutics, Inc. (“Acorda” or the “Company”) is a biopharmaceutical company focused on developing therapies that restore function and improve the lives of people with neurological disorders. The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information, Accounting Standards Codification (ASC) Topic 270-10 and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In management’s opinion, all adjustments considered necessary for a fair presentation have been included in the interim periods presented and all adjustments are of a normal recurring nature. The Company has evaluated subsequent events through the date of this filing. Operating results for the three-month period ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. When used in these notes, the terms “Acorda” or “the Company” mean Acorda Therapeutics, Inc. The December 31, 2016 consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. You should read these unaudited interim condensed consolidated financial statements in conjunction with the consolidated financial statements and footnotes included in the Company's Annual Report on Form 10-K for the year ended December 31, 2016.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	(2) Summary of Significant Accounting Policies Our critical accounting policies are detailed in our Annual Report on Form 10-K for the year ended December 31, 2016. Effective January 1, 2017, the Company adopted ASU 2016-09, “Compensation – Stock Compensation” (Topic 718) and ASU 2015-11, “Inventory” (Topic 330): Simplifying the Measurement of Inventory (ASU 2015-11). Other than the adoption of the new accounting guidance, our critical accounting policies have not changed materially from December 31, 2016. Foreign Currency Translation — The functional currency of operations outside the United States of America is deemed to be the currency of the local country, unless otherwise determined that the United States dollar would serve as a more appropriate functional currency given the economic operations of the entity. Accordingly, the assets and liabilities of the Company’s foreign subsidiary, Biotie, are translated into United States dollars using the period-end exchange rate; and income and expense items are translated using the average exchange rate during the period; and equity transactions are translated at historical rates. Cumulative translation adjustments are reflected as a separate component of equity. Foreign currency transaction gains and losses are charged to operations. Segment and Geographic Information The Company is managed and operated as one business which is focused on developing therapies that restore function and improve the lives of people with neurological disorders. The entire business is managed by a single management team that reports to the Chief Executive Officer. The Company does not operate separate lines of business with respect to any of its products or product candidates and the Company does not prepare discrete financial information with respect to separate products or product candidates or by location. Accordingly, the Company views its business as one reportable operating segment. Net product revenues reported to date are derived from the sales of Ampyra, Zanaflex and Qutenza in the U.S. Intangible Assets The Company has finite lived intangible assets related to Ampyra. These intangible assets are amortized on a straight line basis over the period in which the Company expects to receive economic benefit and are reviewed for impairment when facts and circumstances indicate that the carrying value of the asset may not be recoverable. The determination of the expected life will be dependent upon the use and underlying characteristics of the intangible asset. In the Company’s evaluation of the intangible assets, it considers the term of the underlying asset life and the expected life of the related product line. If the carrying value is not recoverable, impairment is measured as the amount by which the carrying value exceeds its estimated fair value. Fair value is generally estimated based on either appraised value or other valuation techniques. On March 31, 2017, the United States District Court for the District of Delaware upheld U.S. Patent No. 5,540,938 (the ‘938 patent), which is set to expire in July 2018. The claims of the ‘938 patent relate to methods for treating a neurological disease, such as MS, and cover the use of a sustained release dalfampridine formulation, such as AMPYRA (dalfampridine) Extended Release Tablets, 10 mg for improving walking in people with MS. The District Court invalidated U.S. Patent Nos. 8,663,685 , 8,007,826, 8,440,703, and 8,354,437, which pertain to Ampyra. The Company intends to appeal the ruling on these patents. As a result of the District Court’s decision, the Company performed an interim impairment test for the intangible assets related to Ampyra in connection with the preparation of the unaudited interim condensed consolidated financial statements for the first quarter of 2017. Based on the impairment test performed, the Company determined that these intangible assets were not impaired. Accordingly, the Company did not record an impairment loss during the three-month period ended March 31, 2017. In accordance with the Company’s policy, the estimated remaining useful lives of the Ampyra intangible assets were reviewed to determine if there was a change in the estimated useful lives of these assets. Based on the review, the Company determined that there was a change in the estimated useful lives of these assets that would require an acceleration of the amortization expense. The Company estimates that the estimated useful lives of these intangible assets will coincide with the expiration of the ‘938 patent. The Company will account for this change prospectively as a change in an accounting estimate following the period ended March 31, 2017. The change in the estimated remaining useful lives of these intangible assets did not have a material impact on the Company’s statement of operations for the three-month period ended March 31, 2017. Subsequent Events Subsequent events are defined as those events or transactions that occur after the balance sheet date, but before the financial statements are filed with the Securities and Exchange Commission. The Company completed an evaluation of the impact of any subsequent events through the date these financial statements were issued, and determined the following subsequent events required disclosure in these financial statements. In April 2017, the Company implemented a corporate restructuring to reduce its cost structure and focus its resources on its two late stage Parkinson’s disease programs, INBRIJA and tozadenant, as well as on maximizing Ampyra value and ensuring continued patient access to Ampyra in litigation with certain generic drug manufacturers u pholding our Ampyra Orange Book-listed patent set to expire on July 30, 2018, but invalidating our four other Orange Book-listed patents pertaining to Ampyra that were set to expire between 2025 and 2027. Under this decision, we expect to maintain patent exclusivity with respect to Ampyra at least through July 30, 2018, although the other parties to the lawsuit may appeal the District Court’s decision upholding the patent that expires in July 2018 . On June 1, 2016, the Company and certain of its subsidiaries entered into a Credit Agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as the sole initial lender and the administrative agent for the lenders. On May 4, 2017, the Company voluntarily terminated the Credit Agreement because it no longer served the Company’s needs. The Company did not incur any early termination penalties in connection with the termination. Prior to its termination, the Credit Agreement provided the Company with a three-year senior secured revolving credit facility in the maximum amount of $60 million. The restrictive covenants, as well as the lenders' security interests in collateral, under the Credit Agreement and the related loan documents terminate in connection with the termination of the facility. As of March 31, 2017, there was approximately $1.1 million of debt issuance costs recorded on the consolidated balance sheets associated with the Credit Agreement that will be written off in May 2017. Recently Issued / Adopted Accounting Pronouncements In March 2016, the FASB issued Accounting Standards Update 2016-09, “Compensation – Stock Compensation” (Topic 718). The main objective of this update is to simplify the accounting, and reporting classifications for certain aspects of share-based payment transactions. This ASU is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company adopted this guidance effective January 1, 2017 on a prospective basis. The new guidance requires that excess tax benefits or deficiencies that arise upon the vesting or exercise of share-based payments be recognized as income tax benefit or expense in the income statement. Previously, these amounts were recorded as additional paid-in-capital. The new guidance also permits the accounting for forfeitures based on either an estimate of the number of shares expected to vest (current GAAP) or on the actual forfeitures as they occur. The Company elected to continue estimating forfeitures for determining compensation costs The Company did not have any excess tax benefits in the three-month period ended March 31, 2017. In July 2015, the FASB issued Accounting Standards Update 2015-11, “Inventory” (Topic 330): Simplifying the Measurement of Inventory (ASU 2015-11), which requires the measurement of inventory at the lower of cost and net realizable value. ASU 2015-11 is effective for fiscal years beginning after December 15, 2016, and interim periods therein with early adoption permitted. The Company adopted this guidance effective January 1, 2017. The adoption of this guidance did not have an impact on the consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update 2016-06, “Derivatives and Hedging” (Topic 815): Contingent Put and Call Options in Derivative Contracts (ASU 2016-06), which clarifies the requirements for assessing whether contingent options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts. This ASU is effective for fiscal years beginning after December 15, 2016 and interim periods therein. The Company adopted this guidance effective January 1, 2017. The adoption of this guidance did not have an impact on the consolidated financial statements. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-09, “Revenue from Contracts with Customers” (Topic 606) (ASU 2014-09). This new standard will replace all current U.S. GAAP guidance on this topic and eliminate all industry-specific guidance. In July 2015, the FASB deferred the effective date of the new revenue standard for interim and annual periods beginning after December 15, 2017 (previously December 15, 2016). The Company expects to adopt this guidance on January 1, 2018. ASU 2014-09 allows for either full retrospective or modified retrospective adoption. The Company is evaluating the transition method that will be elected and the potential effects of adopting the provisions of ASU No. 2014-09. The new guidance requires the application of a five-step model to determine the amount and timing of revenue to be recognized. The underlying principle is that revenue is to be recognized for the transfer of goods or services to customers that reflects the amount of consideration that the Company expects to be entitled to in exchange for those goods or services. The Company is continuing to assess the impact of the new guidance on its accounting policies and procedures and is evaluating the new requirements as applied to existing revenue contracts. Although the Company is continuing to assess the impact of the new guidance, the Company believes the most significant impact will relate to the recognition of license revenues associated with its Biogen contract at a point in time rather than over a period of time. The Company is reviewing its revenue contracts and working on its plan for implementation of the new guidance which it expects to adopt beginning in the first quarter of 2018. In January 2017, the FASB issued Accounting Standards Update 2017-04, “Intangibles – Goodwill and Other” (Topic 350): Simplifying the Test for Goodwill Impairment (ASU 2017-04), simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. ASU 2017-04 allows for prospective application and is effective for fiscal years beginning after December 15, 2019, and interim periods therein with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating whether it will adopt this guidance early and the impact it may have on its consolidated financial statements.

