Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 29, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | SGNT | |
Entity Registrant Name | SAGENT PHARMACEUTICALS, INC. | |
Entity Central Index Key | 1,369,786 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 32,838,743 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 12,504 | $ 28,962 |
Short-term investments | 20,086 | 20,060 |
Accounts receivable, net of chargebacks and other deductions | 49,887 | 51,425 |
Inventories, net | 83,414 | 76,453 |
Due from related party | 2,677 | 2,678 |
Prepaid expenses and other current assets | 8,856 | 7,388 |
Assets held for sale | 4,626 | |
Total current assets | 177,424 | 191,592 |
Property, plant, and equipment, net | 23,663 | 19,761 |
Investment in joint ventures | 7,664 | 7,108 |
Goodwill | 26,574 | 25,184 |
Intangible assets, net | 57,434 | 53,166 |
Non-current deferred tax assets | 51,758 | 50,808 |
Other assets | 1,451 | 2,113 |
Total assets | 345,968 | 349,732 |
Current liabilities: | ||
Accounts payable | 41,792 | 43,703 |
Due to related party | 14,392 | 13,754 |
Accrued profit sharing | 5,998 | 7,582 |
Accrued liabilities | 13,845 | 15,706 |
Liabilities held for sale | 2,910 | |
Total current liabilities | 76,027 | 83,655 |
Long term liabilities: | ||
Long-term debt | 2,799 | 1,623 |
Deferred income taxes | 12,361 | 12,021 |
Other long-term liabilities | 1,330 | 1,340 |
Total liabilities | 92,517 | 98,639 |
Stockholders' equity: | ||
Common stock-$0.01 par value, 100,000,000 authorized, and 32,838,001 and 32,801,896 outstanding at March 31, 2016 and December 31, 2015, respectively | 329 | 328 |
Additional paid-in capital | 368,266 | 367,235 |
Accumulated other comprehensive loss | (11,167) | (17,482) |
Accumulated deficit | (103,977) | (98,988) |
Total stockholders' equity | 253,451 | 251,093 |
Total liabilities and stockholders' equity | $ 345,968 | $ 349,732 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, authorized shares | 100,000,000 | 100,000,000 |
Common stock, outstanding shares | 32,838,001 | 32,801,896 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Net revenue | $ 67,795 | $ 82,645 |
Cost of sales | 50,948 | 60,720 |
Gross profit | 16,847 | 21,925 |
Operating expenses: | ||
Product development | 6,757 | 5,315 |
Selling, general and administrative | 12,124 | 13,125 |
Acquisition-related costs | 1,398 | 1,251 |
Management transition costs | 0 | 3,308 |
Equity in net income of joint ventures | (556) | (885) |
Total operating expenses | 19,723 | 22,114 |
Loss on sale of SCP | 6,341 | |
Gain on sale of product rights | (2,000) | |
Loss from operations | (7,217) | (189) |
Interest income and other income (expense), net | 1,094 | (1,056) |
Interest expense | (131) | (330) |
Loss before income taxes | (6,254) | (1,575) |
Provision (benefit) for income taxes | (1,266) | 319 |
Net loss | $ (4,988) | $ (1,894) |
Net loss per common share: | ||
Basic | $ (0.15) | $ (0.06) |
Diluted | $ (0.15) | $ (0.06) |
Weighted-average of shares used to compute net loss per common share: | ||
Basic | 32,829 | 32,043 |
Diluted | 32,829 | 32,043 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (4,988) | $ (1,894) |
Other comprehensive income (loss), net of tax | ||
Foreign currency translation adjustments | 4,814 | (7,038) |
Reclassification of cumulative currency translation gain | 1,426 | |
Unrealized gains on available for sale securities | 75 | 30 |
Total other comprehensive income (loss), net of tax | 6,315 | (7,008) |
Comprehensive income (loss) | $ 1,327 | $ (8,902) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities | ||
Net income (loss) | $ (4,988) | $ (1,894) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 1,703 | 3,089 |
Stock-based compensation | 1,038 | 1,090 |
Equity in net (income) loss of joint ventures | (556) | (885) |
Deferred income taxes, net | (1,466) | (843) |
Sale of SCP | 6,184 | |
Other | 33 | |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (1,156) | (11,071) |
Inventories, net | (6,229) | (844) |
Prepaid expenses and other current assets | (1,077) | (646) |
Due from related party | 1 | 3,169 |
Accounts payable and other accrued liabilities | (10,114) | 11,831 |
Net cash provided by (used in) operating activities | (16,627) | 2,996 |
Cash flows from investing activities | ||
Capital expenditures | (2,339) | (2,240) |
Purchases of investments | (2,003) | (2,464) |
Sale of investments | 2,000 | 1,000 |
Net reduction in cash due to sale of SCP | (1,694) | |
Sale of product rights | 2,000 | |
Purchase of product rights | (100) | |
Net cash used in investing activities | (2,036) | (3,804) |
Cash flows from financing activities | ||
Increase (reduction) in short-term borrowings | (5,189) | |
Issuance of long-term debt | 3,135 | |
Repayment of long-term debt | (1,584) | (260) |
Payment of deferred financing costs | (79) | (27) |
Proceeds from issuance of common stock, net of issuance costs | 165 | |
Net cash used in financing activities | 1,472 | (5,311) |
Effect of exchange rate movements in cash | 733 | (164) |
Net decrease in cash and cash equivalents | (16,458) | (6,283) |
Cash and cash equivalents, at beginning of period | 28,962 | 55,633 |
Cash and cash equivalents, at end of period | 12,504 | 49,350 |
Supplemental disclosure of cash flow information | ||
Acquisition of property, plant and equipment in accounts payable | 993 | $ (801) |
Acquisition of intangibles in accounts payable | $ 2,400 |
Basis of presentation
Basis of presentation | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
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 using the equity method of accounting, as our interest in the entity provides for joint financial and operational control. Management uses segment information to evaluate segment performance and allocate resources. Since the acquisition of Omega in the fourth quarter of 2014, we have operated in two reportable segments comprised of operations organized geographically in the United States (Sagent US segment) and Canada (Omega segment). Effective March 2016, we completed the disposal of the Sagent China Pharmaceuticals Co., Ltd. (“SCP”) manufacturing facility, which was a component of the Sagent US segment, reorganized our internal reporting responsibilities with our new EVP-Global Operations, and continued to align our strategic focus to integrate our Canadian business to support the manufacturing and sale of products in both the Canadian and US markets. Following these events, our Chief Executive Officer now focuses his review of financial performance and allocation of resources on the operations of the consolidated Company. As a result, we began operating in a single reportable segment, which develops, sources, manufactures and markets affordable generic pharmaceutical products to the hospital market. We continue to operate with two reporting units, which comprise the single reportable segment. You should read these statements in conjunction with our consolidated financial statements and related notes for the year ended December 31, 2015, included in our most recent Annual Report on Form 10-K filed with the SEC on March 7, 2016. