Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document Information [Line Items] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'SGNT | ' |
Entity Registrant Name | 'SAGENT PHARMACEUTICALS, INC. | ' |
Entity Central Index Key | '0001369786 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 31,772,253 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $45,937 | $27,687 |
Short-term investments | 110,251 | 36,605 |
Accounts receivable, net of chargebacks and other deductions | 24,792 | 31,609 |
Inventories, net | 48,620 | 47,106 |
Due from related party | 2,981 | 1,440 |
Prepaid expenses and other current assets | 7,456 | 2,821 |
Total current assets | 240,037 | 147,268 |
Property, plant, and equipment, net | 57,883 | 780 |
Investment in joint ventures | 1,873 | 19,622 |
Goodwill | 6,038 | ' |
Intangible assets, net | 3,282 | 4,277 |
Other assets | 331 | 368 |
Total assets | 309,444 | 172,315 |
Current liabilities: | ' | ' |
Accounts payable | 23,134 | 21,813 |
Due to related party | 2,480 | 7,026 |
Accrued profit sharing | 7,824 | 4,246 |
Accrued liabilities | 10,209 | 7,369 |
Current portion of deferred purchase consideration | 5,812 | ' |
Current portion of long-term debt | 4,880 | ' |
Total current liabilities | 54,339 | 40,454 |
Long term liabilities: | ' | ' |
Long-term portion of deferred purchase consideration | 8,233 | ' |
Long-term debt | 14,314 | ' |
Other long-term liabilities | 1,619 | 6 |
Total liabilities | 78,505 | 40,460 |
Stockholders' equity: | ' | ' |
Common stock-$0.01 par value, 100,000,000 authorized and 31,764,278 and 28,116,489 outstanding at September 30, 2013 and December 31, 2012, respectively | 318 | 281 |
Additional paid-in capital | 348,127 | 272,725 |
Accumulated other comprehensive income | 111 | 2,500 |
Accumulated deficit | -117,617 | -143,651 |
Total stockholders' equity | 230,939 | 131,855 |
Total liabilities and stockholders' equity | $309,444 | $172,315 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Common stock, par value | $0.01 | $0.01 |
Common stock, authorized shares | 100,000,000 | 100,000,000 |
Common stock, outstanding shares | 31,764,278 | 28,116,489 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net revenue | $60,842 | $49,429 | $180,644 | $130,389 |
Cost of sales | 42,255 | 42,208 | 120,381 | 110,900 |
Gross profit | 18,587 | 7,221 | 60,263 | 19,489 |
Operating expenses: | ' | ' | ' | ' |
Product development | 6,888 | 4,011 | 15,629 | 12,700 |
Selling, general and administrative | 9,083 | 7,169 | 26,030 | 22,089 |
Management reorganization | ' | 739 | ' | 739 |
Equity in net loss (income) of joint ventures | -485 | -940 | 118 | -589 |
Total operating expenses | 15,486 | 10,979 | 41,777 | 34,939 |
Termination fee | ' | ' | 5,000 | ' |
Gain on previously held equity interest | ' | ' | 2,936 | ' |
Income (loss) from operations | 3,101 | -3,758 | 26,422 | -15,450 |
Interest income and other | 44 | 60 | 94 | 210 |
Interest expense | -319 | -52 | -482 | -1,515 |
Income (loss) before income taxes | 2,826 | -3,750 | 26,034 | -16,755 |
Provision for income taxes | ' | ' | ' | ' |
Net income (loss) | $2,826 | ($3,750) | $26,034 | ($16,755) |
Net income (loss) per common share: | ' | ' | ' | ' |
Basic | $0.10 | ($0.13) | $0.92 | ($0.60) |
Diluted | $0.10 | ($0.13) | $0.90 | ($0.60) |
Weighted-average of shares used to compute net income (loss) per common share: | ' | ' | ' | ' |
Basic | 28,745 | 27,977 | 28,349 | 27,943 |
Diluted | 29,568 | 27,977 | 29,051 | 27,943 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Net income (loss) | $2,826 | ($3,750) | $26,034 | ($16,755) |
Other comprehensive income (loss), net of tax | ' | ' | ' | ' |
Foreign currency translation adjustments | 170 | 362 | 464 | 641 |
Reclassification of cumulative currency translation gain | ' | ' | -2,782 | ' |
Unrealized (losses) gains on available for sale securities | 21 | 15 | -71 | 120 |
Total other comprehensive income (loss), net of tax | 191 | 377 | -2,389 | 761 |
Comprehensive income (loss) | $3,017 | ($3,373) | $23,645 | ($15,994) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities | ' | ' |
Net income (loss) | $26,034 | ($16,755) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 4,166 | 5,198 |
Stock-based compensation | 4,230 | 4,297 |
Equity in net loss (income) of joint ventures | 118 | -589 |
Dividends from unconsolidated joint venture | 1,995 | 2,755 |
Gain on previously held equity interest | -2,936 | ' |
Changes in operating assets and liabilities, net of effect of acquisition: | ' | ' |
Accounts receivable, net | 6,818 | -1,733 |
Inventories | 892 | 2,131 |
Prepaid expenses and other current assets | -4,435 | -1,793 |
Due from related party | -6,261 | 1,370 |
Accounts payable and other accrued liabilities | 1,128 | -13,322 |
Net cash provided by (used in) operating activities | 31,749 | -18,441 |
Cash flows from investing activities | ' | ' |
Capital expenditures | -783 | -54 |
Acquisition of business, net of cash acquired | -7,296 | ' |
Return of principal balance of restricted cash | ' | 23 |
Investments in unconsolidated joint ventures | -19 | -517 |
Purchases of investments | -220,719 | -144,897 |
Sale of investments | 146,528 | 178,937 |
Purchase of product rights | -2,364 | -3,026 |
Net cash (used in) provided by investing activities | -84,653 | 30,466 |
Cash flows from financing activities | ' | ' |
Reduction in short-term notes payable | ' | -24,867 |
Repayment of long-term debt | ' | -12,273 |
Proceeds from issuance of common stock, net of issuance costs | 71,158 | 585 |
Payment of deferred financing costs | -28 | -884 |
Net cash provided by (used in) financing activities | 71,130 | -37,439 |
Effect of exchange rate movements on cash | 24 | ' |
Net increase (decrease) in cash and cash equivalents | 18,250 | -25,414 |
Cash and cash equivalents, at beginning of period | 27,687 | 52,203 |
Cash and cash equivalents, at end of period | $45,937 | $26,789 |
Basis_of_presentation
Basis of presentation | 9 Months Ended | ||
Sep. 30, 2013 | |||
Basis of presentation | ' | ||
Note 1. Basis of presentation: | |||
Our interim condensed consolidated financial statements are unaudited. We prepared the condensed consolidated financial statements following rules for interim reporting as prescribed by the U.S. Securities and Exchange Commission (“SEC”). As permitted under those rules, we have condensed or omitted a number of footnotes or other financial information that are normally required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). It is management’s opinion that these financial statements include all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation of our financial position, operating results and cash flows. Operating results for any interim period are not necessarily indicative of future or annual results. | |||
The condensed consolidated financial statements include Sagent as well as our wholly owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. We account for our investment in Sagent Agila LLC (formerly Sagent Strides LLC) using the equity method of accounting, as our interest in the entity provides for joint financial and operational control. | |||
On June 4, 2013, we acquired (the “SCP Acquisition”) the remaining 50% equity interest in Kanghong Sagent (Chengdu) Pharmaceutical Co. Ltd. (“KSCP”) from our former joint venture partner, and accordingly, the condensed consolidated financial statements as of September 30, 2013 include KSCP as a wholly-owned subsidiary. Prior to the SCP Acquisition, we accounted for our investment in KSCP using the equity method of accounting, as our interest in the entity provided for joint financial and operational control, and operating results of KSCP were reported on a one-month lag. In August 2013, we formally changed the name of this entity to Sagent (China) Pharmaceuticals Co., Ltd. (“SCP”). | |||
You should read these statements in conjunction with our consolidated financial statements and related notes for the year ended December 31, 2012, included in our Annual Report on Form 10-K filed with the SEC on March 18, 2013. | |||
Goodwill | |||
Goodwill is recognized as the excess cost of an acquired entity over the net amount assigned to assets acquired and liabilities assumed. Goodwill is not amortized, but rather tested for impairment on an annual basis and more often if circumstances require. Impairment losses are recognized whenever the implied fair value of goodwill is less than its carrying value. We test goodwill for impairment at least annually on October 1. | |||
Property, Plant, and Equipment | |||
Property, plant, and equipment is stated at cost, less accumulated depreciation. The cost of repairs and maintenance is expensed when incurred, while expenditures for refurbishments and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Provisions for depreciation are computed for financial reporting purposes using the straight-line method over the estimated useful life of the related asset and for leasehold improvements over the lesser of the estimated useful life of the related asset or the term of the related lease as follows: | |||
Land and land improvements | Remaining term of Chinese land use right (June 2057) | ||
Building and improvements | 5 to 40 years or remaining term of lease | ||
Machinery, equipment, furniture, and fixtures | 3 to 10 years | ||
Property, plant and equipment that is purchased or constructed which requires a period of time before the assets are ready for their intended use are accounted for as construction-in-progress. Construction-in-progress is recorded at acquisition cost, including installation costs and associated interest costs. Construction-in-progress is transferred to specific property, plant and equipment accounts and commences depreciation when these assets are ready for their intended use. The capitalization of interest costs commences when expenditures for the asset have been made, activities that are necessary to prepare the asset for its intended use are in progress and interest cost is being incurred. The capitalization period ends when the asset is substantially complete and ready for its intended use. | |||