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Acquisitions	(3) Acquisitions Biotie Therapies Corp. On April 18, 2016, the Company acquired a controlling interest in Biotie Therapies Corp. (“Biotie”) pursuant to a combination agreement entered into in January 2016. The acquisition of Biotie positions the Company as a leader in Parkinson’s disease therapeutic development, with three clinical-stage compounds that have the potential to improve the lives of people with Parkinson’s. In accordance with the combination agreement, the Company closed a public tender offer for all of Biotie’s capital stock, pursuant to which the Company acquired approximately 93% of the fully diluted capital stock of Biotie for a cash purchase price of approximately $350 million. On May 4, 2016, the Company acquired an additional approximately 4% of Biotie’s fully diluted capital stock pursuant to a subsequent public offer to Biotie stockholders that did not tender their shares in the initial tender offer. The purchase consideration for the subsequent tender offer was approximately $14.5 million. The acquisition of the additional 4% of Biotie’s fully diluted capital stock resulted in the Company owning approximately 97% of the fully diluted capital stock of Biotie (the “Acquisition”) as of June 30, 2016. On September 30, 2016, the Company acquired the remaining approximately 3% of Biotie’s fully diluted capital stock in exchange for the payment of a cash security deposit of approximately $13.5 million, as determined by the Finnish arbitral tribunal administering redemption proceedings for the shares not tendered to the Company. Accordingly, the Company owned 100% of the fully diluted capital stock of Biotie as of September 30, 2016. In the three-month period ended March 31, 2017, the Company received a refund of the cash security deposit of approximately $2.7 million following the final determination and payment of the redemption price for the shares subject to the redemption proceedings. The Company estimated the preliminary fair value of the assets acquired and liabilities assumed as of the date of acquisition based on the information available at that time. The Company recorded measurement-period adjustments to its preliminary purchase price allocation from the acquisition date through March 31, 2017. During the three-month period ended March 31, 2017, the Company recorded measurement period adjustments of $3.8 million to its preliminary purchase price allocation related to the repurchase of Biotie convertible capital loans as the Company was able to determine the fair market value of these loans, and which reduced current liabilities with a corresponding decrease to goodwill. The valuation of the assets and liabilities is subject to further analysis however, the Company believes that finalization of the valuation of the long-term debt and accounting for deferred taxes are the key remaining outstanding items. As the Company finalizes the fair values of the assets acquired and liabilities assumed, additional purchase price adjustments may be recorded during the measurement period. The Company will reflect measurement period adjustments, if any, in the period in which the adjustments are recognized. The following table presents the preliminary allocation of the purchase price to the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date of April 18, 2016, as adjusted through the period ended March 31, 2017: (In thousands) Preliminary Allocation, as adjusted through December 31, 2016 Measurement Period Adjustments Preliminary Allocation, as adjusted through March 31, 2017 Cash and cash equivalents $ 73,854 $ — $ 73,854 Other current assets 1,878 — 1,878 Other long-term assets 4,962 — 4,962 Intangible assets (indefinite-lived) 260,500 — 260,500 Intangible assets (definite-lived) 65,000 — 65,000 Current liabilities (18,572 ) 3,837 (14,735 ) Deferred taxes (89,908 ) — (89,908 ) Other long-term liabilities (25,690 ) — (25,690 ) Fair value of assets and liabilities acquired 272,024 3,837 275,861 Goodwill 103,876 (3,837 ) 100,039 Total purchase price 375,900 — 375,900 Less: Noncontrolling interests (25,736 ) — (25,736 ) Purchase consideration on date of acquisition $ 350,164 $ — $ 350,164 The Company accounted for the Acquisition as a business combination using the acquisition method of accounting. Under the acquisition method of accounting, the total purchase price of the acquisition is allocated to the net tangible and identifiable intangible assets acquired and liabilities assumed based on their fair values as of the date of acquisition. The Company incurred approximately $18.6 million in acquisition related expenses to date. For the three-month period ended March 31, 2017, the Company incurred approximately $0.6 million in acquisition related expenses, all of which were expensed and included in selling, general and administrative expenses in the consolidated statements of operations. The results of Biotie’s operations have been included in the consolidated statements of operations from the acquisition date of April 18, 2016. The definite-lived intangible asset will be amortized on a straight line basis over the period in which the Company expects to receive economic benefit and will be reviewed for impairment when facts and circumstances indicate that the carrying value of the asset may not be recoverable. The fair value of the indefinite lived intangible assets will be capitalized as of the acquisition date and subsequently accounted for as indefinite-lived intangible assets until disposition of the assets or completion or abandonment of the associated research and development efforts. Accordingly, during the development period after the completion of the acquisition, these assets will not be amortized into earnings; rather, these assets will be subject to periodic impairment testing. Upon successful completion of the development efforts, the useful lives of the indefinite lived intangible assets will be determined and the assets will be considered definite-lived intangible assets and amortized over their expected useful lives. Goodwill is calculated as the excess of the purchase price and the noncontrolling interest over the estimated fair value of the assets acquired and liabilities assumed. The goodwill recorded is primarily related to establishing a deferred tax liability for the indefinite lived intangible assets which have no tax basis and, therefore, will not result in a future tax deduction. None of the goodwill is deductible for tax purposes. Goodwill Changes in the carrying amount of goodwill were as follows: (In thousands) Balance at December 31, 2016 $ 280,599 Decrease to goodwill for measurement period adjustments (3,837 ) Foreign currency translation adjustment 1,307 Balance at March 31, 2017 $ 278,069 Pro-Forma Financial Information Associated with the Biotie Acquisition (Unaudited) The following table summarizes certain supplemental pro forma financial information for the three-month periods ended March 31, 2017 and 2016 as if the Acquisition had occurred as of January 1, 2016. The unaudited pro forma financial information for the three-month period ended March 31, 2016 reflects (i) the net impact to amortization expense based on the fair value adjustments to the intangible assets acquired from Biotie; (ii) the impact to operations resulting from the reversal of transaction costs related to the Acquisition; (iii) the impact to operations resulting from the reversal of the unrealized gain on the foreign currency option; (iv) the impact to interest expense based on the fair value adjustments to the debt acquired from Biotie; (v) the tax effects of those adjustments; and (vi) the net loss attributable to the noncontrolling interests resulting from the Acquisition. Three-month period ended March 31, 2017 Three-month period ended March 31, 2016 (In thousands) Reported Pro Forma Reported Pro Forma Net revenues $ 119,386 $ 119,386 $ 115,904 $ 116,744 Net loss from continuing operations $ (18,904 ) $ (18,904 ) $ (520 ) $ (12,377 )

