Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 29, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
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 | 32,910,475 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 15,524 | $ 28,962 |
Short-term investments | 20,164 | 20,060 |
Accounts receivable, net of chargebacks and other deductions | 50,110 | 51,425 |
Inventories, net | 86,532 | 76,453 |
Due from related party | 2,754 | 2,678 |
Prepaid expenses and other current assets | 9,934 | 7,388 |
Assets held for sale | 4,626 | |
Total current assets | 185,018 | 191,592 |
Property, plant, and equipment, net | 28,310 | 19,761 |
Investment in joint ventures | 7,850 | 7,108 |
Goodwill | 26,556 | 25,184 |
Intangible assets, net | 57,752 | 53,166 |
Non-current deferred tax assets | 52,116 | 50,808 |
Other assets | 1,411 | 2,113 |
Total assets | 359,013 | 349,732 |
Current liabilities: | ||
Accounts payable | 48,670 | 43,703 |
Due to related party | 15,992 | 13,754 |
Accrued profit sharing | 6,209 | 7,582 |
Accrued liabilities | 14,951 | 15,706 |
Liabilities held for sale | 2,910 | |
Total current liabilities | 85,822 | 83,655 |
Long term liabilities: | ||
Long-term debt | 5,978 | 1,623 |
Deferred income taxes | 12,058 | 12,021 |
Other long-term liabilities | 1,319 | 1,340 |
Total liabilities | 105,177 | 98,639 |
Stockholders’ equity: | ||
Common stock—$0.01 par value, 100,000,000 authorized, and 32,851,263 and 32,801,896 outstanding at June 30, 2016 and December 31, 2015, respectively | 329 | 328 |
Additional paid-in capital | 369,227 | 367,235 |
Accumulated other comprehensive income (loss) | (11,227) | (17,482) |
Accumulated deficit | (104,493) | (98,988) |
Total stockholders’ equity | 253,836 | 251,093 |
Total liabilities and stockholders’ equity | $ 359,013 | $ 349,732 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 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 | 32,851,263 | 32,801,896 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||||
Net revenue | $ 71,721,000 | $ 77,345,000 | $ 139,516,000 | $ 159,990,000 |
Cost of sales | 54,368,000 | 58,904,000 | 105,316,000 | 119,624,000 |
Gross profit | 17,353,000 | 18,441,000 | 34,200,000 | 40,366,000 |
Operating expenses: | ||||
Product development | 6,630,000 | 5,419,000 | 13,387,000 | 10,734,000 |
Selling, general and administrative | 11,726,000 | 11,410,000 | 23,851,000 | 24,535,000 |
Acquisition-related costs | 1,452,000 | 70,000 | 2,850,000 | 1,321,000 |
Management transition costs | 0 | 644,000 | 0 | 3,952,000 |
Equity in net (income) of joint ventures | (186,000) | (293,000) | (742,000) | (1,178,000) |
Total operating expenses | 19,622,000 | 17,250,000 | 39,346,000 | 39,364,000 |
Loss on sale of SCP | 6,341,000 | |||
Gain on sale of product rights | (1,800,000) | (3,800,000) | ||
Income (loss) from operations | (469,000) | 1,191,000 | (7,687,000) | 1,002,000 |
Interest income and other income (expense), net | 3,000 | 516,000 | 1,096,000 | (540,000) |
Interest expense | (101,000) | (132,000) | (233,000) | (462,000) |
Income (loss) before income taxes | (567,000) | 1,575,000 | (6,824,000) | |
Provision (benefit) for income taxes | (52,000) | 1,831,000 | (1,319,000) | 2,150,000 |
Net loss | $ (515,000) | $ (256,000) | $ (5,505,000) | $ (2,150,000) |
Net loss per common share: | ||||
Basic | $ (0.02) | $ (0.01) | $ (0.17) | $ (0.07) |
Diluted | $ (0.02) | $ (0.01) | $ (0.17) | $ (0.07) |
Weighted-average of shares used to compute net income per common share: | ||||
Basic | 32,856 | 32,161 | 32,843 | 32,102 |
Diluted | 32,856 | 32,161 | 32,843 | 32,102 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (515) | $ (256) | $ (5,505) | $ (2,150) |
Other comprehensive income (loss), net of tax | ||||
Foreign currency translation adjustments | (62) | 2,266 | 4,752 | (4,772) |
Reclassification of cumulative currency translation gain | 1,426 | |||
Unrealized gains (losses) on available for sale securities | 2 | (5) | 77 | 25 |
Total other comprehensive income (loss), net of tax | (60) | 2,261 | 6,255 | (4,747) |
Comprehensive income (loss) | $ (575) | $ 2,005 | $ 750 | $ (6,897) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities | ||
Net income (loss) | $ (5,505) | $ (2,150) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 4,415 | 6,127 |
Stock-based compensation | 1,899 | 1,925 |
Equity in net (income) loss of joint ventures | (742) | (1,178) |
Deferred income taxes, net | (2,117) | 800 |
Sale of SCP | 6,184 | |
Other | 77 | (88) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (3,186) | (1,634) |
Inventories, net | (9,353) | (10,649) |
Prepaid expenses and other current assets | (2,159) | (1,446) |