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 2: Recent Accounting Pronouncements In May 2014, the FASB issued amended revenue recognition guidance to clarify the principles for recognizing revenue from contracts with customers. The guidance requires an entity to recognize revenue in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. The guidance also requires expanded disclosures relating to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required about customer contracts, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. In July 2015, the FASB approved a one year deferral to the new revenue guidance, and we are therefore required to adopt the new guidance on January 1, 2018 using one of the two prescribed retroactive methods. We are evaluating the impact of the amended revenue recognition guidance on our financial statements. In February 2015, the FASB issued amended guidance on the model used to evaluate whether certain legal entities should be consolidated. This guidance is effective for the Company in the first quarter of 2016. We have adopted this guidance in the current period. There was no material impact of adoption. In April 2015, the FASB issued amended guidance which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This guidance is effective for annual and interim periods beginning after December 15, 2015. We have adopted this guidance in the current period. There was no material impact of adoption. In February 2016, the FASB issued lease guidance, which is intended to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. In order to meet that objective, the new standard requires recognition of the assets and liabilities that arise from leases. A lessee will be required to recognize on the balance sheet the assets and liabilities for leases with lease terms of more than 12 months. Accounting by lessors will remain largely unchanged from current U.S. GAAP. The new standard is effective for public companies for fiscal years beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. We are currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures. In March 2016, the FASB issued amended guidance on employee share-based payment accounting. This update involves several aspects of the accounting for share-based payment transactions, including income tax effects, forfeitures and classifications on the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2016. Early adoption is permitted in an interim or annual period; however, all amendments must be adopted at the same time. We are currently evaluating the impact of this guidance on our financial statements. |
Sale of SCP
Sale of SCP | 3 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Sale of SCP | Note 3. Sale of SCP: On March 22, 2016, we completed the sale of all of the issued and outstanding shares of the capital stock of SCP to Hong Kong King-Friend Pharmaceutical Co., Ltd., a subsidiary of Nanjing King-Friend Pharmaceutical Co., Ltd., (“NKF”), in exchange for $500. In connection with the closing of the transaction, we incurred additional charges related to employee severance, cumulative currency translation adjustments and transferred working capital, resulting in a loss of $6,341, net of the cash consideration we received. |
Sale of Product Rights
Sale of Product Rights | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Sale of Product Rights | Note 4. Sale of Product Rights: During March 2016, we completed the sale of two product rights to NKF for cash consideration of $2,000 and recognized a gain of that amount in the first quarter. We have no continuing involvement in the manufacturing process of the products, nor do we have ongoing obligations related to the transfer of these product rights. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Note 5. Investments: Our investments at March 31, 2016 were comprised of the following: Cost basis Unrealized Unrealized Carrying Cash and Short term Assets Cash $ 8,661 $ — $ — $ 8,661 $ 8,661 $ — Money market funds 3,843 — — 3,843 3,843 — Corporate/Government bonds and notes 20,079 14 (7 ) 20,086 — 20,086 $ 32,583 $ 14 $ (7 ) $ 32,590 $ 12,504 $ 20,086 Investments with continuous unrealized losses for less than twelve months and their related fair values at March 31, 2016 were as follows: Fair value Unrealized Corporate/Government $ 8,071 $ (7 ) bonds and notes 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 March 31, 2016. The original cost and estimated current fair value of our fixed-income securities at March 31, 2016 are set forth below. Cost basis Estimated fair value Due in one year or less $ 11,355 $ 11,358 Due between one and five years 8,724 8,728 $ 20,079 $ 20,086 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 6. Inventories: Inventories at March 31, 2016 and December 31, 2015 were as follows: March 31, 2016 December 31, 2015 Approved Pending Inventory Approved Pending Inventory Raw materials $ 5,567 $ 6,050 $ 11,617 $ 4,855 $ 2,800 $ 7,655 Work in process 694 — 694 433 — 433 Finished goods 79,059 — 79,059 73,365 — 73,365 Inventory reserve (5,227 ) (2,729 ) (7,956 ) (5,000 ) — (5,000 ) $ 80,093 $ 3,321 $ 83,414 $ 73,653 $ 2,800 $ 76,453 We have $6,050 of pre-launch inventory, including $2,729 of active pharmaceutical ingredient related to Iron Sucrose, recorded in raw material inventory as of March 31, 2016. In December 2015, we received a Complete Response Letter (“CRL”) from the US FDA related to our ANDA for Iron Sucrose regarding our pending ANDA. We have completed our evaluation of the Complete Response Letter (“CRL”) from the US FDA with respect to our ANDA for Iron Sucrose, and have performed additional testing of pre-launch API to determine if it can be used to develop and receive FDA approval for commercial production. Based on this testing, we do not believe we will be able to commercialize our product based on its current formulation. As a result, we have reserved all remaining pre-launch raw material inventory related to Iron Sucrose as of March 31, 2016. In the first quarter of 2016, we acquired $3,248 of pre-launch API. We have included this amount within Raw materials pending regulatory approval as we believe the approval and launch of the related product is probable. |
Property, plant and equipment