Share-based Compensation

Share-based Compensation	3 Months Ended
	Mar. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-based Compensation	(4) Share-based Compensation During the three‑month periods ended March 31, 2017 and 2016, the Company recognized share-based compensation expense of $7.8 million and $8.1 million, respectively. Activity in options and restricted stock during the three-month period ended March 31, 2017 and related balances outstanding as of that date are reflected below. The weighted average fair value per share of options granted to employees for the three-month periods ended March 31, 2017 and 2016 were approximately $13.02 and $15.28, respectively. The following table summarizes share-based compensation expense included within the consolidated statements of operations: For the three-month period ended March 31, (In millions) 2017 2016 Research and development $ 2.5 $ 2.1 Selling, general and administrative 5.3 6.0 Total $ 7.8 $ 8.1 A summary of share-based compensation activity for the three-month period ended March 31, 2017 is presented below: Stock Option Activity Number of Shares (In Weighted Average Exercise Price Weighted Average Remaining Contractual Term Intrinsic Value (In Balance at January 1, 2017 9,072 $ 31.11 Granted 607 27.03 Cancelled (73 ) 31.80 Exercised (250 ) 21.91 Balance at March 31, 2017 9,356 $ 31.08 6.0 $ 655 Vested and expected to vest at March 31, 2017 9,257 $ 31.10 6.0 $ 649 Vested and exercisable at March 31, 2017 6,215 $ 30.56 5.0 $ 549 Restricted Stock and Performance Stock Unit Activity (In thousands) Restricted Stock Number of Shares Nonvested at January 1, 2017 625 Granted 541 Vested (5 ) Forfeited (5 ) Nonvested at March 31, 2017 1,156 Unrecognized compensation cost for unvested stock options, restricted stock awards and performance stock units as of March 31, 2017 totaled $65.7 million and is expected to be recognized over a weighted average period of approximately 2.4 years.