Acquisition
Acquisition | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Acquisition | ' | ||||||||||||||||
Note 2. Acquisition: | |||||||||||||||||
On April 30, 2013, in furtherance of the SCP Acquisition, we entered into a Share Purchase Agreement with Chengdu Kanghong Pharmaceuticals (Group) Co. Ltd. (“CKT”) to acquire CKT’s 50% equity interest in SCP for $25,000, payable in installments through September 2015. The SCP Acquisition closed on June 4, 2013, following approval by the Chengdu Hi-Tech Industrial Development Zone Bureau of Investment Services. Concurrent with the closing of the SCP Acquisition, we paid $10,000 of the aggregate purchase consideration, and recorded a liability of $13,836 representing the fair value of our future payments as of the SCP Acquisition date to CKT under the terms of the Share Purchase Agreement. Concurrent with the execution of the Share Purchase Agreement, we entered into a Share Pledge Agreement with CKT pursuant to which we pledged a portion of the shares to be acquired as collateral securing our future installment payment obligations. Future installment payments are payable as follows: | |||||||||||||||||
(in thousands) | |||||||||||||||||
2013 | $ | 2,500 | |||||||||||||||
2014 | 3,500 | ||||||||||||||||
2015 | 9,000 | ||||||||||||||||
The SCP Acquisition was financed with cash and short term investments. The SCP Acquisition provided us with full control of the SCP manufacturing facility and will better serve our long term strategic goals, including a strategy of additional investment in product development and capacity expansion. | |||||||||||||||||
As a result of the SCP Acquisition, we remeasured the previously held equity interest in SCP to fair value, resulting in a gain of $2,936 reported as gain on previously held equity interest in the condensed consolidated statements of operations. The gain includes $2,782 reclassified from accumulated other comprehensive income (loss), and previously recorded as currency translation adjustments. Both the gain on previously held equity interest and the fair value of the non-controlling interest in SCP that we acquired were based on an asset approach valuation method. Acquisition related costs of $479 were recognized as product development expenses. | |||||||||||||||||
The acquisition date fair value transferred for the purchase of SCP is as follows: | |||||||||||||||||
(in thousands) | |||||||||||||||||
Cash | $ | 10,000 | |||||||||||||||
Present value of remaining purchase consideration | 13,836 | ||||||||||||||||
Previously held equity interest | 15,949 | ||||||||||||||||
Gain on remeasurement of previously held equity interest in SCP | 154 | ||||||||||||||||
Total purchase consideration | $ | 39,939 | |||||||||||||||
The estimated fair value of identifiable assets acquired and liabilities assumed for the SCP Acquisition is shown in the table below: | |||||||||||||||||
(in thousands) | |||||||||||||||||
Goodwill | $ | 6,038 | |||||||||||||||
Acquired tangible assets, net of assumed liabilities | 33,901 | ||||||||||||||||
Total allocation of fair value | $ | 39,939 | |||||||||||||||
The net tangible assets acquired consist primarily of cash of $2,704, inventory of $2,396, prepaid assets of $196, and property, plant and equipment of $56,654, net of assumed liabilities, primarily long term bank loans of $19,095 and accrued compensation and other liabilities of $8,954. We recorded goodwill of $6,038 due to the synergies achieved by having control over the products and manufacturing at the SCP facility. | |||||||||||||||||
The results of SCP are now included in the company’s consolidated financial statements from the date of acquisition. | |||||||||||||||||
The following unaudited pro forma financial information reflects the consolidated results of operations of Sagent as if the SCP Acquisition had closed on January 1, 2012 and January 1, 2013. The pro forma information includes acquisition and integration expenses. The pro forma financial information is not necessarily indicative of the results of operations as they would have been had the SCP Acquisition been effected on the assumed date. | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net revenues | $ | 60,842 | $ | 49,429 | $ | 180,644 | $ | 130,389 | |||||||||
Net income (loss) | 2,826 | (5,094 | ) | 19,405 | (16,979 | ) | |||||||||||
Diluted income (loss) per common share | 0.1 | (0.18 | ) | 0.67 | (0.61 | ) |
Investments
Investments | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Investments | ' | ||||||||||||||||||||||||
Note 3. Investments: | |||||||||||||||||||||||||
Our investments at September 30, 2013 were comprised of the following: | |||||||||||||||||||||||||
Cost basis | Unrealized | Unrealized | Recorded | Cash and | Short term | ||||||||||||||||||||
gains | losses | basis | cash | investments | |||||||||||||||||||||
equivalents | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash | $ | 30,810 | $ | — | $ | — | $ | 30,810 | $ | 30,810 | $ | — | |||||||||||||
Money market funds | 15,127 | — | — | 15,127 | 15,127 | — | |||||||||||||||||||
Commercial paper | 50,196 | 2 | (1 | ) | 50,197 | — | 50,197 | ||||||||||||||||||
Corporate bonds and notes | 60,114 | 3 | (63 | ) | 60,054 | — | 60,054 | ||||||||||||||||||
$ | 156,247 | $ | 5 | $ | (64 | ) | $ | 156,188 | $ | 45,937 | $ | 110,251 | |||||||||||||
Investments with continuous unrealized losses for less than twelve months and their related fair values at September 30, 2013 were as follows: | |||||||||||||||||||||||||
Fair | Unrealized | ||||||||||||||||||||||||
value | losses | ||||||||||||||||||||||||
Commercial paper | $ | 34,097 | $ | (1 | ) | ||||||||||||||||||||
Corporate bonds and notes | 50,571 | (63 | ) | ||||||||||||||||||||||
$ | 84,668 | $ | (64 | ) | |||||||||||||||||||||
Unrealized losses from fixed-income securities are primarily attributable to changes in interest rates. Because we do not currently intend to sell these investments, and it is not more likely than not that we will be required to sell our investments before recovery of their amortized cost basis, which may be maturity, we do not consider these investments to be other-than-temporarily impaired at September 30, 2013. | |||||||||||||||||||||||||
The original cost and estimated current fair value of our fixed-income securities at September 30, 2013 are set forth below. | |||||||||||||||||||||||||
Cost basis | Estimated | ||||||||||||||||||||||||
fair value | |||||||||||||||||||||||||
Due in one year or less | $ | 66,786 | $ | 66,782 | |||||||||||||||||||||
Due between one and five years | 43,524 | 43,469 | |||||||||||||||||||||||
$ | 110,310 | $ | 110,251 | ||||||||||||||||||||||
Inventories
Inventories | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Inventories | ' | ||||||||||||||||||||||||
Note 4. Inventories: | |||||||||||||||||||||||||
Inventories at September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Approved | Pending | Inventory | Approved | Pending | Inventory | ||||||||||||||||||||
regulatory | regulatory | ||||||||||||||||||||||||
approval | approval | ||||||||||||||||||||||||
Finished goods | $ | 47,498 | $ | 1,437 | $ | 48,935 | $ | 46,410 | $ | 1,437 | $ | 47,847 | |||||||||||||
Raw materials | 3,935 | 19 | 3,954 | 1,280 | — | 1,280 | |||||||||||||||||||
Inventory reserve | (2,832 | ) | (1,437 | ) | (4,269 | ) | (2,021 | ) | — | (2,021 | ) | ||||||||||||||
$ | 48,601 | $ | 19 | $ | 48,620 | $ | 45,669 | $ | 1,437 | $ | 47,106 | ||||||||||||||
Property_plant_and_equipment
Property, plant and equipment | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property, plant and equipment | ' | ||||||||
Note 5. Property, plant and equipment | |||||||||
Property, plant and equipment at September 30, 2013 and December 31, 2012 were as follows: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Land and land improvements | $ | 2,216 | $ | — | |||||
Buildings and improvements | 19,578 | 103 | |||||||
Machinery, equipment, furniture and fixtures | 37,496 | 1,764 | |||||||
Construction in process | 306 | — | |||||||
59,596 | 1,867 | ||||||||
Less accumulated depreciation | (1,713 | ) | (1,087 | ) | |||||
$ | 57,883 | $ | 780 | ||||||
Depreciation expense was $502 and $626 for the three and nine months ending September 30, 2013, respectively. We placed $49,744 of assets related to our Chinese manufacturing facility into service in September 2013, as production of the first commercial batches from the facility occurred during the period. | |||||||||
Goodwill_and_Intangible_assets
Goodwill and Intangible assets, net | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Goodwill and Intangible assets, net | ' | ||||||||||||||||||||||||
Note 6. Goodwill and Intangible assets, net: | |||||||||||||||||||||||||
We recorded goodwill of approximately $6,038 related to the SCP Acquisition. There were no reductions of goodwill relating to impairments. | |||||||||||||||||||||||||
Intangible assets at September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Gross | Accumulated | Intangible | Gross | Accumulated | Intangible | ||||||||||||||||||||
carrying | amortization | assets, net | carrying | amortization | assets, net | ||||||||||||||||||||
amount | amount | ||||||||||||||||||||||||
Product licensing rights | $ | 3,690 | $ | (1,935 | ) | $ | 1,755 | $ | 3,156 | $ | (1,541 | ) | $ | 1,615 | |||||||||||
Product development rights | 1,527 | — | 1,527 | 2,662 | — | 2,662 | |||||||||||||||||||
$ | 5,217 | $ | (1,935 | ) | $ | 3,282 | $ | 5,818 | $ | (1,541 | ) | $ | 4,277 | ||||||||||||
Movements in intangible assets were due to the following: | |||||||||||||||||||||||||
Product | Product | ||||||||||||||||||||||||
licensing | development | ||||||||||||||||||||||||
rights | rights | ||||||||||||||||||||||||