Property, plant and equipment | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Note 7. Property, plant and equipment Property, plant and equipment at March 31, 2016 and December 31, 2015 were as follows: March 31, 2016 December 31, 2015 Land and land improvements $ 1,182 $ 1,102 Buildings and improvements 7,579 6,713 Machinery, equipment, furniture and fixtures 6,014 5,457 Computer software 3,770 3,776 Construction in process 9,610 6,535 28,155 23,583 Less accumulated depreciation (4,492 ) (3,822 ) $ 23,663 $ 19,761 Depreciation expense was $563 and $1,427 for the three months ending March 31, 2016 and 2015, respectively. |
Goodwill and Intangible assets,
Goodwill and Intangible assets, net | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible assets, net | Note 8. Goodwill and Intangible assets, net: Goodwill at March 31, 2016 and December 31, 2015 was $26,574 and $25,184, respectively. There were no goodwill impairment losses for the three months ended March 31, 2016 and 2015, respectively. Movements in goodwill were due to the following: December 31, 2015 $ 25,184 Foreign currency movements 1,390 March 31, 2016 $ 26,574 Intangible assets at March 31, 2016 and December 31, 2015 were as follows: March 31, 2016 December 31, 2015 Gross carrying Accumulated Intangible Gross carrying Accumulated Intangible Product licensing rights $ 4,533 $ (3,096 ) $ 1,437 $ 4,533 $ (2,998 ) $ 1,535 Product development rights 5,290 — 5,290 2,890 — 2,890 Purchased product rights and other 49,165 (6,434 ) 42,731 46,238 (5,087 ) 41,151 Total definite-lived intangible assets $ 58,988 $ (9,530 ) $ 49,458 $ 53,661 $ (8,085 ) $ 45,576 In-process research and development (IPR&D) $ 7,976 $ — $ 7,976 $ 7,590 $ — $ 7,590 Total intangible assets $ 66,964 $ (9,530 ) $ 57,434 $ 61,251 $ (8,085 ) $ 53,166 The weighted-average period prior to the next extension or renewal for the 21 products comprising our product licensing rights intangible asset was 50 months at March 31, 2016. |
Investment in Sagent Agila
Investment in Sagent Agila | 3 Months Ended |
Mar. 31, 2016 | |
Sagent Agila LLC | |
Investment in Sagent Agila | Note 9. Investment in Sagent Agila: Changes in our investment in Sagent Agila during the three months ended March 31, 2016 were as follows: Investment in Sagent Agila at January 1, 2016 $ 7,108 Equity in net income of Sagent Agila 556 Investment in Sagent Agila at March 31, 2016 $ 7,664 Condensed statement of operations information of Sagent Agila is presented below. Three months ended March 31, Condensed statement of operations information 2016 2015 Net revenues $ 1,607 $ 3,074 Gross profit 1,112 1,770 Net income 1,112 1,770 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Note 10. Debt: JPMorgan Chase Revolving Credit Loan Facility On October 31, 2014, we entered into a credit agreement with JPMorgan Chase Bank, N.A., (the “Chase Agreement”). The Chase Agreement provides for an $80,000 asset based revolving credit loan facility, with availability subject to a borrowing base consisting of eligible cash, short-term investments, accounts receivable and inventory and the satisfaction of conditions precedent specified in the Chase Agreement. The Chase Agreement provides for an accordion feature, whereby we may increase the revolving commitment up to an additional $25,000, subject to certain customary terms and conditions, including pro-forma compliance with a fixed charge coverage ratio (as defined in the Chase Agreement) of 1.00 to 1.00. The Chase Agreement matures on October 31, 2019, at which time all amounts outstanding will be due and payable. Borrowings under the Chase 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 2.00% per annum or an alternative base rate plus 1.00% per annum. We also incur a commitment fee on undrawn amounts equal to 0.25% per annum. The Chase Agreement includes customary covenants and also imposes a financial covenant requiring compliance with a minimum fixed charge coverage ratio of 1.00 to 1.00 during certain covenant testing times triggered if availability under the Chase Agreement is below the greater of 10% of the revolving commitment and $8,000. On January 7, 2016, we amended and restated our Chase Agreement (the “Amended Chase Agreement”) by adding a Canadian tranche and joining Omega as a borrower. The Amended Chase Agreement adds a C$30,000 term loan (including a delayed draw term loan) to fund, among other things, Omega’s construction of a facility in Quebec. The Amended Chase Agreement also adds a C$10,000 revolving facility sublimit to the existing revolving facility, with the total revolving commitment amount remaining at $80,000. The applicable margins for the Canadian prime rate and Canadian Dollar Offered Rate (“CDOR”) revolving loans are the same as the base rate and Eurodollar rates for the U.S. revolving loans at 1.00% and 2.00%, respectively. The margins for the Canadian term loans are 1.25% and 2.25% for Canadian prime rate and CDOR, respectively. The commitment fee rate remains 0.25%. The fixed charge coverage ratio remains at 1.00 to 1.00. The Canadian term loans are to be repaid in certain increments pursuant to the Amended Chase Agreement as the facility in Quebec is completed. As of March 31, 2016, there was $3,337 in borrowings outstanding under our Amended Chase Agreement, $1,568 on the term loan and $1,769 on the revolver, and we were in compliance with all covenants under the Amended Chase Agreement. Total availability under our Chase term loan facility was $21,607 (C$27,970) at March 31, 2016. Total availability under our Chase revolving loan facility was $78,131 at March 31, 2016, which is subject to adjustment on a monthly basis under our borrowing base calculation. Credit facilities acquired under the Omega acquisition In connection with the acquisition of Omega, we assumed a series of credit facilities and mortgages with the National Bank of Canada (“NBC”) and the Business Development Bank of Canada (“BDC”). In January 2015, we paid off all amounts outstanding under the Omega operating credit facility, the Omega demand loan and the Omega decreasing revolving credit facility with available cash on hand. Omega also had five mortgage loans with the BDC (collectively the “Omega mortgages”) which we assumed in connection with the acquisition. The Omega mortgages, which require monthly installments and which are secured by specific Omega buildings and equipment, range in amount from C$70 to C$1,250 ($62 to $1,114 as of the acquisition date) and bear interest at the lender’s prime rate (5% as of the acquisition date) plus a premium ranging from 0%—1.5%. The carrying value of the mortgages approximates fair value. The Omega mortgages matured at various times from August 2019 through November 2036. In January 2016, in connection with entering the Amended Chase Agreement, we repaid the Omega mortgages in full, and refinanced them under the Chase term loan. |
Accrued liabilities
Accrued liabilities | 3 Months Ended |