Loss Per Share

Loss Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Loss Per Share	(5) Loss Per Share The following table sets forth the computation of basic and diluted loss per share for the three-month periods ended March 31, 2017 and 2016: (In thousands, except per share data) Three-month period ended March 31, 2017 Three-month period ended March 31, 2016 Basic and diluted Net loss $ (18,904 ) $ (520 ) Weighted average common shares outstanding used in computing net loss per share—basic 45,808 44,815 Plus: net effect of dilutive stock options and restricted common shares — — Weighted average common shares outstanding used in computing net loss per share—diluted 45,808 44,815 Net loss per share—basic $ (0.41 ) $ (0.01 ) Net loss per share—diluted $ (0.41 ) $ (0.01 ) Securities that could potentially be dilutive are excluded from the computation of diluted earnings per share when a loss from continuing operations exists or when the exercise price exceeds the average closing price of the Company’s common stock during the period, because their inclusion would result in an anti-dilutive effect on per share amounts. The following amounts were not included in the calculation of net income per diluted share because their effects were anti-dilutive: (In thousands) Three-month period ended March 31, 2017 Three-month period ended March 31, 2016 Denominator Stock options and restricted common shares 8,258 4,393 Convertible note – Saints Capital — 10 Additionally, the impact of the convertible debt and the impact of the convertible capital loan assumed from Biotie were determined to be anti-dilutive and excluded from the calculation of net loss per diluted share for the three-month periods ended March 31, 2017 and 2016.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	(6) Income Taxes The Company’s effective income tax rate differs from the U.S. statutory rate principally due to state taxes, Federal research and development tax credits, jurisdictions with pretax losses for which no tax benefit can be recognized and certain other permanent tax items. The annual rate depends on a number of factors, including the jurisdiction in which operating profit is earned and the timing and nature of discrete items. For the three-month periods ended March 31, 2017 and 2016, the Company recorded a $0.9 million and $9.7 million benefit from income taxes, respectively. The benefit from income taxes is based on federal, state and foreign income taxes, net of any tax credits and valuation allowance. The effective income tax rates for the Company for the three-month periods ended March 31, 2017 and 2016 were 5% and 95%, respectively. The variance in the effective tax rates for the three-month period ended March 31, 2017 as compared to the three-month period ended March 31, 2016 was due primarily to the valuation allowance recorded on jurisdictions with Biotie pretax losses for which no tax benefit can be recognized, the tax implications of costs related to the Biotie transaction, the absence of orphan drug development in 2017 and a reduction in foreign tax expense. The Company continues to evaluate the realizability of its deferred tax assets and liabilities on a quarterly basis and will adjust such amounts in light of changing facts and circumstances including, but not limited to, future projections of taxable income, tax legislation, rulings by relevant tax authorities, the progress of ongoing tax audits and the regulatory approval of products currently under development. Any changes to the valuation allowance or deferred tax assets and liabilities in the future would impact the Company's income taxes.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	(7) Fair Value Measurements The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016 and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable, such as quoted prices, interest rates, exchange rates and yield curves. Fair values determined by Level 3 inputs utilize unobservable data points for the asset or liability. The Company’s Level 1 assets consist of time deposits, money market funds and investments in a Treasury money market fund and the Company’s Level 2 assets consist of high-quality government bonds that are valued using observable market prices. The Company’s Level 3 liabilities represent acquired contingent consideration related to the acquisition of Civitas and are valued using a probability weighted discounted cash flow valuation approach. No changes in valuation techniques occurred during the three-month period ended March 31, 2017. The estimated fair values of all of our financial instruments approximate their carrying values at March 31, 2017, except for the fair value of the Company’s convertible senior notes, which was approximately $293.3 million as of March 31, 2017. The Company estimates the fair value of its notes utilizing market quotations for the debt (Level 2). (In thousands) Level 1 Level 2 Level 3 March 31, 2017 Assets Carried at Fair Value: Cash equivalents $ 19,862 $ — $ — Liabilities Carried at Fair Value: Acquired contingent consideration — — 82,900 December 31, 2016 Assets Carried at Fair Value: Cash equivalents $ 18,514 $ — $ — Liabilities Carried at Fair Value: Acquired contingent consideration — — 72,100 The following table presents additional information about liabilities measured at fair value on a recurring basis and for which the Company utilizes Level 3 inputs to determine fair value. Acquired contingent consideration (In thousands) Three-month period ended March 31, 2017 Three-month period ended March 31, 2016 Acquired contingent consideration: Balance, beginning of period $ 72,100 $ 63,500 Fair value change to contingent consideration (unrealized) included in the statement of operations 10,800 6,200 Balance, end of period $ 82,900 $ 69,700 The Company estimates the fair value of its acquired contingent consideration using a probability weighted discounted cash flow valuation approach based on estimated future sales expected from INBRIJA (CVT-301) INBRIJA INBRIJA The acquired contingent consideration is classified as a Level 3 liability as its valuation requires substantial judgment and estimation of factors that are not currently observable in the market. If different assumptions were used for the various inputs to the valuation approach, including but not limited to, assumptions involving probability adjusted sales estimates for INBRIJA

Investments

Investments	3 Months Ended
	Mar. 31, 2017
Available For Sale Securities Current [Abstract]
Investments	(8) Investments Short-term investments with maturities of three months or less from date of purchase have been classified as cash equivalents, and amounted to $19.9 million and $18.5 million as of March 31, 2017 and December 31, 2016, respectively. Short-term investments have original maturities of greater than 3 months but less than 1 year and long-term investments are greater than 1 year. There were no investments classified as long-term at March 31, 2017 and 2016.