Due from related party | (76) | 1,068 |
Accounts payable and other accrued liabilities | (4,234) | 5,530 |
Net cash used in operating activities | (14,797) | (1,695) |
Cash flows from investing activities | ||
Capital expenditures | (6,052) | (3,193) |
Purchases of investments | (7,216) | (5,221) |
Sale of investments | 7,100 | 3,450 |
Net reduction in cash due to sale of SCP | (1,694) | |
Sale of product rights | 3,800 | |
Purchase of product rights | (768) | |
Net cash used in investing activities | (4,062) | (5,732) |
Cash flows from financing activities | ||
Increase (reduction) in short-term borrowings | (5,189) | |
Issuance of long-term debt | 7,966 | |
Repayment of long-term debt | (3,158) | (340) |
Payment of deferred financing costs | (202) | (106) |
Proceeds from issuance of common stock, net of issuance costs | 93 | 8,416 |
Net cash provided by financing activities | 4,699 | 2,781 |
Effect of exchange rate movements in cash | 722 | (42) |
Net decrease in cash and cash equivalents | (13,438) | (4,688) |
Cash and cash equivalents, at beginning of period | 28,962 | 55,633 |
Cash and cash equivalents, at end of period | 15,524 | 50,945 |
Supplemental disclosure of cash flow information | ||
Acquisition of property, plant and equipment in accounts payable | 2,242 | $ (317) |
Acquisition of intangibles in accounts payable | $ 2,400 |
Basis of presentation
Basis of presentation | 6 Months Ended |
Jun. 30, 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. 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 | 6 Months Ended |
Jun. 30, 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 and related disclosures. 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 2017. Early adoption is permitted. Adoption of this guidance is not expected to have a material impact on our financial statements. 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 evaluating the impact of the lease guidance 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 evaluating the impact of this guidance on our financial statements. |
Sale of SCP
Sale of SCP | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 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. We recognized a gain on sale of $2,000 related to the transaction, as we have no further continuing involvement in the sale, marketing, or manufacturing process of the products. During June 2016, we completed the sale of one product right for cash consideration of $1,800. We recognized a gain on sale of $1,800 related to the transaction, as we have no further continuing involvement in the sale, marketing, or manufacturing process of the product. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2016 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | Note 5. Investments: Our investments at June 30, 2016 were comprised of the following: Cost basis Unrealized gains Unrealized losses Carrying value Cash and cash equivalents Short term investments Assets Cash $ 12,834 $ — $ — $ 12,834 $ 12,834 $ — Money market funds 2,690 — — 2,690 2,690 — Commercial paper 1,000 — — 1,000 — 1,000 Corporate/Government bonds and notes 19,154 16 (6 ) 19,164 — 19,164 $ 35,678 $ 16 $ (6 ) $ 35,688 $ 15,524 $ 20,164 Investments with continuous unrealized losses for less than twelve months and their related fair values at June 30, 2016 were as follows: Fair value Unrealized losses Corporate/Government bonds and notes $ 10,429 $ (6 ) 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 June 30, 2016. The original cost and estimated current fair value of our fixed-income securities at June 30, 2016 are set forth below. Cost basis Estimated Due in one year or less $ 10,429 $ 10,428 Due between one and five years 9,725 9,736 $ 20,154 $ 20,164 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 6. Inventories: Inventories at June 30, 2016 and December 31, 2015 were as follows: June 30, 2016 December 31, 2015 Approved Pending regulatory approval Inventory Approved Pending regulatory approval Inventory Raw materials $ 6,458 $ 6,028 $ 12,486 $ 4,855 $ 2,800 $ 7,655 Work in process 853 — $ 853 433 — 433 Finished goods 83,170 — $ 83,170 73,365 — 73,365 Inventory reserve (7,214 ) (2,763 ) $ (9,977 ) (5,000 ) — (5,000 ) $ 83,267 $ 3,265 $ 86,532 $ 73,653 $ 2,800 $ 76,453 In the first quarter of 2016, we acquired $3,248 of pre-launch API related to one of the products in our development pipeline. This amount is included in 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 | 6 Months Ended |
Jun. 30, 2016 | |
Property Plant And Equipment [Abstract] | |