Mar. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accrued liabilities | Note 11. Accrued liabilities: Accrued liabilities at March 31, 2016 and December 31, 2015 were as follows: March 31, December 31, Payroll and employee benefits $ 3,998 $ 6,512 Sales and marketing 7,224 7,308 Taxes payable 170 131 Other accrued liabilities 2,453 1,755 $ 13,845 $ 15,706 |
Fair value measurements
Fair value measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | Note 12. Fair value measurements: Assets measured at fair value on a recurring basis as of March 31, 2016 consisted of the following: Total fair value Quoted prices in Significant Significant (Level 3) Assets Money market funds $ 3,843 $ 3,843 $ — $ — Corporate bonds and notes 20,086 — 20,086 — Short-term investments $ 20,086 $ — $ 20,086 $ — Total assets $ 23,929 $ 3,843 $ 20,086 $ — Liabilities Contingent purchase consideration $ 50 $ — $ — $ 50 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. The fair value of our Level 3 contingent consideration is based upon a probability weighting approach that considered the possible outcomes based on assumptions related to the timing and probability of the product approval date. Assets measured at fair value on a recurring basis as of December 31, 2015 consisted of the following: Total fair value Quoted prices Significant Significant (Level 3) Assets Money market funds $ 13,838 $ 13,838 $ — $ — Corporate bonds and notes 20,060 — 20,060 — Short-term investments $ 20,060 $ — $ 20,060 $ — Total assets $ 33,898 $ 13,838 $ 20,060 $ — Liabilities Contingent purchase consideration $ 50 $ — $ — $ 50 There were no transfers of assets between Level 1, Level 2 or Level 3 during the periods presented. The contingent consideration is fixed at $50 if product approval is not achieved by June 30, 2016; the fair value is $50 using a probability weighting approach that considered the possible outcomes based on assumptions related to the timing and probability of the Cisatracurium product approval date. There were no changes in the fair value of our contingent purchase consideration measured using significant unobservable inputs (Level 3), during the three months ending March 31, 2016. |
Accumulated other comprehensive
Accumulated other comprehensive income (loss) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Accumulated other comprehensive income (loss) | Note 13. Accumulated other comprehensive income (loss): Accumulated other comprehensive income (loss) at March 31, 2016 and December 31, 2015 is comprised of the following: March 31, December 31, Currency translation adjustment, net of tax $ (11,174 ) $ (17,414 ) Unrealized gains (losses) on available for sale securities, net of tax 7 (68 ) Total accumulated other comprehensive loss $ (11,167 ) $ (17,482 ) The table below presents the significant amounts reclassified out of each component of accumulated other comprehensive loss for the period ended March 31, 2016. Type of reclassification Amount reclassified from accumulated other income Affected line item in the condensed consolidated statement of operations Currency translation adjustment – reclassification of cumulative currency translation gain $ 1,426 Loss on sale of SCP Total reclassification for the three months ended March 31, 2016, net of tax $ 1,426 |
Earnings per share
Earnings per share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per share | Note 14. Earnings per share: Basic earnings per share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Because of their anti-dilutive effect, 2,418,562 and 2,848,026 common share equivalents, comprised of unvested restricted stock and unexercised stock options, have been excluded from the calculation of diluted earnings per share for the periods ended March 31, 2016 and 2015, respectively. The table below presents the computation of basic and diluted earnings per share for the three months ended March 31, 2016 and 2015: Three months ended March 31, 2016 2015 Basic and dilutive numerator: Net loss, as reported $ (4,988 ) $ (1,894 ) Denominator: Weighted-average common shares outstanding - basic (in thousands) 32,829 32,043 Net effect of dilutive securities: Stock options and restricted stock — — Weighted-average common shares outstanding - diluted (in thousands) 32,829 32,043 Net loss per common share (basic) $ (0.15 ) $ (0.06 ) Net loss per common share (diluted) $ (0.15 ) $ (0.06 ) |
Stock-based compensation
Stock-based compensation | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based compensation | Note 15. Stock-based compensation: The following tables set forth stock option and restricted stock activity for the three months ended March 31, 2016: Number of Shares Stock Restricted Outstanding at January 1, 2016 1,679,039 180,208 Granted 537,955 169,580 Exercised — (47,340 ) Forfeited (95,637 ) (5,243 ) Outstanding at March 31, 2016 2,121,357 297,205 The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2015 was $1,550. There were no stock options exercised during the three months ended March 31, 2016. |
Net revenue by product
Net revenue by product | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Net revenue by product | Note 16. Net revenue by product: Net revenue by therapeutic class is as follows: Three months ended March 31, 2016 2015 Therapeutic class: Anti-infective $ 28,032 $ 31,558 Critical care 28,448 29,909 Oncology 11,315 21,178 $ 67,795 $ 82,645 |
Related party transactions
Related party transactions | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related party transactions | Note 17. Related party transactions: As of March 31, 2016 and December 31, 2015, respectively, we had a receivable of $2,677 and $2,678 from Sagent Agila LLC, which is expected to offset future profit-sharing payments. As of March 31, 2016 and December 31, 2015, respectively, we had a payable of $14,392 and $13,754 to Sagent Agila LLC, principally for the acquisition of inventory and amounts due under profit-sharing arrangements. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 18. Income Taxes: Our benefit for income taxes for the three months ended March 31, 2016 was $1,266 and our provision for income taxes for the three months ended March 31, 2015 was $319. Included within the first quarter 2016 tax benefit are $1,064 of discrete tax benefits related to the completion of the sale of SCP. |
Commitments and contingencies
Commitments and contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Note 19. Commitments and contingencies: 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. At this time, there are no proceedings of which we are aware that are considered likely to have a material adverse effect on our consolidated financial position or results of operations. |
Management transition
Management transition | 3 Months Ended |