Debt Obligations

Debt Obligations	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Debt Obligations	(9) Debt Obligations Saints Capital Notes Effective January 2017, the Company paid approximately $0.8 million in full payment of these notes. Asset Based Loan On June 1, 2016, the Company and certain of its subsidiaries entered into a Credit Agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as the sole initial lender and the administrative agent for the lenders. On May 4, 2017, the Company voluntarily terminated the Credit Agreement because it no longer served the Company’s needs. The Company did not incur any early termination penalties in connection with the termination. Prior to its termination, the Credit Agreement provided the Company with a three-year senior secured revolving credit facility in the maximum amount of $60 million. The restrictive covenants, as well as the lenders' security interests in collateral, under the Credit Agreement and the related loan documents terminate in connection with the termination of the facility. As of March 31, 2017, there was approximately $1.1 million of debt issuance costs recorded on the consolidated balance sheets associated with the Credit Agreement that will be written off in May 2016. Convertible Capital Loans Convertible capital loans acquired from Biotie and issued to certain shareholders and venture capital organizations had a fair value of $0.5 million (€0.5 million) and a carrying value of $0.2 million as of March 31, 2017. In the three-month period ended March 31, 2017, the Company extended an offer to each of the convertible capital loan holders to repurchase the outstanding principal amount of each convertible capital loan. As of March 31, 2017, all but one of the loan holders agreed to the terms of the Company’s offer and agreed to accept payment of the principal amount as payment in full for their respective outstanding loans. The Company paid approximately $1.7 million (€1.5 million) in March 2017 to repurchase the outstanding principal amount of these loans. In April 2017, the final loan holder agreed to accept the Company’s repurchase offer and the Company paid approximately $0.2 million (€0.2 million) to repurchase the outstanding principal amount of this loan.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	(10) Commitments and Contingencies A summary of the Company’s commitments and contingencies was included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. The Company’s long-term contractual obligations include commitments and estimated purchase obligations entered into in the normal course of business. The Company is currently party to various legal proceedings which are principally patent litigation matters. The Company has assessed such legal proceedings and does not believe that it is probable that a liability has been incurred or that the amount of any potential liability or range of losses can be reasonably estimated. As a result, the Company did not record any loss contingencies for any of these matters. Litigation expenses are expensed as incurred.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Foreign Currency Translation	Foreign Currency Translation — The functional currency of operations outside the United States of America is deemed to be the currency of the local country, unless otherwise determined that the United States dollar would serve as a more appropriate functional currency given the economic operations of the entity. Accordingly, the assets and liabilities of the Company’s foreign subsidiary, Biotie, are translated into United States dollars using the period-end exchange rate; and income and expense items are translated using the average exchange rate during the period; and equity transactions are translated at historical rates. Cumulative translation adjustments are reflected as a separate component of equity. Foreign currency transaction gains and losses are charged to operations.
Segment and Geographic Information	Segment and Geographic Information The Company is managed and operated as one business which is focused on developing therapies that restore function and improve the lives of people with neurological disorders. The entire business is managed by a single management team that reports to the Chief Executive Officer. The Company does not operate separate lines of business with respect to any of its products or product candidates and the Company does not prepare discrete financial information with respect to separate products or product candidates or by location. Accordingly, the Company views its business as one reportable operating segment. Net product revenues reported to date are derived from the sales of Ampyra, Zanaflex and Qutenza in the U.S.
Intangible Assets	Intangible Assets The Company has finite lived intangible assets related to Ampyra. These intangible assets are amortized on a straight line basis over the period in which the Company expects to receive economic benefit and are reviewed for impairment when facts and circumstances indicate that the carrying value of the asset may not be recoverable. The determination of the expected life will be dependent upon the use and underlying characteristics of the intangible asset. In the Company’s evaluation of the intangible assets, it considers the term of the underlying asset life and the expected life of the related product line. If the carrying value is not recoverable, impairment is measured as the amount by which the carrying value exceeds its estimated fair value. Fair value is generally estimated based on either appraised value or other valuation techniques. On March 31, 2017, the United States District Court for the District of Delaware upheld U.S. Patent No. 5,540,938 (the ‘938 patent), which is set to expire in July 2018. The claims of the ‘938 patent relate to methods for treating a neurological disease, such as MS, and cover the use of a sustained release dalfampridine formulation, such as AMPYRA (dalfampridine) Extended Release Tablets, 10 mg for improving walking in people with MS. The District Court invalidated U.S. Patent Nos. 8,663,685 , 8,007,826, 8,440,703, and 8,354,437, which pertain to Ampyra. The Company intends to appeal the ruling on these patents. As a result of the District Court’s decision, the Company performed an interim impairment test for the intangible assets related to Ampyra in connection with the preparation of the unaudited interim condensed consolidated financial statements for the first quarter of 2017. Based on the impairment test performed, the Company determined that these intangible assets were not impaired. Accordingly, the Company did not record an impairment loss during the three-month period ended March 31, 2017. In accordance with the Company’s policy, the estimated remaining useful lives of the Ampyra intangible assets were reviewed to determine if there was a change in the estimated useful lives of these assets. Based on the review, the Company determined that there was a change in the estimated useful lives of these assets that would require an acceleration of the amortization expense. The Company estimates that the estimated useful lives of these intangible assets will coincide with the expiration of the ‘938 patent. The Company will account for this change prospectively as a change in an accounting estimate following the period ended March 31, 2017. The change in the estimated remaining useful lives of these intangible assets did not have a material impact on the Company’s statement of operations for the three-month period ended March 31, 2017.
Subsequent Events	Subsequent Events Subsequent events are defined as those events or transactions that occur after the balance sheet date, but before the financial statements are filed with the Securities and Exchange Commission. The Company completed an evaluation of the impact of any subsequent events through the date these financial statements were issued, and determined the following subsequent events required disclosure in these financial statements. In April 2017, the Company implemented a corporate restructuring to reduce its cost structure and focus its resources on its two late stage Parkinson’s disease programs, INBRIJA and tozadenant, as well as on maximizing Ampyra value and ensuring continued patient access to Ampyra in litigation with certain generic drug manufacturers u pholding our Ampyra Orange Book-listed patent set to expire on July 30, 2018, but invalidating our four other Orange Book-listed patents pertaining to Ampyra that were set to expire between 2025 and 2027. Under this decision, we expect to maintain patent exclusivity with respect to Ampyra at least through July 30, 2018, although the other parties to the lawsuit may appeal the District Court’s decision upholding the patent that expires in July 2018 . On June 1, 2016, the Company and certain of its subsidiaries entered into a Credit Agreement (the “Credit Agreement”) with JPMorgan Chase Bank, N.A., as the sole initial lender and the administrative agent for the lenders. On May 4, 2017, the Company voluntarily terminated the Credit Agreement because it no longer served the Company’s needs. The Company did not incur any early termination penalties in connection with the termination. Prior to its termination, the Credit Agreement provided the Company with a three-year senior secured revolving credit facility in the maximum amount of $60 million. The restrictive covenants, as well as the lenders' security interests in collateral, under the Credit Agreement and the related loan documents terminate in connection with the termination of the facility. As of March 31, 2017, there was approximately $1.1 million of debt issuance costs recorded on the consolidated balance sheets associated with the Credit Agreement that will be written off in May 2017.
Recently Issued / Adopted Accounting Pronouncements	Recently Issued / Adopted Accounting Pronouncements In March 2016, the FASB issued Accounting Standards Update 2016-09, “Compensation – Stock Compensation” (Topic 718). The main objective of this update is to simplify the accounting, and reporting classifications for certain aspects of share-based payment transactions. This ASU is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. The Company adopted this guidance effective January 1, 2017 on a prospective basis. The new guidance requires that excess tax benefits or deficiencies that arise upon the vesting or exercise of share-based payments be recognized as income tax benefit or expense in the income statement. Previously, these amounts were recorded as additional paid-in-capital. The new guidance also permits the accounting for forfeitures based on either an estimate of the number of shares expected to vest (current GAAP) or on the actual forfeitures as they occur. The Company elected to continue estimating forfeitures for determining compensation costs The Company did not have any excess tax benefits in the three-month period ended March 31, 2017. In July 2015, the FASB issued Accounting Standards Update 2015-11, “Inventory” (Topic 330): Simplifying the Measurement of Inventory (ASU 2015-11), which requires the measurement of inventory at the lower of cost and net realizable value. ASU 2015-11 is effective for fiscal years beginning after December 15, 2016, and interim periods therein with early adoption permitted. The Company adopted this guidance effective January 1, 2017. The adoption of this guidance did not have an impact on the consolidated financial statements. In March 2016, the FASB issued Accounting Standards Update 2016-06, “Derivatives and Hedging” (Topic 815): Contingent Put and Call Options in Derivative Contracts (ASU 2016-06), which clarifies the requirements for assessing whether contingent options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts. This ASU is effective for fiscal years beginning after December 15, 2016 and interim periods therein. The Company adopted this guidance effective January 1, 2017. The adoption of this guidance did not have an impact on the consolidated financial statements. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2014-09, “Revenue from Contracts with Customers” (Topic 606) (ASU 2014-09). This new standard will replace all current U.S. GAAP guidance on this topic and eliminate all industry-specific guidance. In July 2015, the FASB deferred the effective date of the new revenue standard for interim and annual periods beginning after December 15, 2017 (previously December 15, 2016). The Company expects to adopt this guidance on January 1, 2018. ASU 2014-09 allows for either full retrospective or modified retrospective adoption. The Company is evaluating the transition method that will be elected and the potential effects of adopting the provisions of ASU No. 2014-09. The new guidance requires the application of a five-step model to determine the amount and timing of revenue to be recognized. The underlying principle is that revenue is to be recognized for the transfer of goods or services to customers that reflects the amount of consideration that the Company expects to be entitled to in exchange for those goods or services. The Company is continuing to assess the impact of the new guidance on its accounting policies and procedures and is evaluating the new requirements as applied to existing revenue contracts. Although the Company is continuing to assess the impact of the new guidance, the Company believes the most significant impact will relate to the recognition of license revenues associated with its Biogen contract at a point in time rather than over a period of time. The Company is reviewing its revenue contracts and working on its plan for implementation of the new guidance which it expects to adopt beginning in the first quarter of 2018. In January 2017, the FASB issued Accounting Standards Update 2017-04, “Intangibles – Goodwill and Other” (Topic 350): Simplifying the Test for Goodwill Impairment (ASU 2017-04), simplifies how an entity is required to test goodwill for impairment by eliminating Step 2 from the goodwill impairment test. ASU 2017-04 allows for prospective application and is effective for fiscal years beginning after December 15, 2019, and interim periods therein with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating whether it will adopt this guidance early and the impact it may have on its consolidated financial statements.