December 31, 2012 | $ | 1,615 | $ | 2,662 | |||||||||||||||||||||
Acquisition of product rights | 535 | 1,829 | |||||||||||||||||||||||
Amortization of product rights | (395 | ) | (2,964 | ) | |||||||||||||||||||||
September 30, 2013 | $ | 1,755 | $ | 1,527 | |||||||||||||||||||||
The weighted-average period prior to the next extension or renewal for the 18 products comprising our product licensing rights intangible asset was 51 months at September 30, 2013. | |||||||||||||||||||||||||
We currently estimate amortization expense over each of the next five years as follows: | |||||||||||||||||||||||||
For the year ending: | Amortization | ||||||||||||||||||||||||
expense | |||||||||||||||||||||||||
September 30, 2014 | $ | 1,784 | |||||||||||||||||||||||
September 30, 2015 | 427 | ||||||||||||||||||||||||
September 30, 2016 | 191 | ||||||||||||||||||||||||
September 30, 2017 | 144 | ||||||||||||||||||||||||
September 30, 2018 | 133 |
Investment
Investment | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Sagent Agila LLC | ' | ||||||||||||||||
Investment | ' | ||||||||||||||||
Note 7. Investment in Sagent Agila: | |||||||||||||||||
Changes in our investment in Sagent Agila during the nine months ended September 30, 2013 were as follows: | |||||||||||||||||
Investment in Sagent Agila at January 1, 2013 | $ | 2,161 | |||||||||||||||
Equity in net income of Sagent Agila | 1,707 | ||||||||||||||||
Dividends paid | (1,995 | ) | |||||||||||||||
Investment in Sagent Agila at September 30, 2013 | $ | 1,873 | |||||||||||||||
Condensed statement of operations information of Sagent Agila is presented below. | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
Condensed statement of operations information | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Net revenues | $ | 3,212 | $ | 7,469 | $ | 13,924 | $ | 19,224 | |||||||||
Gross profit | 1,093 | 4,537 | 3,817 | 8,282 | |||||||||||||
Net income | 969 | 4,110 | 3,413 | 7,453 | |||||||||||||
SCP | ' | ||||||||||||||||
Investment | ' | ||||||||||||||||
Note 8. Investment in SCP: | |||||||||||||||||
Changes in our investment in SCP during the nine months ended September 30, 2013 were as follows: | |||||||||||||||||
Investment in SCP at January 1, 2013 | $ | 17,461 | |||||||||||||||
Equity in net loss of SCP | (1,825 | ) | |||||||||||||||
Currency translation adjustment | 294 | ||||||||||||||||
Investments in SCP | 19 | ||||||||||||||||
Acquisition of remaining equity interest in SCP | (15,949 | ) | |||||||||||||||
Investment in SCP at September 30, 2013 | $ | — | |||||||||||||||
Condensed statement of operations information of SCP for the period through the closing of the SCP Acquisition. | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
Condensed statement of operations information | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Net revenues | $ | — | $ | — | $ | — | $ | — | |||||||||
Gross profit | — | — | — | — | |||||||||||||
Net loss | — | (2,459 | ) | (2,805 | ) | (5,766 | ) |
Debt
Debt | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Debt | ' | ||||
Note 9. Debt: | |||||
Credit facilities acquired under the SCP Acquisition | |||||
SCP had outstanding debt obligations with the Agricultural Bank of China at the time of the SCP Acquisition. SCP originally entered into two credit facilities in the amount of RMB 37,000 ($5,987) and RMB 83,000 ($13,431) in June 2011 and August 2010, respectively, each with a five year term. Both credit facilities are secured by the property, plant and equipment of SCP. Amounts outstanding under the credit facilities bear an interest rate equal to the benchmark lending interest rate published by the People’s Bank of China. During the term of the loan, the rate is subject to adjustment every three months. As of September 30, 2013, RMB 118,000 ($19,193) was outstanding under these credit facilities, at an interest rate of 6.00% per annum. As the interest rate resets on a quarterly basis, the fair value of our long-term debt approximates its carrying value. Repayment will be accelerated if the liabilities to assets ratio of our SCP subsidiary exceed 70% and 80% during the term of the RMB 37,000 and RMB 83,000 credit facilities, respectively, or if our SCP subsidiary is unable to achieve 50% of its projected revenues when it commences commercial activities. | |||||
Principal payments due on the credit facility draws as of September 30, 2013 were as follows: | |||||
For the year ending: | |||||
September 30, 2014 | $ | 4,880 | |||
September 30, 2015 | 14,314 | ||||
Silicon Valley Bank Loan and Security Agreement | |||||
In February 2012, we entered into a Loan and Security Agreement with Silicon Valley Bank (the “SVB Agreement”). The SVB Agreement provides for a $40,000 asset based revolving loan facility, with availability subject to a borrowing base consisting of eligible accounts receivable and inventory and the satisfaction of conditions precedent specified in the SVB Agreement. The SVB Agreement matures on February 13, 2016, at which time all outstanding amounts will become due and payable. Borrowings under the SVB Agreement may be used for general corporate purposes, including funding working capital. Amounts drawn bear an interest rate equal to, at our option, either a Eurodollar rate plus 2.50% per annum or an alternative base rate plus 1.50% per annum. We also pay a commitment fee on undrawn amounts equal to 0.30% per annum. | |||||
The SVB Agreement contains various customary affirmative and negative covenants. The negative covenants restrict our ability to, among other things, incur additional indebtedness, create or permit to exist liens, make certain investments, dividends and other payments in respect of capital stock, sell assets or otherwise dispose of our property, change our lines of business, or enter into a merger or acquisition, in each case, subject to thresholds and exceptions as set forth in the SVB Agreement. The financial covenants in the original SVB Agreement are limited to maintenance of a minimum adjusted quick ratio and a minimum free cash flow. The SVB Agreement also contains customary events of default, including non-payment of principal, interest and other fees after stated grace periods, violations of covenants, material inaccuracy of representations and warranties, certain bankruptcy and liquidation events, certain material judgments and attachment events, cross-default to other debt in excess of a specified amount and material agreements, failure to maintain certain material governmental approvals, and actual or asserted invalidity of subordination terms, guarantees and collateral, in each case, subject to grace periods, thresholds and exceptions as set forth in the SVB Agreement. Loans under the SVB Agreement are secured by a lien on substantially all of our and our principal US operating subsidiary’s assets, other than our equity interests in our joint ventures and certain other limited exceptions. | |||||
On September 23, 2013, we entered into a Second Loan Modification Agreement (the “Modification”) to our SVB Agreement. The Modification altered the calculation methodology of the borrowing base that is used to determine our borrowing availability and the covenant for the Adjusted Quick Ratio tested at the end of each month and eliminated the covenant to maintain a specified level of free cash flow in quarters where we maintain eligible cash balances of $30 million or greater. We did not amend the term, the maximum availability, or the interest rate applicable to the amounts drawn under the SVB Agreement. As of September 30, 2013, no borrowings were outstanding and we were in compliance with all of our covenants under the SVB Agreement. | |||||
Accrued_liabilities
Accrued liabilities | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Accrued liabilities | ' | ||||||||
Note 10. Accrued liabilities: | |||||||||
Accrued liabilities at September 30, 2013 and December 31, 2012 were as follows: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Payroll and employee benefits | $ | 4,820 | $ | 1,211 | |||||
Sales and marketing | 4,832 | 5,649 | |||||||
Other accrued liabilities | 557 | 509 | |||||||
$ | 10,209 | $ | 7,369 | ||||||
Fair_value_measurements
Fair value measurements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Fair value measurements | ' | ||||||||||||||||
Note 11. Fair value measurements: | |||||||||||||||||
Assets measured at fair value on a recurring basis as of September 30, 2013 consisted of the following: | |||||||||||||||||
Total fair | Quoted prices in | Significant other | Significant | ||||||||||||||
value | active markets | observable inputs | unobservable | ||||||||||||||
for identical | (Level 2) | inputs | |||||||||||||||
assets | (Level 3) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Money market funds | $ | 15,127 | $ | 15,127 | $ | — | $ | — | |||||||||
Corporate bonds and notes | 60,054 | — | 60,054 | — | |||||||||||||
Commercial paper | 50,197 | — | 50,197 | — | |||||||||||||
Short-term investments | $ | 110,251 | $ | — | $ | 110,251 | $ | — | |||||||||
Total assets | $ | 125,378 | $ | 15,127 | $ | 110,251 | $ | — | |||||||||
The fair value of our Level 2 investments is based on a combination of quoted market prices of similar securities and matrix pricing provided by third-party pricing services utilizing securities of similar quality and maturity. | |||||||||||||||||
Assets measured at fair value on a recurring basis as of December 31, 2012 consisted of the following: | |||||||||||||||||
Total fair | Quoted prices in | Significant other | Significant | ||||||||||||||
value | active markets | observable inputs | unobservable | ||||||||||||||
for identical | (Level 2) | inputs | |||||||||||||||
assets | (Level 3) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Money market funds | $ | 18,141 | $ | 18,141 | $ | — | $ | — | |||||||||
Corporate bonds and notes | 13,358 | — | 13,358 | — | |||||||||||||
Commercial paper | 23,247 | — | 23,247 | — | |||||||||||||