Mar. 31, 2016 | |
Restructuring and Related Activities [Abstract] | |
Management transition | Note 20. Management transition: In 2015, we incurred costs related to the transition of our senior management team, following the retirement of our founder and Chief Executive Officer and resignation of our President in March 2015, and the elimination of certain positions in the US as part of the ongoing review of our business. Costs associated with these matters for the three months ended March 31, 2015, primarily severance related charges, totaled $3,308. Of the charges incurred in 2015, $451 were paid during the quarter ended March 31, 2016 related to ongoing severance obligations. Total costs accrued within the Accounts Payable and Accrued liabilities captions of the balance sheet at March 31, 2016 were $723. No costs were incurred in the three months ended March 31, 2016. |
Recent Accounting Pronounceme27
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | In May 2014, the FASB issued amended revenue recognition guidance to clarify the principles for recognizing revenue from contracts with customers. The guidance requires an entity to recognize revenue in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. The guidance also requires expanded disclosures relating to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required about customer contracts, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. In July 2015, the FASB approved a one year deferral to the new revenue guidance, and we are therefore required to adopt the new guidance on January 1, 2018 using one of the two prescribed retroactive methods. We are evaluating the impact of the amended revenue recognition guidance on our financial statements. In February 2015, the FASB issued amended guidance on the model used to evaluate whether certain legal entities should be consolidated. This guidance is effective for the Company in the first quarter of 2016. We have adopted this guidance in the current period. There was no material impact of adoption. In April 2015, the FASB issued amended guidance which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This guidance is effective for annual and interim periods beginning after December 15, 2015. We have adopted this guidance in the current period. There was no material impact of adoption. In February 2016, the FASB issued lease guidance, which is intended to increase the transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. In order to meet that objective, the new standard requires recognition of the assets and liabilities that arise from leases. A lessee will be required to recognize on the balance sheet the assets and liabilities for leases with lease terms of more than 12 months. Accounting by lessors will remain largely unchanged from current U.S. GAAP. The new standard is effective for public companies for fiscal years beginning after December 15, 2018, and interim periods within those years, with early adoption permitted. We are currently evaluating the effect that adopting this standard will have on our financial statements and related disclosures. In March 2016, the FASB issued amended guidance on employee share-based payment accounting. This update involves several aspects of the accounting for share-based payment transactions, including income tax effects, forfeitures and classifications on the statement of cash flows. The guidance is effective for fiscal years beginning after December 15, 2016. Early adoption is permitted in an interim or annual period; however, all amendments must be adopted at the same time. We are currently evaluating the impact of this guidance on our financial statements. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Our investments at March 31, 2016 were comprised of the following: Cost basis Unrealized Unrealized Carrying Cash and Short term Assets Cash $ 8,661 $ — $ — $ 8,661 $ 8,661 $ — Money market funds 3,843 — — 3,843 3,843 — Corporate/Government bonds and notes 20,079 14 (7 ) 20,086 — 20,086 $ 32,583 $ 14 $ (7 ) $ 32,590 $ 12,504 $ 20,086 |
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 March 31, 2016 were as follows: Fair value Unrealized Corporate/Government $ 8,071 $ (7 ) bonds and notes |
Cost and Estimated Current Fair Value of Fixed-Income Securities | The original cost and estimated current fair value of our fixed-income securities at March 31, 2016 are set forth below. Cost basis Estimated fair value Due in one year or less $ 11,355 $ 11,358 Due between one and five years 8,724 8,728 $ 20,079 $ 20,086 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory Valuation | Inventories at March 31, 2016 and December 31, 2015 were as follows: March 31, 2016 December 31, 2015 Approved Pending Inventory Approved Pending Inventory Raw materials $ 5,567 $ 6,050 $ 11,617 $ 4,855 $ 2,800 $ 7,655 Work in process 694 — 694 433 — 433 Finished goods 79,059 — 79,059 73,365 — 73,365 Inventory reserve (5,227 ) (2,729 ) (7,956 ) (5,000 ) — (5,000 ) $ 80,093 $ 3,321 $ 83,414 $ 73,653 $ 2,800 $ 76,453 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment at March 31, 2016 and December 31, 2015 were as follows: March 31, 2016 December 31, 2015 Land and land improvements $ 1,182 $ 1,102 Buildings and improvements 7,579 6,713 Machinery, equipment, furniture and fixtures 6,014 5,457 Computer software 3,770 3,776 Construction in process 9,610 6,535 28,155 23,583 Less accumulated depreciation (4,492 ) (3,822 ) $ 23,663 $ 19,761 |
Goodwill and Intangible asset31
Goodwill and Intangible assets, net (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Movements in Goodwill | Movements in goodwill were due to the following: December 31, 2015 $ 25,184 Foreign currency movements 1,390 March 31, 2016 $ 26,574 |
Schedule of Intangible Assets - Finite lived | Intangible assets at March 31, 2016 and December 31, 2015 were as follows: March 31, 2016 December 31, 2015 Gross carrying Accumulated Intangible Gross carrying Accumulated Intangible Product licensing rights $ 4,533 $ (3,096 ) $ 1,437 $ 4,533 $ (2,998 ) $ 1,535 Product development rights 5,290 — 5,290 2,890 — 2,890 Purchased product rights and other 49,165 (6,434 ) 42,731 46,238 (5,087 ) 41,151 Total definite-lived intangible assets $ 58,988 $ (9,530 ) $ 49,458 $ 53,661 $ (8,085 ) $ 45,576 In-process research and development (IPR&D) $ 7,976 $ — $ 7,976 $ 7,590 $ — $ 7,590 Total intangible assets $ 66,964 $ (9,530 ) $ 57,434 $ 61,251 $ (8,085 ) $ 53,166 |
Investment in Sagent Agila (Tab
Investment in Sagent Agila (Tables) - Sagent Agila LLC | 3 Months Ended |
Mar. 31, 2016 | |
Changes in Investment | Changes in our investment in Sagent Agila during the three months ended March 31, 2016 were as follows: Investment in Sagent Agila at January 1, 2016 $ 7,108 Equity in net income of Sagent Agila 556 Investment in Sagent Agila at March 31, 2016 $ 7,664 |