Acquisitions (Tables)

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2017
Business Combinations [Abstract]
Schedule of Preliminary Allocation of Purchase Price to Estimated Fair Values of Assets Acquired and Liabilities Assumed	(In thousands) Preliminary Allocation, as adjusted through December 31, 2016 Measurement Period Adjustments Preliminary Allocation, as adjusted through March 31, 2017 Cash and cash equivalents $ 73,854 $ — $ 73,854 Other current assets 1,878 — 1,878 Other long-term assets 4,962 — 4,962 Intangible assets (indefinite-lived) 260,500 — 260,500 Intangible assets (definite-lived) 65,000 — 65,000 Current liabilities (18,572 ) 3,837 (14,735 ) Deferred taxes (89,908 ) — (89,908 ) Other long-term liabilities (25,690 ) — (25,690 ) Fair value of assets and liabilities acquired 272,024 3,837 275,861 Goodwill 103,876 (3,837 ) 100,039 Total purchase price 375,900 — 375,900 Less: Noncontrolling interests (25,736 ) — (25,736 ) Purchase consideration on date of acquisition $ 350,164 $ — $ 350,164
Schedule of Changes in Carrying Amount of Goodwill	(In thousands) Balance at December 31, 2016 $ 280,599 Decrease to goodwill for measurement period adjustments (3,837 ) Foreign currency translation adjustment 1,307 Balance at March 31, 2017 $ 278,069
Summary of Supplemental Pro Forma Financial Information	Three-month period ended March 31, 2017 Three-month period ended March 31, 2016 (In thousands) Reported Pro Forma Reported Pro Forma Net revenues $ 119,386 $ 119,386 $ 115,904 $ 116,744 Net loss from continuing operations $ (18,904 ) $ (18,904 ) $ (520 ) $ (12,377 )