Property, plant and equipment | Note 7. Property, plant and equipment Property, plant and equipment at June 30, 2016 and December 31, 2015 were as follows: June 30, 2016 December 31, 2015 Land and land improvements $ 1,181 $ 1,102 Buildings and improvements 7,572 6,713 Machinery, equipment, furniture and fixtures 6,114 5,457 Computer Software 3,840 3,776 Construction in process 14,596 6,535 33,303 23,583 Less accumulated depreciation (4,993 ) (3,822 ) $ 28,310 $ 19,761 Depreciation expense was $504 and $1,067 for the three and six months ended June 30, 2016, respectively. |
Goodwill and Intangible assets,
Goodwill and Intangible assets, net | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible assets, net | Note 8. Goodwill and Intangible assets, net: Goodwill at June 30, 2016 and December 31, 2015 was $26,556 and $25,184, respectively. There were no goodwill impairment losses for the three or six months ended June 30, 2016 and 2015, respectively. Movements in goodwill were due to the following: December 31, 2015 $ 25,184 Foreign currency movements 1,372 June 30, 2016 $ 26,556 Intangible assets at June 30, 2016 and December 31, 2015 were as follows: June 30, 2016 December 31, 2015 Gross carrying amount Accumulated amortization Intangible assets, net Gross carrying amount Accumulated amortization Intangible assets, net Product licensing rights $ 4,583 $ (3,192 ) $ 1,391 $ 4,533 $ (2,998 ) $ 1,535 Product development rights 6,722 — 6,722 2,890 — 2,890 Purchased product rights and other 49,128 (7,461 ) 41,667 46,238 (5,087 ) 41,151 Total definite-lived intangible assets $ 60,433 $ (10,653 ) $ 49,780 $ 53,661 $ (8,085 ) $ 45,576 In-process research and development (IPR&D) $ 7,972 $ — $ 7,972 $ 7,590 $ — $ 7,590 Total intangible assets $ 68,405 $ (10,653 ) $ 57,752 $ 61,251 $ (8,085 ) $ 53,166 Movements in intangible assets were due to the following: Product licensing rights Product development rights Purchased product rights and other IPR&D December 31, 2015 $ 1,535 $ 2,890 $ 41,151 $ 7,590 Purchase of product rights 50 4,800 — — Amortization of product rights (194 ) (968 ) (2,015 ) — Foreign currency movements and other — — 2,531 382 June 30, 2016 $ 1,391 $ 6,722 $ 41,667 $ 7,972 The weighted-average period prior to the next extension or renewal for the 20 products comprising our product licensing rights intangible asset was 46 months at June 30, 2016. |
Investment in Sagent Agila
Investment in Sagent Agila | 6 Months Ended |
Jun. 30, 2016 | |
Sagent Agila LLC | |
Investment in Sagent Agila | Note 9. Investment in Sagent Agila: Changes in our investment in Sagent Agila during the six months ended June 30, 2016 were as follows: Investment in Sagent Agila at December 31, 2015 $ 7,108 Equity in net income of Sagent Agila $ 742 Investment in Sagent Agila at June 30, 2016 $ 7,850 Condensed statement of operations information of Sagent Agila is as follows:. Three months ended June 30, Six months ended June 30, Condensed statement of operations information 2016 2015 2016 2015 Net revenues $ 1,788 $ 847 $ 3,396 $ 3,921 Gross profit 372 585 1,484 2,355 Net income 372 585 1,484 2,355 |
Debt
Debt | 6 Months Ended |
Jun. 30, 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 June 30, 2016, there was $6,571 in term loan borrowings outstanding under our Amended Chase Agreement, no outstanding borrowings 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 required monthly installments and which were secured by specific Omega buildings and equipment, ranged in amount from C$70 to C$1,250 ($62 to $1,114 as of the acquisition date) and bore interest at the lender’s prime rate (5% as of the acquisition date) plus a premium ranging from 0%—1.5%. The Omega mortgages had maturity dates 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 | 6 Months Ended |
Jun. 30, 2016 | |
Payables And Accruals [Abstract] | |
Accrued liabilities | Note 11. Accrued liabilities: Accrued liabilities at June 30, 2016 and December 31, 2015 were as follows: June 30, 2016 December 31, 2015 Payroll and employee benefits $ 4,120 $ 6,512 Sales and marketing 7,748 7,308 Taxes payable 580 131 Other accrued liabilities 2,503 1,755 $ 14,951 $ 15,706 |
Fair value measurements