Condensed Statement of Operations Information | Condensed statement of operations information of Sagent Agila is presented below. Three months ended March 31, Condensed statement of operations information 2016 2015 Net revenues $ 1,607 $ 3,074 Gross profit 1,112 1,770 Net income 1,112 1,770 |
Accrued liabilities (Tables)
Accrued liabilities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued liabilities at March 31, 2016 and December 31, 2015 were as follows: March 31, December 31, Payroll and employee benefits $ 3,998 $ 6,512 Sales and marketing 7,224 7,308 Taxes payable 170 131 Other accrued liabilities 2,453 1,755 $ 13,845 $ 15,706 |
Fair value measurements (Tables
Fair value measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets measured at fair value on a recurring basis as of March 31, 2016 consisted of the following: Total fair value Quoted prices in Significant Significant (Level 3) Assets Money market funds $ 3,843 $ 3,843 $ — $ — Corporate bonds and notes 20,086 — 20,086 — Short-term investments $ 20,086 $ — $ 20,086 $ — Total assets $ 23,929 $ 3,843 $ 20,086 $ — Liabilities Contingent purchase consideration $ 50 $ — $ — $ 50 Assets measured at fair value on a recurring basis as of December 31, 2015 consisted of the following: Total fair value Quoted prices Significant Significant (Level 3) Assets Money market funds $ 13,838 $ 13,838 $ — $ — Corporate bonds and notes 20,060 — 20,060 — Short-term investments $ 20,060 $ — $ 20,060 $ — Total assets $ 33,898 $ 13,838 $ 20,060 $ — Liabilities Contingent purchase consideration $ 50 $ — $ — $ 50 |
Accumulated other comprehensi35
Accumulated other comprehensive income (loss) (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive income (loss) at March 31, 2016 and December 31, 2015 is comprised of the following: March 31, December 31, Currency translation adjustment, net of tax $ (11,174 ) $ (17,414 ) Unrealized gains (losses) on available for sale securities, net of tax 7 (68 ) Total accumulated other comprehensive loss $ (11,167 ) $ (17,482 ) The table below presents the significant amounts reclassified out of each component of accumulated other comprehensive loss for the period ended March 31, 2016. Type of reclassification Amount reclassified from accumulated other income Affected line item in the condensed consolidated statement of operations Currency translation adjustment – reclassification of cumulative currency translation gain $ 1,426 Loss on sale of SCP Total reclassification for the three months ended March 31, 2016, net of tax $ 1,426 |
Earnings per share (Tables)
Earnings per share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings Per Share | The table below presents the computation of basic and diluted earnings per share for the three months ended March 31, 2016 and 2015: Three months ended March 31, 2016 2015 Basic and dilutive numerator: Net loss, as reported $ (4,988 ) $ (1,894 ) Denominator: Weighted-average common shares outstanding - basic (in thousands) 32,829 32,043 Net effect of dilutive securities: Stock options and restricted stock — — Weighted-average common shares outstanding - diluted (in thousands) 32,829 32,043 Net loss per common share (basic) $ (0.15 ) $ (0.06 ) Net loss per common share (diluted) $ (0.15 ) $ (0.06 ) |
Stock-based compensation (Table
Stock-based compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Option and Restricted Stock Activity | The following tables set forth stock option and restricted stock activity for the three months ended March 31, 2016: Number of Shares Stock Restricted Outstanding at January 1, 2016 1,679,039 180,208 Granted 537,955 169,580 Exercised — (47,340 ) Forfeited (95,637 ) (5,243 ) Outstanding at March 31, 2016 2,121,357 297,205 |
Net revenue by product (Tables)
Net revenue by product (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Schedule of Net Revenue by Product Category | Net revenue by therapeutic class is as follows: Three months ended March 31, 2016 2015 Therapeutic class: Anti-infective $ 28,032 $ 31,558 Critical care 28,448 29,909 Oncology 11,315 21,178 $ 67,795 $ 82,645 |
Sale of SCP - Additional Inform
Sale of SCP - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 22, 2016 | Mar. 31, 2016 |
Discontinued Operations and Disposal Groups [Abstract] | ||
Sale of SCP | $ 500 | |
Loss on sale of SCP | $ (6,341) |
Sale of Product Rights - Additi
Sale of Product Rights - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended |
Mar. 31, 2016USD ($)Right | Mar. 31, 2016USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Sale of product rights | $ 2,000 | $ 2,000 |
Gain on sale of product rights | $ 2,000 | $ 2,000 |
Number of product rights | Right | 2 |
Investments (Detail)
Investments (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost basis | $ 32,583 | |||
Unrealized gains | 14 | |||
Unrealized losses | (7) | |||
Carrying value | 32,590 | |||
Cash and cash equivalents | 12,504 | $ 28,962 | $ 49,350 | $ 55,633 |
Short term investments | 20,086 | $ 20,060 | ||
Cash | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost basis | 8,661 | |||
Carrying value | 8,661 | |||
Cash and cash equivalents | 8,661 | |||
Money market funds | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost basis | 3,843 | |||
Carrying value | 3,843 | |||
Cash and cash equivalents | 3,843 | |||
Corporate/Government bonds and notes | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost basis | 20,079 | |||
Unrealized gains | 14 | |||
Unrealized losses | (7) | |||
Carrying value | 20,086 | |||
Short term investments | $ 20,086 |
Investments with Continuous Unr
Investments with Continuous Unrealized Losses for Less Than Twelve Months and Related Fair Values (Detail) - Corporate/Government bonds and notes $ in Thousands | Mar. 31, 2016USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
Fair value | $ 8,071 |
Unrealized losses | $ (7) |
Cost and Estimated Current Fair
Cost and Estimated Current Fair Value of Fixed-Income Securities (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due in one year or less, Cost basis | $ 11,355 |
Due between one and five years, Cost basis | 8,724 |
Total fixed income securities, Cost basis | 20,079 |
Due in one year or less, Estimated fair value | 11,358 |
Due between one and five years, Estimated fair value | 8,728 |
Total fixed income securities, Estimated fair value | $ 20,086 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Inventory [Line Items] | ||
Raw materials | $ 11,617 | $ 7,655 |
Work in process | 694 | 433 |
Finished goods | 79,059 | 73,365 |
Inventory reserve | (7,956) | (5,000) |
Inventory, Net, Total | 83,414 | 76,453 |
Approved | ||
Inventory [Line Items] | ||
Raw materials | 5,567 | 4,855 |
Work in process | 694 | 433 |