Share-based Compensation (Table

Share-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
Schedule of Share-based Compensation Expense	The following table summarizes share-based compensation expense included within the consolidated statements of operations: For the three-month period ended March 31, (In millions) 2017 2016 Research and development $ 2.5 $ 2.1 Selling, general and administrative 5.3 6.0 Total $ 7.8 $ 8.1
Schedule of Stock Option Activity	Number of Shares (In Weighted Average Exercise Price Weighted Average Remaining Contractual Term Intrinsic Value (In Balance at January 1, 2017 9,072 $ 31.11 Granted 607 27.03 Cancelled (73 ) 31.80 Exercised (250 ) 21.91 Balance at March 31, 2017 9,356 $ 31.08 6.0 $ 655 Vested and expected to vest at March 31, 2017 9,257 $ 31.10 6.0 $ 649 Vested and exercisable at March 31, 2017 6,215 $ 30.56 5.0 $ 549
Restricted Stock and Performance Stock Unit
Schedule of Restricted Stock and Performance Stock Unit Activity	(In thousands) Restricted Stock Number of Shares Nonvested at January 1, 2017 625 Granted 541 Vested (5 ) Forfeited (5 ) Nonvested at March 31, 2017 1,156

Loss Per Share (Tables)

Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted loss per share	(In thousands, except per share data) Three-month period ended March 31, 2017 Three-month period ended March 31, 2016 Basic and diluted Net loss $ (18,904 ) $ (520 ) Weighted average common shares outstanding used in computing net loss per share—basic 45,808 44,815 Plus: net effect of dilutive stock options and restricted common shares — — Weighted average common shares outstanding used in computing net loss per share—diluted 45,808 44,815 Net loss per share—basic $ (0.41 ) $ (0.01 ) Net loss per share—diluted $ (0.41 ) $ (0.01 )
Schedule of antidilutive securities excluded from calculation of net income per diluted share	(In thousands) Three-month period ended March 31, 2017 Three-month period ended March 31, 2016 Denominator Stock options and restricted common shares 8,258 4,393 Convertible note – Saints Capital — 10

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis	(In thousands) Level 1 Level 2 Level 3 March 31, 2017 Assets Carried at Fair Value: Cash equivalents $ 19,862 $ — $ — Liabilities Carried at Fair Value: Acquired contingent consideration — — 82,900 December 31, 2016 Assets Carried at Fair Value: Cash equivalents $ 18,514 $ — $ — Liabilities Carried at Fair Value: Acquired contingent consideration — — 72,100
Contingent consideration​ liability
Schedule of Contingent Liabilities	(In thousands) Three-month period ended March 31, 2017 Three-month period ended March 31, 2016 Acquired contingent consideration: Balance, beginning of period $ 72,100 $ 63,500 Fair value change to contingent consideration (unrealized) included in the statement of operations 10,800 6,200 Balance, end of period $ 82,900 $ 69,700

Summary of Significant Accoun22

Summary of Significant Accounting Policies - Additional Information (Details)	Jun. 01, 2016USD ($)	Apr. 30, 2017	Mar. 31, 2017USD ($)segment
Segment and Geographic Information
Number of operating segments | segment			1
Number of reportable operating segments | segment			1
Accounting Standards Update 2016-09
Segment and Geographic Information
Adjustment to accumulated deficit			$ 12,100,000
Excess tax benefit from share-based compensation, operating activities			$ 0
JPMorgan Chase Bank, N.A. | Senior secured revolving credit facility
Segment and Geographic Information
Term of debt	3 years
Maximum borrowing capacity	$ 60,000,000
Line of credit facility termination date			May 4, 2017
Debt issuance costs			$ 1,100,000
Subsequent Event
Segment and Geographic Information
Approximate percentage of headcount reduction		20.00%
Ampyra
Segment and Geographic Information
Impairment loss			$ 0

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) - USD ($) $ in Thousands	May 04, 2016	Sep. 30, 2016	Apr. 18, 2016	Mar. 31, 2017	Mar. 31, 2017	Jun. 30, 2016
Acquisitions
Proceeds from refund of cash security deposit				$ 2,722
Biotie Therapies Corp.
Acquisitions
Voting interest acquired (as a percent)			93.00%
Aggregate equity purchase price			$ 350,000
Additional voting interest acquired (as a percent)	4.00%	3.00%
Purchase consideration for subsequent acquisition	$ 14,500
Voting interest acquired including subsequent acquisition (as a percent)		100.00%				97.00%
Payment of cash security deposit		$ 13,500
Proceeds from refund of cash security deposit				2,700
Acquisition-related expenses				600	$ 18,600
Goodwill deductible for tax purposes			$ 0
Biotie Therapies Corp. | Measurement Period Adjustments | Convertible Capital Loans
Acquisitions
Measurement period adjustments				$ 3,800

Acquisitions - Schedule of Prel

Acquisitions - Schedule of Preliminary Allocation of Purchase Price to Estimated Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Preliminary allocation of purchase price to estimated fair values of assets acquired and liabilities assumed
Goodwill	$ 278,069	$ 280,599
Biotie Therapies Corp.
Preliminary allocation of purchase price to estimated fair values of assets acquired and liabilities assumed
Cash and cash equivalents	73,854	73,854
Other current assets	1,878	1,878
Other long-term assets	4,962	4,962
Intangible assets (indefinite-lived)	260,500	260,500
Intangible assets (definite-lived)	65,000	65,000
Current liabilities	(14,735)	(18,572)
Deferred taxes	(89,908)	(89,908)
Other long-term liabilities	(25,690)	(25,690)
Fair value of assets and liabilities acquired	275,861	272,024
Goodwill	100,039	103,876
Total purchase price	375,900	375,900
Less: Noncontrolling interests	(25,736)	(25,736)
Purchase consideration on date of acquisition	350,164	$ 350,164
Biotie Therapies Corp. | Measurement Period Adjustments
Preliminary allocation of purchase price to estimated fair values of assets acquired and liabilities assumed
Current liabilities	3,837
Fair value of assets and liabilities acquired	3,837
Goodwill	$ (3,837)

Acquisitions - Schedule of Chan

Acquisitions - Schedule of Changes in Carrying Amount of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Changes in carrying amount of goodwill
Beginning balance	$ 280,599
Decrease to goodwill for measurement period adjustments	(3,837)
Foreign currency translation adjustment	1,307
Ending balance	$ 278,069