Fair value measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | Note 12. Fair value measurements: Assets measured at fair value on a recurring basis as of June 30, 2016 consisted of the following: Total fair value Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Assets Money market funds $ 2,690 $ 2,690 $ — $ — Corporate/Government bonds and notes 19,164 — 19,164 — Commercial paper 1,000 — 1,000 — Short-term investments $ 20,164 $ — $ 20,164 $ — Total assets $ 22,854 $ 2,690 $ 20,164 $ — 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 and liabilities measured at fair value on a recurring basis as of December 31, 2015 consisted of the following: Total fair value Quoted active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (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 as product approval was not achieved by June 30, 2016. As the consideration is now fixed, the fair value is equal to the carrying value, and valuation consideration is no longer required as of June 30, 2016. 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. |
Accumulated other comprehensive
Accumulated other comprehensive income (loss) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Accumulated other comprehensive income (loss) | Note 13. Accumulated other comprehensive income (loss): Accumulated other comprehensive income (loss) at June 30, 2016 and December 31, 2015 is comprised of the following: June 30, 2016 December 31, 2015 Currency translation adjustment, net of tax $ (11,236 ) $ (17,414 ) Unrealized gains (losses) on available for sale securities, net of tax 9 (68 ) Total accumulated other comprehensive income (loss) $ (11,227 ) $ (17,482 ) The table below presents the significant amounts reclassified out of each component of accumulated other comprehensive loss for the period ended June 30, 2016. Type of reclassification Amount reclassified from accumulated other comprehensive 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 six months ended June 30, 2016, net of tax $ 1,426 |
Earnings per share
Earnings per share | 6 Months Ended |
Jun. 30, 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, 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 six month periods ended June 30, 2016 and 2015, respectively: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Anti-dilutive shares (in thousands) 2,125 1,849 2,125 1,849 The table below presents the computation of basic and diluted earnings per share for the three and six months ended June 30, 2016 and 2015: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Basic and dilutive numerator: Net income (loss), as reported $ (515 ) $ (256 ) $ (5,505 ) $ (2,150 ) Denominator: Weighted-average common shares outstanding - basic (in thousands) 32,856 32,161 32,843 32,102 Net effect of dilutive securities: Stock options and restricted stock — — — — Weighted-average common shares outstanding - diluted (in thousands) 32,856 32,161 32,843 32,102 Net income (loss) per common share (basic) $ (0.02 ) $ (0.01 ) $ (0.17 ) $ (0.07 ) Net income (loss) per common share (diluted) $ (0.02 ) $ (0.01 ) $ (0.17 ) $ (0.07 ) |
Stock-based compensation
Stock-based compensation | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based compensation | Note 15. Stock-based compensation: The following tables set forth stock option and restricted stock activity for the six months ended June 30, 2016: Number of Shares Stock options Restricted stock Outstanding at December 31, 2015 1,679,039 180,208 Granted 569,579 196,312 Exercised (61,705 ) (48,082 ) Forfeited (320,434 ) (69,816 ) Outstanding at June 30, 2016 1,866,479 258,622 The aggregate intrinsic value of stock options exercised during the three months ended June 30, 2016 and 2015, was $376 and $5,964, respectively. The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2016 and 2015, was $376 and $7,514, respectively. |
Net revenue by product
Net revenue by product | 6 Months Ended |
Jun. 30, 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 June 30, Six months ended June 30, Therapeutic class: 2016 2015 2016 2015 Anti-infective $ 27,350 $ 33,004 $ 55,382 $ 64,562 Critical care 30,896 26,783 59,344 56,692 Oncology 13,475 17,558 24,790 38,736 $ 71,721 $ 77,345 $ 139,516 $ 159,990 |
Related party transactions
Related party transactions | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related party transactions | Note 17. Related party transactions: As of June 30, 2016 and December 31, 2015, respectively, we had a receivable of $2,754 and $2,678 from Sagent Agila LLC, which is expected to offset future profit-sharing payments. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 18. Income Taxes: Our benefit for income taxes for the three and six months ended June 30, 2016 was $52 and $1,319, respectively. Our provision for income taxes for the three and six months ended June 30, 2015 was $1,831 and $2,150, respectively. Included within the six months ended June 30, 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 | 6 Months Ended |
Jun. 30, 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 costs
Management transition costs | 6 Months Ended |
Jun. 30, 2016 | |
Restructuring And Related Activities Abstract | |