Finished goods | 79,059 | 73,365 |
Inventory reserve | (5,227) | (5,000) |
Inventory, Net, Total | 80,093 | 73,653 |
Pending Regulatory Approval | ||
Inventory [Line Items] | ||
Raw materials | 6,050 | 2,800 |
Inventory reserve | (2,729) | |
Inventory, Net, Total | $ 3,321 | $ 2,800 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Inventory [Line Items] | ||
Raw materials | $ 11,617 | $ 7,655 |
Inventory reserve | 7,956 | 5,000 |
Pending Regulatory Approval | ||
Inventory [Line Items] | ||
Raw materials | 6,050 | $ 2,800 |
Inventory reserve | 2,729 | |
Raw materials acquired | $ 3,248 |
Property, Plant and Equipment46
Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment before depreciation | $ 28,155 | $ 23,583 |
Less accumulated depreciation | (4,492) | (3,822) |
Property, plant and equipment after depreciation | 23,663 | 19,761 |
Land and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment before depreciation | 1,182 | 1,102 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment before depreciation | 7,579 | 6,713 |
Machinery, equipment, furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment before depreciation | 6,014 | 5,457 |
Computer Software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment before depreciation | 3,770 | 3,776 |
Construction in process | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment before depreciation | $ 9,610 | $ 6,535 |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 563 | $ 1,427 |
Goodwill and Intangible Asset48
Goodwill and Intangible Assets, net - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2016USD ($)Product_Right | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Goodwill And Intangible Assets [Line Items] | |||
Goodwill | $ 26,574,000 | $ 25,184,000 | |
Goodwill impairment | $ 0 | $ 0 | |
Number of products comprising product licensing rights intangible asset | Product_Right | 21 | ||
Product Licensing Rights | |||
Goodwill And Intangible Assets [Line Items] | |||
Weighted-average period prior to next extension or renewal of intangible asset | 50 months |
Summary of Movements in Goodwil
Summary of Movements in Goodwill (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Balance at December 31, 2015 | $ 25,184 |
Foreign currency movements | 1,390 |
Balance at March 31, 2016 | $ 26,574 |
Schedule of Intangible Assets (
Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Definite-lived intangible assets, Gross carrying amount | $ 58,988 | $ 53,661 |
Intangible assets, Gross carrying amount | 66,964 | 61,251 |
Definite-lived intangible assets, Accumulated amortization | (9,530) | (8,085) |
Definite-lived intangible assets, net | 49,458 | 45,576 |
Intangible assets, net | 57,434 | 53,166 |
Product Licensing Rights | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Definite-lived intangible assets, Gross carrying amount | 4,533 | 4,533 |
Definite-lived intangible assets, Accumulated amortization | (3,096) | (2,998) |
Definite-lived intangible assets, net | 1,437 | 1,535 |
Product Development Rights | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Definite-lived intangible assets, Gross carrying amount | 5,290 | 2,890 |
Definite-lived intangible assets, net | 5,290 | 2,890 |
Purchased Product Rights And Other | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Definite-lived intangible assets, Gross carrying amount | 49,165 | 46,238 |
Definite-lived intangible assets, Accumulated amortization | (6,434) | (5,087) |
Definite-lived intangible assets, net | 42,731 | 41,151 |
In-Process Research and Development (IPR&D) | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived IPR&D, Intangible assets, net | $ 7,976 | $ 7,590 |
Changes in Investment of Sagent
Changes in Investment of Sagent Agila (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||
Investment at beginning of the period | $ 7,108 | |
Equity in net income of joint ventures | 556 | $ 885 |
Investment at end of the period | 7,664 | |
Sagent Agila LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment at beginning of the period | 7,108 | |
Equity in net income of joint ventures | 556 | |
Investment at end of the period | $ 7,664 |
Condensed Statement of Operatio
Condensed Statement of Operations Information (Detail) - Sagent Agila LLC - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||
Net revenues | $ 1,607 | $ 3,074 |
Gross profit | 1,112 | 1,770 |
Net income | $ 1,112 | $ 1,770 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Jan. 07, 2016USD ($) | Oct. 31, 2014USD ($) | Mar. 31, 2016USD ($)MortgageLoan | Mar. 31, 2016CAD | Mar. 31, 2016CADMortgageLoan | Jan. 07, 2016CAD |
Canadian Term Loans | ||||||
Line of Credit Facility [Line Items] | ||||||
Commitment fee rate | 0.25% | |||||
Fixed charge coverage ratio | 100.00% | 100.00% | ||||
Prime Rate | Canadian Term Loans | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 1.25% | |||||
CDOR | Canadian Term Loans | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 2.25% | |||||
Omega | ||||||
Line of Credit Facility [Line Items] | ||||||
Number of mortgage loans | MortgageLoan | 5 | 5 | ||||
Omega | Term Loan | ||||||
Line of Credit Facility [Line Items] | ||||||
Amount available under credit facility | CAD | CAD 30,000,000 | |||||
JP Morgan Chase Revolving Credit Loan Facility Amended | ||||||
Line of Credit Facility [Line Items] | ||||||
Outstanding borrowings | $ 3,337,000 | |||||
JP Morgan Chase Revolving Credit Loan Facility Amended | Term Loan | ||||||
Line of Credit Facility [Line Items] | ||||||
Outstanding borrowings | 1,568,000 | |||||
Line of credit facility, remaining borrowing capacity | $ 21,607,000 | CAD 27,970,000 | ||||
Mortgage Loans | Omega | Prime Rate | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest rate | 5.00% | 5.00% | ||||
Minimum | Mortgage Loans | Omega | ||||||
Line of Credit Facility [Line Items] | ||||||
Monthly mortgages installments | $ 62,000 | CAD 70,000 | ||||
Minimum | Mortgage Loans | Omega | Prime Rate | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 0.00% | 0.00% | ||||
Maximum | Mortgage Loans | Omega | ||||||
Line of Credit Facility [Line Items] | ||||||
Monthly mortgages installments | $ 1,114,000 | CAD 1,250,000 | ||||
Maximum | Mortgage Loans | Omega | Prime Rate | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 1.50% | 1.50% | ||||
Revolving Credit Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Amount available under credit facility | $ 80,000,000 | CAD 10,000,000 | ||||
Revolving Credit Facility | Eurodollar | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 2.00% | |||||
Revolving Credit Facility | Base Rate | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 1.00% | |||||
Revolving Credit Facility | JPMorgan Chase Revolving Credit Loan Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Amount available under credit facility | $ 80,000,000 | |||||