Short-term investments | $ | 36,605 | $ | — | $ | 36,605 | $ | — | |||||||||
Total assets | $ | 54,746 | $ | 18,141 | $ | 36,605 | $ | — | |||||||||
There were no transfers of assets between Level 1 and Level 2 during the periods presented. | |||||||||||||||||
Accumulated_other_comprehensiv
Accumulated other comprehensive income | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Accumulated other comprehensive income | ' | ||||||||||||
Note 12. Accumulated other comprehensive income: | |||||||||||||
Accumulated other comprehensive income at September 30, 2013 and December 31, 2012 is comprised of the following: | |||||||||||||
September 30, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Currency translation adjustment, net of tax | $ | 170 | $ | 2,488 | |||||||||
Unrealized (losses) gains on available for sale securities, net of tax | (59 | ) | 12 | ||||||||||
Total accumulated other comprehensive income | $ | 111 | $ | 2,500 | |||||||||
The following table summarizes the changes in balances of each component of accumulated other comprehensive income, net of tax as of September 30, 2013. | |||||||||||||
Currency | Unrealized gains | Total | |||||||||||
translation | (losses) on | ||||||||||||
adjustment | available for sale | ||||||||||||
securities | |||||||||||||
Balance as of December 31, 2012 | $ | 2,488 | $ | 12 | $ | 2,500 | |||||||
Other comprehensive income (loss) before reclassifications | 464 | (71 | ) | 393 | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (2,782 | ) | — | (2,782 | ) | ||||||||
Net current-period other comprehensive loss | (2,318 | ) | (71 | ) | (2,389 | ) | |||||||
Balance as of September 30, 2013 | $ | 170 | $ | (59 | ) | $ | 111 | ||||||
No amounts were reclassified out of accumulated other comprehensive income for the three months ended September 30, 2013. The table below presents the significant amounts reclassified out of each component of accumulated other comprehensive income for the nine months ended September 30, 2013. | |||||||||||||
Type of reclassification | Amount | Affected line item in the condensed | |||||||||||
reclassified from | consolidated statement of operations | ||||||||||||
accumulated other | |||||||||||||
comprehensive | |||||||||||||
income | |||||||||||||
Currency translation adjustment – reclassification of cumulative currency translation gain | $ | 2,782 | Gain on previously held equity interest | ||||||||||
Total reclassification for the nine months ended September 30, 2013, net of tax | $ | 2,782 | |||||||||||
Earnings_per_share
Earnings per share | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Earnings per share | ' | ||||||||||||||||
Note 13. Earnings per share: | |||||||||||||||||
Basic earnings per share is calculated by dividing net income (loss) available to common stockholders by the weighted average number of common shares outstanding for the period. Because of their anti-dilutive effect, the following common share equivalents, comprised of restricted stock and unexercised stock options, have been excluded from the calculation of diluted earnings per share for the three and nine month periods ended September 30, 2013 and 2012, respectively: | |||||||||||||||||
Anti-dilutive | |||||||||||||||||
shares | |||||||||||||||||
Three months ended September 30, 2013 | 923,415 | ||||||||||||||||
Three months ended September 30, 2012 | 2,403,630 | ||||||||||||||||
Nine months ended September 30, 2013 | 1,212,899 | ||||||||||||||||
Nine months ended September 30, 2012 | 2,403,630 | ||||||||||||||||
The table below presents the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Basic and dilutive numerator: | |||||||||||||||||
Net income (loss), as reported | $ | 2,826 | $ | (3,750 | ) | $ | 26,034 | $ | (16,755 | ) | |||||||
Denominator: | |||||||||||||||||
Weighted-average common shares outstanding—basic (in thousands) | 28,745 | 27,977 | 28,349 | 27,943 | |||||||||||||
Net effect of dilutive securities: | |||||||||||||||||
Stock options and restricted stock | 823 | — | 702 | — | |||||||||||||
Weighted-average common shares outstanding—diluted (in thousands) | 29,568 | 27,977 | 29,051 | 27,943 | |||||||||||||
Net income (loss) per common share (basic) | $ | 0.1 | $ | (0.13 | ) | $ | 0.92 | $ | (0.60 | ) | |||||||
Net income (loss) per common share (diluted) | $ | 0.1 | $ | (0.13 | ) | $ | 0.9 | $ | (0.60 | ) | |||||||
On September 16, 2013, we completed a registered equity offering, issuing 3,542,470 new shares of our common stock at $21.25 per share in exchange for total consideration of $75,277. We received proceeds from the offering, net of the underwriting discount and expenses, of $70,647. | |||||||||||||||||
Stockbased_compensation
Stock-based compensation | 9 Months Ended |
Sep. 30, 2013 | |
Stock-based compensation | ' |
Note 14. Stock-based compensation: | |
We granted 4,700 and 379,874 stock options during the three and nine months ended September 30, 2013, respectively, and granted 14,522 restricted stock units and 41,702 restricted stock awards during the nine months ended September 30, 2013. We granted 124,900 and 322,770 stock options during the three and nine months ended September 30, 2012, respectively. There were 28,984 and 95,642 stock options exercised during the three and nine months ended September 30, 2013, respectively, with an aggregate intrinsic value of $489 and $1,225, respectively. |
Net_revenue_by_product
Net revenue by product | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Net revenue by product | ' | ||||||||||||||||
Note 15. Net revenue by product: | |||||||||||||||||
Net revenue by product line is as follows: | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Therapeutic class: | |||||||||||||||||
Anti-infective | $ | 24,026 | $ | 18,173 | $ | 65,921 | $ | 57,314 | |||||||||
Critical care | 15,638 | 20,897 | 48,381 | 53,885 | |||||||||||||
Oncology | 21,178 | 10,359 | 66,342 | 19,190 | |||||||||||||
$ | 60,842 | $ | 49,429 | $ | 180,644 | $ | 130,389 | ||||||||||
Management_reorganization
Management reorganization | 9 Months Ended |
Sep. 30, 2013 | |
Management reorganization | ' |
Note 16. Management reorganization: | |
In August 2012, we completed a reorganization of our executive management team in which we eliminated certain positions within the Company. Costs associated with the reorganization, primarily severance related charges, are reflected under the Management Reorganization caption in the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2012. |
Related_party_transactions
Related party transactions | 9 Months Ended |
Sep. 30, 2013 | |
Related party transactions | ' |
Note 17. Related party transactions: | |
As of September 30, 2013 and December 31, 2012, respectively, we had a receivable of $2,981 and $1,404 from Sagent Agila LLC, which is expected to offset future profit-sharing payments. As of September 30, 2013 and December 31, 2012, respectively, we had a payable of $2,480 and $7,026 to Sagent Agila LLC, principally for the acquisition of inventory and amounts due under profit-sharing arrangements. During the three and nine months ended September 30, 2013, Sagent Agila LLC distributed $1,256 and $3,990, respectively, of profit sharing receipts to its joint venture partners. As the Sagent Agila joint venture had sufficient cumulative earnings at September 30, 2013, our share of the distribution for the nine months ended September 30, 2013 has been treated as a dividend received in the condensed consolidated statements of cash flows. |
Commitments_and_contingencies
Commitments and contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and contingencies | ' |
Note 18. Commitments and contingencies: | |
Litigation | |
From time to time, we are subject to claims and litigation arising in the ordinary course of business. These claims may include assertions that our products infringe existing patents and claims that the use of our products has caused personal injuries. We intend to vigorously defend any such litigation that may arise under all defenses that would be available to us. | |
Zoledronic Acid (Generic versions of Zometa® and Reclast®). | |
On February 20, 2013, Novartis Pharmaceuticals Corporation (“Novartis”) sued the Company and several other defendants in the United States District Court for the District of New Jersey, alleging, among other things, that sales of the Company’s (i) zoledronic acid premix bag (4mg/100ml), made by ACS Dobfar Info S.A. (“Info”), also a defendant, a generic version of Novartis’ Zometa® ready to use bottle , would infringe U.S. Patent No. 7,932,241 (the “241 Patent”) and U.S. Patent No. 8,324,189 (the “189 Patent”) and (ii) zoledronic acid premix bag (5mg/100ml), also made by Info, a generic version of Novartis’ Reclast® ready to use bottle, would infringe U.S. Patent No. 8,052,987 and the 241 Patent, and (iii) zoledronic acid vial (4mg/5ml), made by Actavis LLC, also a defendant, a generic version of Novartis’ Zometa® vial, would infringe the 189 Patent. (Novartis Pharmaceuticals Corporation v. Actavis, LLC, et. al., Case No. 13-cv-1028) On March 1, 2013, the District Court denied Novartis’ request for a temporary restraining order against the Company and the other defendants, including Actavis and Info. On March 6, 2013, the Company, began selling Actavis’ zoledronic acid vial, the generic version of Zometa®. Also, as of August 27, 2013 and October 1, 2013, the Company began selling zoledronic acid premix bags in 4mg/100ml and 5mg/100ml presentations, respectively. The Company believes it has substantial meritorious defenses to the case, and the Company has sold and will continue to sell these products. Therefore, an adverse final determination that one of the patents is valid and infringed could have an adverse effect on the Company’s business, results of operations, financial condition and cash flows. | |
Basis_of_presentation_Policies
Basis of presentation (Policies) | 9 Months Ended | ||
Sep. 30, 2013 | |||