Acquisitions - Summary of Suppl

Acquisitions - Summary of Supplemental Pro Forma Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Acquisitions
Net revenues	$ 119,386	$ 115,904
Net loss	(18,904)	(520)
Biotie Therapies Corp.
Acquisitions
Net revenues	119,386	116,744
Net loss from continuing operations	(18,904)	(12,377)
Net revenues	119,386	115,904
Net loss	$ (18,904)	$ (520)

Share-based Compensation - Addi

Share-based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Share-based compensation expense recognized	$ 7.8	$ 8.1
Weighted average fair value of options granted (in dollars per share)	$ 13.02	$ 15.28
Share based compensation, other disclosures
Total unrecognized compensation costs related to unvested stock options and restricted stock awards that the company expects to recognize	$ 65.7
Weighted average period	2 years 4 months 24 days

Share-based Compensation - Sche

Share-based Compensation - Schedule of Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense recognized	$ 7.8	$ 8.1
Research and development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense recognized	2.5	2.1
Selling, general, and administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation expense recognized	$ 5.3	$ 6

Share-based Compensation - Sc29

Share-based Compensation - Schedule of Stock Options Activity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares
Stock Option Activity
Beginning balance (in shares) | shares	9,072
Granted (in shares) | shares	607
Cancelled (in shares) | shares	(73)
Exercised (in shares) | shares	(250)
Ending balance (in shares) | shares	9,356
Vested and expected to vest at the end of the period | shares	9,257
Vested and exercisable at the end of the period | shares	6,215
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share) | $ / shares	$ 31.11
Granted (in dollars per share) | $ / shares	27.03
Cancelled (in dollars per share) | $ / shares	31.80
Exercised (in dollars per share) | $ / shares	21.91
Balance at the end of the period (in dollars per share) | $ / shares	31.08
Vested and expected to vest at the end of the period (in dollars per share) | $ / shares	31.10
Vested and exercisable at the end of the period (in dollars per share) | $ / shares	$ 30.56
Weighted Average Remaining Contractual Term
Balance at the end of the period	6 years
Vested and expected to vest at the end of the period	6 years
Vested and exercisable at the end of the period	5 years
Intrinsic Value
Balance at the end of the period | $	$ 655
Vested and expected to vest at the end of the period | $	649
Vested and exercisable at the end of the period | $	$ 549

Share-based Compensation - Sc30

Share-based Compensation - Schedule of Restricted Stock and Performance Stock Unit Activity (Details) - Restricted Stock and Performance Stock Unit shares in Thousands	3 Months Ended
	Mar. 31, 2017shares
Restricted Stock and Performance Stock Unit Activity
Nonvested at the beginning of the period (in shares)	625
Granted (in shares)	541
Vested (in shares)	(5)
Forfeited (in shares)	(5)
Nonvested at the end of the period (in shares)	1,156

Loss Per Share - Schedule of Co

Loss Per Share - Schedule of Computation of Basic and Diluted Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Basic and diluted
Net loss	$ (18,904)	$ (520)
Weighted average common shares outstanding used in computing net loss per share—basic	45,808	44,815
Weighted average common shares outstanding used in computing net loss per share—diluted	45,808	44,815
Net loss per share—basic	$ (0.41)	$ (0.01)
Net loss per share—diluted	$ (0.41)	$ (0.01)

Loss Per Share - Schedule of An

Loss Per Share - Schedule of Antidilutive Securities Excluded from Calculation of Net Income Per Diluted Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Stock options and restricted common shares
Antidilutive Securities
Anti-dilutive securities excluded from computation of earnings per share (in shares)	8,258	4,393
Convertible note - Saints Capital
Antidilutive Securities
Anti-dilutive securities excluded from computation of earnings per share (in shares)		10

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Reconciliation of statutory federal income tax rate to effective income tax rate
Benefit from income taxes	$ 918	$ 9,737
Effective income tax rate (as a percent)	5.00%	95.00%

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details)	Mar. 31, 2017USD ($)
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Milestone payment, minimum (as a percent)	26.30%
Milestone payment, maximum (as a percent)	85.00%
Milestone payment, minimum	$ 0
Milestone payment, maximum	58,000,000
Level 2
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Convertible senior notes	$ 293,300,000

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Liabilities Carried at Fair Value:
Acquired contingent consideration	$ 82,900	$ 72,100
Level 1 | Recurring basis
Assets Carried at Fair Value:
Cash equivalents	19,862	18,514
Level 3 | Recurring basis
Liabilities Carried at Fair Value:
Acquired contingent consideration	$ 82,900	$ 72,100

Fair Value Measurements - Sch36

Fair Value Measurements - Schedule of Contingent Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Assets and liabilities measured at fair value on a recurring basis utilizing Level 3 inputs
Balance, beginning of period	$ 72,100	$ 63,500
Fair value change to contingent consideration (unrealized) included in the statement of operations	10,800	6,200
Balance, end of period	$ 82,900	$ 69,700

Investments - Additional Inform

Investments - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016
Available For Sale Securities Current [Abstract]
Long-term Investments	$ 0		$ 0
Short-term investments classified as cash equivalents	$ 19,900	$ 18,500

Debt Obligations - Additional I

Debt Obligations - Additional Information (Details) € in Millions	Jun. 01, 2016USD ($)	Jan. 31, 2017USD ($)	Apr. 30, 2017USD ($)	Apr. 30, 2017EUR (€)	Mar. 31, 2017USD ($)	Mar. 31, 2017EUR (€)
Biotie Therapies Corp. | Convertible Capital Loans
Debt Instrument [Line Items]
Fair value of debt					$ 500,000	€ 0.5
Principal					200,000
Repurchased outstanding principal amount					1,700,000	€ 1.5
Biotie Therapies Corp. | Convertible Capital Loans | Subsequent Event
Debt Instrument [Line Items]
Repurchased outstanding principal amount			$ 200,000	€ 0.2
JPMorgan Chase Bank, N.A. | Senior secured revolving credit facility
Debt Instrument [Line Items]
Term of debt	3 years
Maximum borrowing capacity	$ 60,000,000
Debt issuance costs					$ 1,100,000
Saints Capital Notes
Debt Instrument [Line Items]
Convertible notes paid		$ 800,000