Amount available under additional revolving credit facility | $ 25,000,000 | |||||
Debt coverage ratio | 100.00% | |||||
Agreement maturity date | Oct. 31, 2019 | Oct. 31, 2019 | ||||
Commitment fee on undrawn amounts | 0.25% | |||||
Credit facility, interest rate | 10.00% | 10.00% | ||||
Revolving Credit Facility | JPMorgan Chase Revolving Credit Loan Facility | Eurodollar | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 2.00% | |||||
Revolving Credit Facility | JPMorgan Chase Revolving Credit Loan Facility | Base Rate | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 1.00% | |||||
Revolving Credit Facility | JP Morgan Chase Revolving Credit Loan Facility Amended | ||||||
Line of Credit Facility [Line Items] | ||||||
Outstanding borrowings | $ 1,769,000 | |||||
Line of credit facility, remaining borrowing capacity | $ 78,131,000 | |||||
Revolving Credit Facility | Minimum | JPMorgan Chase Revolving Credit Loan Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt coverage ratio | 100.00% | 100.00% | ||||
Revolving Credit Facility | Maximum | JPMorgan Chase Revolving Credit Loan Facility | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit availability to trigger debt covenants | $ 8,000,000 |
Accrued Liabilities (Detail)
Accrued Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accrued Liabilities, Current [Abstract] | ||
Payroll and employee benefits | $ 3,998 | $ 6,512 |
Sales and marketing | 7,224 | 7,308 |
Taxes payable | 170 | 131 |
Other accrued liabilities | 2,453 | 1,755 |
Accrued Liabilities, Total | $ 13,845 | $ 15,706 |
Summary of Assets and Liabiliti
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Assets and liabilities measured at fair value on a recurring basis - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 23,929 | $ 33,898 |
Contingent purchase consideration | 50 | 50 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 3,843 | 13,838 |
Corporate bonds and notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 20,086 | 20,060 |
Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 20,086 | 20,060 |
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 | 3,843 | 13,838 |
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 | 3,843 | 13,838 |
Significant other observable inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 20,086 | 20,060 |
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 | 20,086 | 20,060 |
Significant other observable inputs (Level 2) | Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 20,086 | 20,060 |
Significant unobservable inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent purchase consideration | $ 50 | $ 50 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Transfer of assets between Level 1 to Level 2 | $ 0 | $ 0 |
Transfer of assets between Level 2 to Level 1 | 0 | 0 |
Transfer of assets into (out of) Level 3 | 0 | $ 0 |
Contingent Consideration Liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent purchase consideration | 50,000 | |
Fair value of the contingent consideration | 50,000 | |
Change in fair value of contingent purchase consideration | $ 0 |
Accumulated Other Comprehensi57
Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Currency translation adjustment, net of tax | $ (11,174) | $ (17,414) |
Unrealized gains (losses) on available for sale securities, net of tax | 7 | (68) |
Total accumulated other comprehensive loss | $ (11,167) | $ (17,482) |
Amounts Reclassified Out of Eac
Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Loss (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |
Loss on sale of SCP | $ (6,341) |
Reclassification out of Accumulated Other Comprehensive Income | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |
Loss on sale of SCP | 1,426 |
Reclassification out of Accumulated Other Comprehensive Income | Currency translation adjustment | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |
Loss on sale of SCP | $ 1,426 |
Earning Per Share - Additional
Earning Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive share excluded from the calculation of diluted earnings | 2,418,562 | 2,848,026 |
Schedule of Calculation of Nume
Schedule of Calculation of Numerator and Denominator in Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Basic and dilutive numerator: | ||
Net loss, as reported | $ (4,988) | $ (1,894) |
Denominator: | ||
Weighted-average common shares outstanding - basic (in thousands) | 32,829 | 32,043 |
Net effect of dilutive securities: Stock options and restricted stock | 0 | 0 |
Weighted-average common shares outstanding - diluted (in thousands) | 32,829 | 32,043 |
Net loss per common share (basic) | $ (0.15) | $ (0.06) |
Net loss per common share (diluted) | $ (0.15) | $ (0.06) |
Stock Option and Restricted Sto
Stock Option and Restricted Stock Activity (Detail) | 3 Months Ended |
Mar. 31, 2016shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning Balance, Options Outstanding | 1,679,039 |
Granted | 537,955 |
Exercised | 0 |
Forfeited | (95,637) |
Ending Balance, Options Outstanding | 2,121,357 |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning Balance, Outstanding | 180,208 |
Granted | 169,580 |
Exercised | (47,340) |
Forfeited | (5,243) |
Ending Balance, Outstanding | 297,205 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Intrinsic value of stock options exercised | $ 1,550 | |
Stock options exercised | 0 |
Schedule of Net Revenue by Prod
Schedule of Net Revenue by Product Category (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Product Information [Line Items] | ||
Net revenue by product Line | $ 67,795 | $ 82,645 |
Anti-infective | ||
Product Information [Line Items] | ||
Net revenue by product Line | 28,032 | 31,558 |
Critical care | ||
Product Information [Line Items] | ||
Net revenue by product Line | 28,448 | 29,909 |
Oncology | ||
Product Information [Line Items] | ||
Net revenue by product Line | $ 11,315 | $ 21,178 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | ||
Due from related party | $ 2,677 | $ 2,678 |
Due to related party | 14,392 | 13,754 |
Sagent Agila LLC | ||
Related Party Transaction [Line Items] | ||
Due from related party | 2,677 | 2,678 |
Due to related party | $ 14,392 | $ 13,754 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Line Items] | ||
Provision (benefit) for income taxes | $ (1,266) | $ 319 |
SCP | ||
Income Tax Disclosure [Line Items] | ||
Tax benefit | $ 1,064 |
Management Transition Changes -
Management Transition Changes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||
Management transition costs | $ 0 | $ 3,308 |
Payment of management transition cost | 451 | |
Accounts Payable and Accrued Liabilities | ||
Restructuring Cost and Reserve [Line Items] | ||
Management transition cost accrued | $ 723 |