Goodwill | ' | ||
Goodwill | |||
Goodwill is recognized as the excess cost of an acquired entity over the net amount assigned to assets acquired and liabilities assumed. Goodwill is not amortized, but rather tested for impairment on an annual basis and more often if circumstances require. Impairment losses are recognized whenever the implied fair value of goodwill is less than its carrying value. We test goodwill for impairment at least annually on October 1. | |||
Property, Plant, and Equipment | ' | ||
Property, Plant, and Equipment | |||
Property, plant, and equipment is stated at cost, less accumulated depreciation. The cost of repairs and maintenance is expensed when incurred, while expenditures for refurbishments and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Provisions for depreciation are computed for financial reporting purposes using the straight-line method over the estimated useful life of the related asset and for leasehold improvements over the lesser of the estimated useful life of the related asset or the term of the related lease as follows: | |||
Land and land improvements | Remaining term of Chinese land use right (June 2057) | ||
Building and improvements | 5 to 40 years or remaining term of lease | ||
Machinery, equipment, furniture, and fixtures | 3 to 10 years | ||
Property, plant and equipment that is purchased or constructed which requires a period of time before the assets are ready for their intended use are accounted for as construction-in-progress. Construction-in-progress is recorded at acquisition cost, including installation costs and associated interest costs. Construction-in-progress is transferred to specific property, plant and equipment accounts and commences depreciation when these assets are ready for their intended use. The capitalization of interest costs commences when expenditures for the asset have been made, activities that are necessary to prepare the asset for its intended use are in progress and interest cost is being incurred. The capitalization period ends when the asset is substantially complete and ready for its intended use. |
Basis_of_presentation_Tables
Basis of presentation (Tables) | 9 Months Ended | ||
Sep. 30, 2013 | |||
Estimated Useful Life of Assets and Leasehold Improvements | ' | ||
Provisions for depreciation are computed for financial reporting purposes using the straight-line method over the estimated useful life of the related asset and for leasehold improvements over the lesser of the estimated useful life of the related asset or the term of the related lease as follows: | |||
Land and land improvements | Remaining term of Chinese land use right (June 2057) | ||
Building and improvements | 5 to 40 years or remaining term of lease | ||
Machinery, equipment, furniture, and fixtures | 3 to 10 years |
Acquisition_Tables
Acquisition (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Future Payments Related to Acquisition | ' | ||||||||||||||||
Future installment payments are payable as follows: | |||||||||||||||||
(in thousands) | |||||||||||||||||
2013 | $ | 2,500 | |||||||||||||||
2014 | 3,500 | ||||||||||||||||
2015 | 9,000 | ||||||||||||||||
Fair value of transferred | ' | ||||||||||||||||
The acquisition date fair value transferred for the purchase of SCP is as follows: | |||||||||||||||||
(in thousands) | |||||||||||||||||
Cash | $ | 10,000 | |||||||||||||||
Present value of remaining purchase consideration | 13,836 | ||||||||||||||||
Previously held equity interest | 15,949 | ||||||||||||||||
Gain on remeasurement of previously held equity interest in SCP | 154 | ||||||||||||||||
Total purchase consideration | $ | 39,939 | |||||||||||||||
Allocation of Purchase Price | ' | ||||||||||||||||
The estimated fair value of identifiable assets acquired and liabilities assumed for the SCP Acquisition is shown in the table below: | |||||||||||||||||
(in thousands) | |||||||||||||||||
Goodwill | $ | 6,038 | |||||||||||||||
Acquired tangible assets, net of assumed liabilities | 33,901 | ||||||||||||||||
Total allocation of fair value | $ | 39,939 | |||||||||||||||
Consolidated Pro Forma Operations Results in Acquisitions | ' | ||||||||||||||||
The pro forma financial information is not necessarily indicative of the results of operations as they would have been had the SCP Acquisition been effected on the assumed date. | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Net revenues | $ | 60,842 | $ | 49,429 | $ | 180,644 | $ | 130,389 | |||||||||
Net income (loss) | 2,826 | (5,094 | ) | 19,405 | (16,979 | ) | |||||||||||
Diluted income (loss) per common share | 0.1 | (0.18 | ) | 0.67 | (0.61 | ) |
Investments_Tables
Investments (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Investments | ' | ||||||||||||||||||||||||
Our investments at September 30, 2013 were comprised of the following: | |||||||||||||||||||||||||
Cost basis | Unrealized | Unrealized | Recorded | Cash and | Short term | ||||||||||||||||||||
gains | losses | basis | cash | investments | |||||||||||||||||||||
equivalents | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash | $ | 30,810 | $ | — | $ | — | $ | 30,810 | $ | 30,810 | $ | — | |||||||||||||
Money market funds | 15,127 | — | — | 15,127 | 15,127 | — | |||||||||||||||||||
Commercial paper | 50,196 | 2 | (1 | ) | 50,197 | — | 50,197 | ||||||||||||||||||
Corporate bonds and notes | 60,114 | 3 | (63 | ) | 60,054 | — | 60,054 | ||||||||||||||||||
$ | 156,247 | $ | 5 | $ | (64 | ) | $ | 156,188 | $ | 45,937 | $ | 110,251 | |||||||||||||
Investments with Continuous Unrealized Losses for Less Than Twelve Months and Related Fair Values | ' | ||||||||||||||||||||||||
Investments with continuous unrealized losses for less than twelve months and their related fair values at September 30, 2013 were as follows: | |||||||||||||||||||||||||
Fair | Unrealized | ||||||||||||||||||||||||
value | losses | ||||||||||||||||||||||||
Commercial paper | $ | 34,097 | $ | (1 | ) | ||||||||||||||||||||
Corporate bonds and notes | 50,571 | (63 | ) | ||||||||||||||||||||||
$ | 84,668 | $ | (64 | ) | |||||||||||||||||||||
Cost and Estimated Current Fair Value of Fixed-Income Securities | ' | ||||||||||||||||||||||||
The original cost and estimated current fair value of our fixed-income securities at September 30, 2013 are set forth below. | |||||||||||||||||||||||||
Cost basis | Estimated | ||||||||||||||||||||||||
fair value | |||||||||||||||||||||||||
Due in one year or less | $ | 66,786 | $ | 66,782 | |||||||||||||||||||||
Due between one and five years | 43,524 | 43,469 | |||||||||||||||||||||||
$ | 110,310 | $ | 110,251 | ||||||||||||||||||||||
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Inventory Valuation | ' | ||||||||||||||||||||||||
Inventories at September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Approved | Pending | Inventory | Approved | Pending | Inventory | ||||||||||||||||||||
regulatory | regulatory | ||||||||||||||||||||||||
approval | approval | ||||||||||||||||||||||||
Finished goods | $ | 47,498 | $ | 1,437 | $ | 48,935 | $ | 46,410 | $ | 1,437 | $ | 47,847 | |||||||||||||
Raw materials | 3,935 | 19 | 3,954 | 1,280 | — | 1,280 | |||||||||||||||||||
Inventory reserve | (2,832 | ) | (1,437 | ) | (4,269 | ) | (2,021 | ) | — | (2,021 | ) | ||||||||||||||
$ | 48,601 | $ | 19 | $ | 48,620 | $ | 45,669 | $ | 1,437 | $ | 47,106 | ||||||||||||||
Property_plant_and_equipment_T
Property, plant and equipment (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property, Plant and Equipment | ' | ||||||||
Property, plant and equipment at September 30, 2013 and December 31, 2012 were as follows: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Land and land improvements | $ | 2,216 | $ | — | |||||
Buildings and improvements | 19,578 | 103 | |||||||
Machinery, equipment, furniture and fixtures | 37,496 | 1,764 | |||||||
Construction in process | 306 | — | |||||||
59,596 | 1,867 | ||||||||
Less accumulated depreciation | (1,713 | ) | (1,087 | ) | |||||
$ | 57,883 | $ | 780 | ||||||
Goodwill_and_Intangible_assets1
Goodwill and Intangible assets, net (Tables) | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||
Schedule of Intangible Assets | ' | ||||||||||||||||||||||||
Intangible assets at September 30, 2013 and December 31, 2012 were as follows: | |||||||||||||||||||||||||
September 30, 2013 | December 31, 2012 | ||||||||||||||||||||||||
Gross carrying | Accumulated | Intangible | Gross carrying | Accumulated | Intangible | ||||||||||||||||||||
amount | amortization | assets, net | amount | amortization | assets, net | ||||||||||||||||||||
Product licensing rights | $ | 3,690 | $ | (1,935 | ) | $ | 1,755 | $ | 3,156 | $ | (1,541 | ) | $ | 1,615 | |||||||||||
Product development rights | 1,527 | — | 1,527 | 2,662 | — | 2,662 | |||||||||||||||||||
$ | 5,217 | $ | (1,935 | ) | $ | 3,282 | $ | 5,818 | $ | (1,541 | ) | $ | 4,277 | ||||||||||||
Movements in Intangible Assets | ' | ||||||||||||||||||||||||
Movements in intangible assets were due to the following: | |||||||||||||||||||||||||
Product | Product | ||||||||||||||||||||||||
licensing | development | ||||||||||||||||||||||||
rights | rights | ||||||||||||||||||||||||
December 31, 2012 | $ | 1,615 | $ | 2,662 | |||||||||||||||||||||
Acquisition of product rights | 535 | 1,829 | |||||||||||||||||||||||
Amortization of product rights | (395 | ) | (2,964 | ) | |||||||||||||||||||||
September 30, 2013 | $ | 1,755 | $ | 1,527 | |||||||||||||||||||||
Schedule of Estimate Amortization Expense over Each of the Next Five Years | ' | ||||||||||||||||||||||||
We currently estimate amortization expense over each of the next five years as follows: | |||||||||||||||||||||||||
For the year ending: | Amortization | ||||||||||||||||||||||||
expense | |||||||||||||||||||||||||
September 30, 2014 | $ | 1,784 | |||||||||||||||||||||||
September 30, 2015 | 427 | ||||||||||||||||||||||||
September 30, 2016 | 191 | ||||||||||||||||||||||||
September 30, 2017 | 144 | ||||||||||||||||||||||||