Management transition costs | Note 20. Management transition costs: 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 and six months ended June 30, 2015, primarily severance related charges, totaled $644 and $3,952, respectively. Of the charges incurred in 2015, $723 were paid during the quarter ended June 30, 2016 related to ongoing severance obligations. There are no costs accrued within the Accounts Payable and Accrued liabilities captions of the balance sheet at June 30, 2016. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 21. Subsequent Events: On June 15, 2016, we entered into an asset purchase agreement with Teva Pharmaceutical Industries Ltd. (Teva) and Actavis LLC to acquire a portfolio of five generic injectable pharmaceutical products., including Propofol Injectable Emulsion, 1%, for total consideration of $40 million. The transaction closed on August 3, 2016. Sagent has fully funded the transaction through borrowings on our revolver under the Amended Chase Agreement. We intend to account for this transaction as a business combination. Based on our preliminary estimates anticipate the purchase price will be primarily allocated to definite and indefinite lived intangible assets. On July 10, 2016, we entered into an Agreement and Plan of Merger (the “ Merger Agreement Parent Merger Sub Offer Price The Offer is subject to customary conditions, including, among other things, (i) that the number of shares of Company common stock validly tendered in accordance with the terms of the Offer and not validly withdrawn, together with the shares of Company common stock owned by Merger Sub, must equal one share more than 50% of the outstanding shares of Company common stock, including all shares of Company common stock that the Company may be required to issue prior to the end date (as defined in the Merger Agreement) upon the vesting (including vesting solely as a result of the consummation of the Offer), conversion, settlement or exercise of all then outstanding warrants, options, obligations or securities convertible or exchangeable into shares of Company common stock or other rights to acquire or be issued shares of Company common stock, (ii) that any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 shall have expired or otherwise been terminated and (iii) the absence of any legal restraint. The transaction is expected to be consummated in the third quarter of 2016. Additional information about our pending acquisition by Parent is available in the Solicitation/Recommendation Statement on Schedule 14D-9 filed by us with the SEC on August 1, 2016 (as amended, the “Schedule 14D-9”). The foregoing description of the Merger Agreement and the terms and conditions of the tender offer and merger do not purport to be complete and are qualified in their entirety by reference to our Schedule 14D-9, and to the Merger Agreement and Parent’s offer to purchase and other related documents, copies of which are filed as Exhibits (e)(1) and (a)(1)(A), respectively, of our Schedule 14D-9, all of which are incorporated herein by reference. Important Information: Nothing in this Quarterly Report on Form 10-Q shall constitute an offer to purchase or a solicitation of an offer to sell any securities. The Offer is being made pursuant to a Tender Offer Statement on Schedule TO filed by Parent with the SEC on August 1, 2016. Sagent filed a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC with respect to the Offer on August 1, 2016. STOCKHOLDERS OF THE COMPANY ARE ADVISED TO READ THE SCHEDULE TO (INCLUDING AN OFFER TO PURCHASE, A RELATED LETTER OF TRANSMITTAL AND OTHER OFFER DOCUMENTS) AND THE SCHEDULE 14D-9, AS EACH MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, BEFORE MAKING ANY DECISION WITH RESPECT TO THE TENDER OFFER BECAUSE THESE DOCUMENTS CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND THE PARTIES THERETO. The Offer, the related Letter of Transmittal and certain other tender offer documents, as well as the Solicitation/Recommendation Statement on Schedule 14D-9, are being made available to all holders of shares of Sagent common stock at no expense to them. Investors and stockholders may obtain free copies of the Schedule TO and Schedule 14D-9, as each may be amended or supplemented from time to time, and other documents filed by the parties at the SEC’s web site at www.sec.gov legal sagentpharma.com |
Recent Accounting Pronounceme28
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 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 and related disclosures. 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 2017. Early adoption is permitted. Adoption of this guidance is not expected to have a material impact on our financial statements. 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 evaluating the impact of the lease guidance 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 evaluating the impact of this guidance on our financial statements. |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | Our investments at June 30, 2016 were comprised of the following: Cost basis Unrealized gains Unrealized losses Carrying value Cash and cash equivalents Short term investments Assets Cash $ 12,834 $ — $ — $ 12,834 $ 12,834 $ — Money market funds 2,690 — — 2,690 2,690 — Commercial paper 1,000 — — 1,000 — 1,000 Corporate/Government bonds and notes 19,154 16 (6 ) 19,164 — 19,164 $ 35,678 $ 16 $ (6 ) $ 35,688 $ 15,524 $ 20,164 |
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 June 30, 2016 were as follows: Fair value Unrealized losses Corporate/Government bonds and notes $ 10,429 $ (6 ) |
Cost and Estimated Current Fair Value of Fixed-Income Securities | The original cost and estimated current fair value of our fixed-income securities at June 30, 2016 are set forth below. Cost basis Estimated Due in one year or less $ 10,429 $ 10,428 Due between one and five years 9,725 9,736 $ 20,154 $ 20,164 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory Valuation | Inventories at June 30, 2016 and December 31, 2015 were as follows: June 30, 2016 December 31, 2015 Approved Pending regulatory approval Inventory Approved Pending regulatory approval Inventory Raw materials $ 6,458 $ 6,028 $ 12,486 $ 4,855 $ 2,800 $ 7,655 Work in process 853 — $ 853 433 — 433 Finished goods 83,170 — $ 83,170 73,365 — 73,365 Inventory reserve (7,214 ) (2,763 ) $ (9,977 ) (5,000 ) — (5,000 ) $ 83,267 $ 3,265 $ 86,532 $ 73,653 $ 2,800 $ 76,453 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment at June 30, 2016 and December 31, 2015 were as follows: June 30, 2016 December 31, 2015 Land and land improvements $ 1,181 $ 1,102 Buildings and improvements 7,572 6,713 Machinery, equipment, furniture and fixtures 6,114 5,457 Computer Software 3,840 3,776 Construction in process 14,596 6,535 33,303 23,583 Less accumulated depreciation (4,993 ) (3,822 ) $ 28,310 $ 19,761 |
Goodwill and Intangible asset32
Goodwill and Intangible assets, net (Tables) | 6 Months Ended |
Jun. 30, 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 1,372 June 30, 2016 $ 26,556 |
Schedule of Intangible Assets - Finite lived | Intangible assets at June 30, 2016 and December 31, 2015 were as follows: June 30, 2016 December 31, 2015 Gross carrying amount Accumulated amortization Intangible assets, net Gross carrying amount Accumulated amortization Intangible assets, net Product licensing rights $ 4,583 $ (3,192 ) $ 1,391 $ 4,533 $ (2,998 ) $ 1,535 Product development rights 6,722 — 6,722 2,890 — 2,890 Purchased product rights and other 49,128 (7,461 ) 41,667 46,238 (5,087 ) 41,151 Total definite-lived intangible assets $ 60,433 $ (10,653 ) $ 49,780 $ 53,661 $ (8,085 ) $ 45,576 In-process research and development (IPR&D) $ 7,972 $ — $ 7,972 $ 7,590 $ — $ 7,590 Total intangible assets $ 68,405 $ (10,653 ) $ 57,752 $ 61,251 $ (8,085 ) $ 53,166 |
Movements in Intangible Assets | Movements in intangible assets were due to the following: Product licensing rights Product development rights Purchased product rights and other IPR&D December 31, 2015 $ 1,535 $ 2,890 $ 41,151 $ 7,590 Purchase of product rights 50 4,800 — — Amortization of product rights (194 ) (968 ) (2,015 ) — Foreign currency movements and other — — 2,531 382 June 30, 2016 $ 1,391 $ 6,722 $ 41,667 $ 7,972 |
Investment in Sagent Agila (Tab
Investment in Sagent Agila (Tables) - Sagent Agila LLC | 6 Months Ended |
Jun. 30, 2016 | |
Changes in Investment | Changes in our investment in Sagent Agila during the six months ended June 30, 2016 were as follows: Investment in Sagent Agila at December 31, 2015 $ 7,108 Equity in net income of Sagent Agila $ 742 Investment in Sagent Agila at June 30, 2016 $ 7,850 |
Condensed Statement of Operations Information | Condensed statement of operations information of Sagent Agila is as follows:. Three months ended June 30, Six months ended June 30, Condensed statement of operations information 2016 2015 2016 2015 Net revenues $ 1,788 $ 847 $ 3,396 $ 3,921 Gross profit 372 585 1,484 2,355 Net income 372 585 1,484 2,355 |
Accrued liabilities (Tables)
Accrued liabilities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Payables And Accruals [Abstract] | |