September 30, 2018 | 133 |
Investment_Tables
Investment (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Sagent Agila LLC | ' | ||||||||||||||||
Changes in Investment | ' | ||||||||||||||||
Changes in our investment in Sagent Agila during the nine months ended September 30, 2013 were as follows: | |||||||||||||||||
Investment in Sagent Agila at January 1, 2013 | $ | 2,161 | |||||||||||||||
Equity in net income of Sagent Agila | 1,707 | ||||||||||||||||
Dividends paid | (1,995 | ) | |||||||||||||||
Investment in Sagent Agila at September 30, 2013 | $ | 1,873 | |||||||||||||||
Condensed Statement of Operations Information | ' | ||||||||||||||||
Condensed statement of operations information of Sagent Agila is presented below. | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
Condensed statement of operations information | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Net revenues | $ | 3,212 | $ | 7,469 | $ | 13,924 | $ | 19,224 | |||||||||
Gross profit | 1,093 | 4,537 | 3,817 | 8,282 | |||||||||||||
Net income | 969 | 4,110 | 3,413 | 7,453 | |||||||||||||
SCP | ' | ||||||||||||||||
Changes in Investment | ' | ||||||||||||||||
Changes in our investment in SCP during the nine months ended September 30, 2013 were as follows: | |||||||||||||||||
Investment in SCP at January 1, 2013 | $ | 17,461 | |||||||||||||||
Equity in net loss of SCP | (1,825 | ) | |||||||||||||||
Currency translation adjustment | 294 | ||||||||||||||||
Investments in SCP | 19 | ||||||||||||||||
Acquisition of remaining equity interest in SCP | (15,949 | ) | |||||||||||||||
Investment in SCP at September 30, 2013 | $ | — | |||||||||||||||
Condensed Statement of Operations Information | ' | ||||||||||||||||
Condensed statement of operations information of SCP for the period through the closing of the SCP Acquisition. | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
Condensed statement of operations information | 2013 | 2012 | 2013 | 2012 | |||||||||||||
Net revenues | $ | — | $ | — | $ | — | $ | — | |||||||||
Gross profit | — | — | — | — | |||||||||||||
Net loss | — | (2,459 | ) | (2,805 | ) | (5,766 | ) |
Debt_Tables
Debt (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Principal Payments Due on Credit Facility | ' | ||||
Principal payments due on the credit facility draws as of September 30, 2013 were as follows: | |||||
For the year ending: | |||||
September 30, 2014 | $ | 4,880 | |||
September 30, 2015 | 14,314 |
Accrued_liabilities_Tables
Accrued liabilities (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Accrued Liabilities | ' | ||||||||
Accrued liabilities at September 30, 2013 and December 31, 2012 were as follows: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Payroll and employee benefits | $ | 4,820 | $ | 1,211 | |||||
Sales and marketing | 4,832 | 5,649 | |||||||
Other accrued liabilities | 557 | 509 | |||||||
$ | 10,209 | $ | 7,369 | ||||||
Fair_value_measurements_Tables
Fair value measurements (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Summary of Assets Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
Assets measured at fair value on a recurring basis as of September 30, 2013 consisted of the following: | |||||||||||||||||
Total fair | Quoted prices in | Significant other | Significant | ||||||||||||||
value | active markets | observable inputs | unobservable | ||||||||||||||
for identical | (Level 2) | inputs | |||||||||||||||
assets | (Level 3) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Money market funds | $ | 15,127 | $ | 15,127 | $ | — | $ | — | |||||||||
Corporate bonds and notes | 60,054 | — | 60,054 | — | |||||||||||||
Commercial paper | 50,197 | — | 50,197 | — | |||||||||||||
Short-term investments | $ | 110,251 | $ | — | $ | 110,251 | $ | — | |||||||||
Total assets | $ | 125,378 | $ | 15,127 | $ | 110,251 | $ | — | |||||||||
Assets measured at fair value on a recurring basis as of December 31, 2012 consisted of the following: | |||||||||||||||||
Total fair | Quoted prices in | Significant other | Significant | ||||||||||||||
value | active markets | observable inputs | unobservable | ||||||||||||||
for identical | (Level 2) | inputs | |||||||||||||||
assets | (Level 3) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Money market funds | $ | 18,141 | $ | 18,141 | $ | — | $ | — | |||||||||
Corporate bonds and notes | 13,358 | — | 13,358 | — | |||||||||||||
Commercial paper | 23,247 | — | 23,247 | — | |||||||||||||
Short-term investments | $ | 36,605 | $ | — | $ | 36,605 | $ | — | |||||||||
Total assets | $ | 54,746 | $ | 18,141 | $ | 36,605 | $ | — | |||||||||
Accumulated_other_comprehensiv1
Accumulated other comprehensive income (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Accumulated Other Comprehensive Income | ' | ||||||||||||
Accumulated other comprehensive income at September 30, 2013 and December 31, 2012 is comprised of the following: | |||||||||||||
September 30, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Currency translation adjustment, net of tax | $ | 170 | $ | 2,488 | |||||||||
Unrealized (losses) gains on available for sale securities, net of tax | (59 | ) | 12 | ||||||||||
Total accumulated other comprehensive income | $ | 111 | $ | 2,500 | |||||||||
The following table summarizes the changes in balances of each component of accumulated other comprehensive income, net of tax as of September 30, 2013. | |||||||||||||
Currency | Unrealized gains | Total | |||||||||||
translation | (losses) on | ||||||||||||
adjustment | available for sale | ||||||||||||
securities | |||||||||||||
Balance as of December 31, 2012 | $ | 2,488 | $ | 12 | $ | 2,500 | |||||||
Other comprehensive income (loss) before reclassifications | 464 | (71 | ) | 393 | |||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (2,782 | ) | — | (2,782 | ) | ||||||||
Net current-period other comprehensive loss | (2,318 | ) | (71 | ) | (2,389 | ) | |||||||
Balance as of September 30, 2013 | $ | 170 | $ | (59 | ) | $ | 111 | ||||||
Amounts Reclassified Out of Accumulated Other Comprehensive Income | ' | ||||||||||||
The table below presents the significant amounts reclassified out of each component of accumulated other comprehensive income for the nine months ended September 30, 2013. | |||||||||||||
Type of reclassification | Amount | Affected line item in the condensed | |||||||||||
reclassified from | consolidated statement of operations | ||||||||||||
accumulated other | |||||||||||||
comprehensive | |||||||||||||
income | |||||||||||||
Currency translation adjustment – reclassification of cumulative currency translation gain | $ | 2,782 | Gain on previously held equity interest | ||||||||||
Total reclassification for the nine months ended September 30, 2013, net of tax | $ | 2,782 | |||||||||||
Earnings_per_share_Tables
Earnings per share (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Anti-Dilutive Share Excluded from Calculation of Diluted Earnings per Share | ' | ||||||||||||||||
Because of their anti-dilutive effect, the following common share equivalents, comprised of restricted stock and unexercised stock options, have been excluded from the calculation of diluted earnings per share for the three and nine month periods ended September 30, 2013 and 2012, respectively: | |||||||||||||||||
Anti-dilutive | |||||||||||||||||
shares | |||||||||||||||||
Three months ended September 30, 2013 | 923,415 | ||||||||||||||||
Three months ended September 30, 2012 | 2,403,630 | ||||||||||||||||
Nine months ended September 30, 2013 | 1,212,899 | ||||||||||||||||
Nine months ended September 30, 2012 | 2,403,630 | ||||||||||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | ' | ||||||||||||||||
The table below presents the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Basic and dilutive numerator: | |||||||||||||||||
Net income (loss), as reported | $ | 2,826 | $ | (3,750 | ) | $ | 26,034 | $ | (16,755 | ) | |||||||
Denominator: | |||||||||||||||||
Weighted-average common shares outstanding—basic (in thousands) | 28,745 | 27,977 | 28,349 | 27,943 | |||||||||||||
Net effect of dilutive securities: | |||||||||||||||||
Stock options and restricted stock | 823 | — | 702 | — | |||||||||||||
Weighted-average common shares outstanding—diluted (in thousands) | 29,568 | 27,977 | 29,051 | 27,943 | |||||||||||||
Net income (loss) per common share (basic) | $ | 0.1 | $ | (0.13 | ) | $ | 0.92 | $ | (0.60 | ) | |||||||
Net income (loss) per common share (diluted) | $ | 0.1 | $ | (0.13 | ) | $ | 0.9 | $ | (0.60 | ) | |||||||
Net_revenue_by_product_Tables
Net revenue by product (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Schedule of Net Revenue by Product Category | ' | ||||||||||||||||
Net revenue by product line is as follows: | |||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Therapeutic class: | |||||||||||||||||
Anti-infective | $ | 24,026 | $ | 18,173 | $ | 65,921 | $ | 57,314 | |||||||||
Critical care | 15,638 | 20,897 | 48,381 | 53,885 | |||||||||||||
Oncology | 21,178 | 10,359 | 66,342 | 19,190 | |||||||||||||
$ | 60,842 | $ | 49,429 | $ | 180,644 | $ | 130,389 | ||||||||||
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) (SCP) | Jun. 04, 2013 |
SCP | ' |
Basis of Presentation [Line Items] | ' |
Percentage of remaining equity interest acquired | 50.00% |
Estimated_Useful_Life_of_Prope
Estimated Useful Life of Property Plant and Equipment (Detail) | 9 Months Ended |
Sep. 30, 2013 | |
Land and Land Improvements | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, estimated useful life | 'Remaining term of Chinese land use right (June 2057) |
Property, plant and equipment, expiration month and year | '2057-06 |
Building and Improvements | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, estimated useful life | '5 to 40 years or remaining term of lease |
Building and Improvements | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, estimated useful life | '5 years |