Accrued Liabilities | Accrued liabilities at June 30, 2016 and December 31, 2015 were as follows: June 30, 2016 December 31, 2015 Payroll and employee benefits $ 4,120 $ 6,512 Sales and marketing 7,748 7,308 Taxes payable 580 131 Other accrued liabilities 2,503 1,755 $ 14,951 $ 15,706 |
Fair value measurements (Tables
Fair value measurements (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2016 consisted of the following: Total fair value Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Assets Money market funds $ 2,690 $ 2,690 $ — $ — Corporate/Government bonds and notes 19,164 — 19,164 — Commercial paper 1,000 — 1,000 — Short-term investments $ 20,164 $ — $ 20,164 $ — Total assets $ 22,854 $ 2,690 $ 20,164 $ — Assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 consisted of the following: Total fair value Quoted active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (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 comprehensi36
Accumulated other comprehensive income (loss) (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive income (loss) at June 30, 2016 and December 31, 2015 is comprised of the following: June 30, 2016 December 31, 2015 Currency translation adjustment, net of tax $ (11,236 ) $ (17,414 ) Unrealized gains (losses) on available for sale securities, net of tax 9 (68 ) Total accumulated other comprehensive income (loss) $ (11,227 ) $ (17,482 ) The table below presents the significant amounts reclassified out of each component of accumulated other comprehensive loss for the period ended June 30, 2016. Type of reclassification Amount reclassified from accumulated other comprehensive 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 six months ended June 30, 2016, net of tax $ 1,426 |
Earnings per share (Tables)
Earnings per share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Summary Anti-Dilutive Share Excluded from Calculation of Diluted 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, 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 six month periods ended June 30, 2016 and 2015, respectively: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Anti-dilutive shares (in thousands) 2,125 1,849 2,125 1,849 |
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 and six months ended June 30, 2016 and 2015: Three months ended June 30, Six months ended June 30, 2016 2015 2016 2015 Basic and dilutive numerator: Net income (loss), as reported $ (515 ) $ (256 ) $ (5,505 ) $ (2,150 ) Denominator: Weighted-average common shares outstanding - basic (in thousands) 32,856 32,161 32,843 32,102 Net effect of dilutive securities: Stock options and restricted stock — — — — Weighted-average common shares outstanding - diluted (in thousands) 32,856 32,161 32,843 32,102 Net income (loss) per common share (basic) $ (0.02 ) $ (0.01 ) $ (0.17 ) $ (0.07 ) Net income (loss) per common share (diluted) $ (0.02 ) $ (0.01 ) $ (0.17 ) $ (0.07 ) |
Stock-based compensation (Table
Stock-based compensation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Option and Restricted Stock Activity | The following tables set forth stock option and restricted stock activity for the six months ended June 30, 2016: Number of Shares Stock options Restricted stock Outstanding at December 31, 2015 1,679,039 180,208 Granted 569,579 196,312 Exercised (61,705 ) (48,082 ) Forfeited (320,434 ) (69,816 ) Outstanding at June 30, 2016 1,866,479 258,622 |
Net revenue by product (Tables)
Net revenue by product (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Text Block [Abstract] | |
Schedule of Net Revenue by Product Category | Net revenue by therapeutic class is as follows: Three months ended June 30, Six months ended June 30, Therapeutic class: 2016 2015 2016 2015 Anti-infective $ 27,350 $ 33,004 $ 55,382 $ 64,562 Critical care 30,896 26,783 59,344 56,692 Oncology 13,475 17,558 24,790 38,736 $ 71,721 $ 77,345 $ 139,516 $ 159,990 |
Sale of SCP - Additional Inform
Sale of SCP - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 22, 2016 | Jun. 30, 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 | 6 Months Ended | |
Jun. 30, 2016USD ($)Right | Mar. 31, 2016USD ($)Right | Jun. 30, 2016USD ($) | Jun. 30, 2016USD ($) | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Sale of product rights | $ 1,800 | $ 2,000 | $ 3,800 | |
Gain on sale of product rights | $ 1,800 | $ 2,000 | $ 1,800 | $ 3,800 |
Number of product rights | Right | 1 | 2 |
Investments (Detail)
Investments (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost basis | $ 35,678 | |||
Unrealized gains | 16 | |||
Unrealized losses | (6) | |||
Carrying value | 35,688 | |||
Cash and cash equivalents | 15,524 | $ 28,962 | $ 50,945 | $ 55,633 |
Short term investments | 20,164 | $ 20,060 | ||