Building and Improvements | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, estimated useful life | '40 years |
Machinery and Equipment | Minimum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, estimated useful life | '3 years |
Machinery and Equipment | Maximum | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, plant and equipment, estimated useful life | '10 years |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Jun. 04, 2013 | Apr. 30, 2013 | Sep. 30, 2013 |
Business Acquisition [Line Items] | ' | ' | ' |
Gain on previously held equity interest | ' | ' | $2,936 |
Reclassification of cumulative currency translation gain | ' | ' | 2,782 |
Goodwill | ' | ' | 6,038 |
SCP | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Percentage of remaining equity interest acquired | 50.00% | ' | ' |
Business acquisition, purchase price | ' | 25,000 | 39,939 |
Business acquisition, gross consideration paid | 10,000 | ' | 10,000 |
Business acquisition, fair value of future payment | ' | ' | 13,836 |
Gain on previously held equity interest | ' | ' | 2,936 |
Reclassification of cumulative currency translation gain | ' | ' | 2,782 |
Business acquisition related cost | ' | ' | 479 |
Cash | 2,704 | ' | ' |
Inventory | 2,396 | ' | ' |
Prepaid assets | 196 | ' | ' |
Property, plant and equipment | 56,654 | ' | ' |
Long term bank loans | 19,095 | ' | ' |
Accrued compensation and other liabilities | 8,954 | ' | ' |
Goodwill | $6,038 | ' | ' |
Future_Payments_Related_to_Acq
Future Payments Related to Acquisition (Detail) (SCP, USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
SCP | ' |
Business Acquisition [Line Items] | ' |
2013 | $2,500 |
2014 | 3,500 |
2015 | $9,000 |
Purchase_Consideration_related
Purchase Consideration related to Acquisition (Detail) (SCP, USD $) | 1 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Jun. 04, 2013 | Apr. 30, 2013 | Sep. 30, 2013 |
SCP | ' | ' | ' |
Schedule of Business Acquisitions, Purchase Price [Line Items] | ' | ' | ' |
Cash | $10,000 | ' | $10,000 |
Present value of remaining purchase consideration | ' | ' | 13,836 |
Previously held equity interest | ' | ' | 15,949 |
Gain on remeasurement of previously held equity interest in SCP | ' | ' | 154 |
Total purchase consideration | ' | $25,000 | $39,939 |
Allocation_of_Purchase_Price_D
Allocation of Purchase Price (Detail) (USD $) | Sep. 30, 2013 | Jun. 04, 2013 |
In Thousands, unless otherwise specified | SCP | |
Business Acquisition [Line Items] | ' | ' |
Goodwill | $6,038 | $6,038 |
Acquired tangible assets, net of assumed liabilities | ' | 33,901 |
Total allocation of fair value | ' | $39,939 |
Pro_Forma_Operations_Results_D
Pro Forma Operations Results (Detail) (SCP, USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
SCP | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Net revenues | $60,842 | $49,429 | $180,644 | $130,389 |
Net income (loss) | $2,826 | ($5,094) | $19,405 | ($16,979) |
Diluted income (loss) per common share | $0.10 | ($0.18) | $0.67 | ($0.61) |
Investments_Detail
Investments (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Cost basis | $156,247 | ' | ' | ' |
Unrealized gains | 5 | ' | ' | ' |
Unrealized losses | -64 | ' | ' | ' |
Recorded basis | 156,188 | ' | ' | ' |
Cash and cash equivalents | 45,937 | 27,687 | 26,789 | 52,203 |
Short term investments | 110,251 | 36,605 | ' | ' |
Cash | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Cost basis | 30,810 | ' | ' | ' |
Recorded basis | 30,810 | ' | ' | ' |
Cash and cash equivalents | 30,810 | ' | ' | ' |
Money market funds | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Cost basis | 15,127 | ' | ' | ' |
Recorded basis | 15,127 | ' | ' | ' |
Cash and cash equivalents | 15,127 | ' | ' | ' |
Commercial paper | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Cost basis | 50,196 | ' | ' | ' |
Unrealized gains | 2 | ' | ' | ' |
Unrealized losses | -1 | ' | ' | ' |
Recorded basis | 50,197 | ' | ' | ' |
Short term investments | 50,197 | ' | ' | ' |
Corporate bonds and notes | ' | ' | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' |
Cost basis | 60,114 | ' | ' | ' |
Unrealized gains | 3 | ' | ' | ' |
Unrealized losses | -63 | ' | ' | ' |
Recorded basis | 60,054 | ' | ' | ' |
Short term investments | $60,054 | ' | ' | ' |
Investments_with_Continuous_Un
Investments with Continuous Unrealized Losses for Less Than Twelve Months and Related Fair Values (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | ' |
Fair value | $84,668 |
Unrealized losses | -64 |
Commercial paper | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Fair value | 34,097 |
Unrealized losses | -1 |
Corporate bonds and notes | ' |
Schedule of Available-for-sale Securities [Line Items] | ' |
Fair value | 50,571 |
Unrealized losses | ($63) |
Cost_and_Estimated_Current_Fai
Cost and Estimated Current Fair Value of Fixed-Income Securities (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | ' |
Due in one year or less, cost basis | $66,786 |
Due between one and five years, cost basis | 43,524 |
Total fixed income securities, cost basis | 110,310 |
Due in one year or less, Estimated fair value | 66,782 |
Due between one and five years, Estimated fair value | 43,469 |
Total fixed income securities, Estimated fair value | $110,251 |
Inventories_Detail
Inventories (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ' | ' |
Finished goods | $48,935 | $47,847 |
Raw materials | 3,954 | 1,280 |
Inventory reserve | -4,269 | -2,021 |
Inventory, Net, Total | 48,620 | 47,106 |
Approved | ' | ' |
Inventory [Line Items] | ' | ' |
Finished goods | 47,498 | 46,410 |
Raw materials | 3,935 | 1,280 |
Inventory reserve | -2,832 | -2,021 |
Inventory, Net, Total | 48,601 | 45,669 |
Pending Regulatory Approval | ' | ' |
Inventory [Line Items] | ' | ' |
Finished goods | 1,437 | 1,437 |
Raw materials | 19 | ' |
Inventory reserve | -1,437 | ' |
Inventory, Net, Total | $19 | $1,437 |
Property_Plant_and_Equipment_D
Property Plant and Equipment (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant and equipment before depreciation | $59,596 | $1,867 |
Less accumulated depreciation | -1,713 | -1,087 |
Property Plant and equipment after depreciation | 57,883 | 780 |
Land and Land Improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant and equipment before depreciation | 2,216 | ' |
Buildings and improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant and equipment before depreciation | 19,578 | 103 |
Machinery, equipment, furniture, and fixtures | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant and equipment before depreciation | 37,496 | 1,764 |
Construction in process | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property Plant and equipment before depreciation | $306 | ' |
Property_Plant_and_Equipment_A
Property Plant and Equipment - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Property, Plant, and Equipment Disclosure [Line Items] | ' | ' |
Depreciation expense | $502 | $626 |
CHINA | ' | ' |
Property, Plant, and Equipment Disclosure [Line Items] | ' | ' |
Assets related to Chinese manufacturing facility placed in service | $49,744 | $49,744 |
Goodwill_and_Intangible_assets2
Goodwill and Intangible assets, net - Additional Information (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Right | |
Finite-Lived Intangible Assets [Line Items] | ' |
Number of products | 18 |
SCP | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Goodwill acquired | 6,038 |
Product Licensing Rights | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Weighted-average period prior to next extension or renewal of intangible asset | '51 months |
Schedule_of_Intangible_Assets_
Schedule of Intangible Assets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | $5,217 | $5,818 |
Accumulated amortization | -1,935 | -1,541 |
Intangible assets, net | 3,282 | 4,277 |
Product Licensing Rights | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 3,690 | 3,156 |
Accumulated amortization | -1,935 | -1,541 |
Intangible assets, net | 1,755 | 1,615 |
Product Development Rights | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross carrying amount | 1,527 | 2,662 |
Intangible assets, net | $1,527 | $2,662 |
Movements_in_Intangible_Assets
Movements in Intangible Assets (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Product Licensing Rights | Product Development Rights | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' |
Beginning Balance | $3,282 | $4,277 | $1,615 | $2,662 |
Acquisition of product rights | ' | ' | 535 | 1,829 |
Amortization of product rights | ' | ' | -395 | -2,964 |
Ending Balance | $3,282 | $4,277 | $1,755 | $1,527 |
Schedule_of_Estimate_Amortizat
Schedule of Estimate Amortization Expense over Each of the Next Five Years (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets [Line Items] | ' |
For the year ending,September 30, 2014 | $1,784 |
For the year ending,September 30, 2015 | 427 |
For the year ending,September 30, 2016 | 191 |
For the year ending,September 30, 2017 | 144 |
For the year ending,September 30, 2018 | $133 |
Changes_in_Investment_of_Sagen
Changes in Investment of Sagent Agila (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Investment at beginning of year | ' | ' | $19,622 | ' |
Equity in net loss (income) of joint ventures | -485 | -940 | 118 | -589 |
Investment at end of year | 1,873 | ' | 1,873 | ' |
Sagent Agila LLC | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Investment at beginning of year | ' | ' | 2,161 | ' |
Equity in net loss (income) of joint ventures | ' | ' | 1,707 | ' |
Dividends paid | ' | ' | -1,995 | ' |
Investment at end of year | $1,873 | ' | $1,873 | ' |
Condensed_Statement_of_Operati
Condensed Statement of Operations Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Sagent Agila LLC | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Net revenues | $3,212 | $7,469 | $13,924 | $19,224 |
Gross profit | 1,093 | 4,537 | 3,817 | 8,282 |
Net (income) loss | 969 | 4,110 | 3,413 | 7,453 |
SCP | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Net (income) loss | ' | ($2,459) | ($2,805) | ($5,766) |
Changes_in_Investment_of_Sagen1
Changes in Investment of Sagent Pharmaceutical Corporation Limited (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Investment at beginning of year | ' | ' | $19,622 | ' |
Equity in net loss (income) of joint ventures | -485 | -940 | 118 | -589 |
Investment at end of year | 1,873 | ' | 1,873 | ' |
SCP | ' | ' | ' | ' |
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' |
Investment at beginning of year | ' | ' | 17,461 | ' |
Equity in net loss (income) of joint ventures | ' | ' | -1,825 | ' |
Currency translation adjustment | ' | ' | 294 | ' |
Investments | ' | ' | 19 | ' |
Acquisition of remaining equity interest in SCP | ' | ' | ($15,949) | ' |
Debt_Additional_Information_De
Debt - Additional Information (Detail) | 9 Months Ended | 1 Months Ended | 9 Months Ended | |||||||||||
Sep. 30, 2013 | Sep. 30, 2013 | Feb. 29, 2012 | Feb. 29, 2012 | Feb. 29, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 04, 2013 | Jun. 04, 2013 | Sep. 30, 2013 | Jun. 04, 2013 | Jun. 04, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Silicon Valley Bank Loan And Security Agreement | Silicon Valley Bank Loan And Security Agreement | Silicon Valley Bank Loan And Security Agreement | Silicon Valley Bank Loan And Security Agreement | Silicon Valley Bank Loan And Security Agreement | Credit Facility One | Credit Facility One | Credit Facility One | Credit Facility Two | Credit Facility Two | Credit Facility Two | Credit Facility | Credit Facility | ||
Revolving Credit Facilities | Revolving Credit Facilities | Revolving Credit Facilities | Minimum | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | |||||
USD ($) | Eurodollar | Base Rate | USD ($) | |||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit facilities assumed in a business combination | ' | ' | ' | ' | ' | ' | ' | $5,987,000 | 37,000,000 | ' | $13,431,000 | 83,000,000 | ' | ' |
Period of credit facility | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding credit facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,193,000 | 118,000,000 |
Credit facility, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | 6.00% |
Debt covenant, maximum liquidity ratio that triggers acceleration of repayment | ' | ' | ' | ' | ' | ' | 70.00% | ' | ' | 80.00% | ' | ' | ' | ' |
Debt covenant, projected revenue below which triggers acceleration of repayment | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount available under revolving credit facility | ' | ' | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Agreement maturity date | ' | ' | 13-Feb-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis Spread on Variable Rate | ' | ' | ' | 2.50% | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee on undrawn amounts | ' | ' | 0.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loan and security agreement date | ' | 23-Sep-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum cash requirement | ' | ' | ' | ' | ' | $30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Principal_Payments_Due_on_Cred
Principal Payments Due on Credit Facility (Detail) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Line of Credit Facility [Line Items] | ' |
30-Sep-14 | $4,880 |
30-Sep-15 | $14,314 |
Accrued_Liabilities_Detail
Accrued Liabilities (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities [Line Items] | ' | ' |
Payroll and employee benefits | $4,820 | $1,211 |
Sales and marketing | 4,832 | 5,649 |
Other accrued liabilities | 557 | 509 |
Accrued Liabilities, Total | $10,209 | $7,369 |
Summary_of_Assets_Measured_at_
Summary of Assets Measured at Fair Value on Recurring Basis (Detail) (Assets measured at fair value on a recurring basis, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | $125,378 | $54,746 |
Money market funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 15,127 | 18,141 |
Corporate bonds and notes | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 60,054 | 13,358 |
Commercial paper | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 50,197 | 23,247 |
Short-term investments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 110,251 | 36,605 |
Quoted prices in active markets for identical assets (Level 1) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 15,127 | 18,141 |
Quoted prices in active markets for identical assets (Level 1) | Money market funds | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 15,127 | 18,141 |
Significant other observable inputs (Level 2) | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 110,251 | 36,605 |
Significant other observable inputs (Level 2) | Corporate bonds and notes | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 60,054 | 13,358 |
Significant other observable inputs (Level 2) | Commercial paper | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 50,197 | 23,247 |
Significant other observable inputs (Level 2) | Short-term investments | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | $110,251 | $36,605 |
Recovered_Sheet1
Accumulated Other Comprehensive Income (Detail) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Currency translation adjustment, net of tax | $170 | $2,488 |
Unrealized (losses) gains on available for sale securities, net of tax | -59 | 12 |
Total accumulated other comprehensive income | $111 | $2,500 |
Component_of_Accumulated_Other
Component of Accumulated Other Comprehensive Income (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance as of December 31, 2012 | $2,500 |
Other comprehensive income (loss) before reclassifications | 393 |
Amounts reclassified from accumulated other comprehensive income (loss) | -2,782 |
Net current-period other comprehensive loss | -2,389 |
Balance as of September 30, 2013 | 111 |
Currency translation adjustment | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance as of December 31, 2012 | 2,488 |
Other comprehensive income (loss) before reclassifications | 464 |
Amounts reclassified from accumulated other comprehensive income (loss) | -2,782 |
Net current-period other comprehensive loss | -2,318 |
Balance as of September 30, 2013 | 170 |
Unrealized gains (losses) on available for sale securities | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance as of December 31, 2012 | 12 |
Other comprehensive income (loss) before reclassifications | -71 |
Net current-period other comprehensive loss | -71 |
Balance as of September 30, 2013 | ($59) |
Amounts_Reclassified_Out_of_Ac
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' |
Total reclassification for the three and six months ended June 30, 2013, net of tax | $2,782 |
Reclassification out of Accumulated Other Comprehensive Income | ' |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ' |
Gain on previously held equity interest | $2,782 |
AntiDilutive_Share_Excluded_Fr
Anti-Dilutive Share Excluded From Calculation of Diluted Earnings Per Share (Detail) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Anti-dilutive share excluded from the calculation of diluted earnings per share | 923,415 | 2,403,630 | 1,212,899 | 2,403,630 |
Schedule_of_Calculation_of_Num
Schedule of Calculation of Numerator and Denominator in Earnings Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Basic and dilutive numerator: | ' | ' | ' | ' |
Net income (loss) | $2,826 | ($3,750) | $26,034 | ($16,755) |
Denominator: | ' | ' | ' | ' |
Weighted-average common shares outstanding - basic (in thousands) | 28,745 | 27,977 | 28,349 | 27,943 |
Net effect of dilutive securities: | ' | ' | ' | ' |
Stock options and restricted stock | 823 | ' | 702 | ' |
Weighted-average common shares outstanding - diluted (in thousands) | 29,568 | 27,977 | 29,051 | 27,943 |
Net income (loss) per common share (basic) | $0.10 | ($0.13) | $0.92 | ($0.60) |
Net income (loss) per common share (diluted) | $0.10 | ($0.13) | $0.90 | ($0.60) |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) (USD $) | 9 Months Ended | 1 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 16, 2013 |
Secondary Stock Offering | |||
Earnings Per Share [Line Items] | ' | ' | ' |
Common stock shares issued | ' | ' | 3,542,470 |
Cash consideration for common stock exchange | ' | ' | $75,277 |
Net proceeds from common stock issuance | $71,158 | $585 | $70,647 |
Common stock price per share | ' | ' | $21.25 |
Stock_Based_Compensation_Addit
Stock- Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Stock options granted | 4,700 | 124,900 | 379,874 | 322,770 |
Stock options exercised | 28,984 | ' | 95,642 | ' |
Stock options aggregate intrinsic value | $489 | ' | $1,225 | ' |
Restricted Stock Units (RSUs) | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Restricted stock granted | ' | ' | 14,522 | ' |
Restricted Stock Awards | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Restricted stock granted | ' | ' | 41,702 | ' |
Schedule_of_Net_Amount_of_Risk
Schedule of Net Amount of Risk by Product and Guarantee (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Product Information [Line Items] | ' | ' | ' | ' |
Net revenue by Product Line | $60,842 | $49,429 | $180,644 | $130,389 |
Anti-infective | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' |
Net revenue by Product Line | 24,026 | 18,173 | 65,921 | 57,314 |
Critical care | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' |
Net revenue by Product Line | 15,638 | 20,897 | 48,381 | 53,885 |
Oncology | ' | ' | ' | ' |
Product Information [Line Items] | ' | ' | ' | ' |
Net revenue by Product Line | $21,178 | $10,359 | $66,342 | $19,190 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Sagent Agila LLC | Sagent Agila LLC | Sagent Agila LLC | |||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Receivables from related party | ' | ' | $2,981 | $2,981 | $1,404 |
Payable for the acquisition of inventory | ' | ' | 2,480 | 2,480 | 7,026 |
Distributed profit sharing receipt | $1,995 | $2,755 | $1,256 | $3,990 | ' |