Cash | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost basis | 12,834 | |||
Carrying value | 12,834 | |||
Cash and cash equivalents | 12,834 | |||
Money market funds | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost basis | 2,690 | |||
Carrying value | 2,690 | |||
Cash and cash equivalents | 2,690 | |||
Commercial paper | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost basis | 1,000 | |||
Carrying value | 1,000 | |||
Short term investments | 1,000 | |||
Corporate/Government bonds and notes | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost basis | 19,154 | |||
Unrealized gains | 16 | |||
Unrealized losses | (6) | |||
Carrying value | 19,164 | |||
Short term investments | $ 19,164 |
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 | Jun. 30, 2016USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
Fair value | $ 10,429 |
Unrealized losses | $ (6) |
Cost and Estimated Current Fair
Cost and Estimated Current Fair Value of Fixed-Income Securities (Detail) $ in Thousands | Jun. 30, 2016USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Due in one year or less, Cost basis | $ 10,429 |
Due between one and five years, Cost basis | 9,725 |
Total fixed income securities, Cost basis | 20,154 |
Due in one year or less, Estimated fair value | 10,428 |
Due between one and five years, Estimated fair value | 9,736 |
Total fixed income securities, Estimated fair value | $ 20,164 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Inventory [Line Items] | ||
Raw materials | $ 12,486 | $ 7,655 |
Work in process | 853 | 433 |
Finished goods | 83,170 | 73,365 |
Inventory reserve | (9,977) | (5,000) |
Inventory, Net, Total | 86,532 | 76,453 |
Approved | ||
Inventory [Line Items] | ||
Raw materials | 6,458 | 4,855 |
Work in process | 853 | 433 |
Finished goods | 83,170 | 73,365 |
Inventory reserve | (7,214) | (5,000) |
Inventory, Net, Total | 83,267 | 73,653 |
Pending Regulatory Approval | ||
Inventory [Line Items] | ||
Raw materials | 6,028 | 2,800 |
Inventory reserve | (2,763) | |
Inventory, Net, Total | $ 3,265 | $ 2,800 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Pending Regulatory Approval | |
Inventory [Line Items] | |
Raw materials acquired | $ 3,248 |
Property, Plant and Equipment47
Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment before depreciation | $ 33,303 | $ 23,583 |
Less accumulated depreciation | (4,993) | (3,822) |
Property, plant and equipment after depreciation | 28,310 | 19,761 |
Land and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment before depreciation | 1,181 | 1,102 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment before depreciation | 7,572 | 6,713 |
Machinery, equipment, furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment before depreciation | 6,114 | 5,457 |
Computer Software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment before depreciation | 3,840 | 3,776 |
Construction in process | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment before depreciation | $ 14,596 | $ 6,535 |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016 | Jun. 30, 2016 | |
Property Plant And Equipment [Abstract] | ||
Depreciation expense | $ 504 | $ 1,067 |
Goodwill and Intangible Asset49
Goodwill and Intangible Assets, net - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)Product_Right | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Goodwill And Intangible Assets [Line Items] | |||||
Goodwill | $ 26,556,000 | $ 26,556,000 | $ 25,184,000 | ||
Goodwill impairment | $ 0 | $ 0 | $ 0 | $ 0 | |
Number of products comprising product licensing rights intangible asset | Product_Right | 20 | ||||
Product Licensing Rights | |||||
Goodwill And Intangible Assets [Line Items] | |||||
Weighted-average period prior to next extension or renewal of intangible asset | 46 months |
Summary of Movements in Goodwil
Summary of Movements in Goodwill (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Balance at December 31, 2015 | $ 25,184 |
Foreign currency movements | 1,372 |
Balance at June 30, 2016 | $ 26,556 |
Schedule of Intangible Assets (
Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Definite-lived intangible assets, Gross carrying amount | $ 60,433 | $ 53,661 |
Intangible assets, Gross carrying amount | 68,405 | 61,251 |
Definite-lived intangible assets, Accumulated amortization | (10,653) | (8,085) |
Definite-lived intangible assets, net | 49,780 | 45,576 |
Intangible assets, net | 57,752 | 53,166 |
Product Licensing Rights | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Definite-lived intangible assets, Gross carrying amount | 4,583 | 4,533 |
Definite-lived intangible assets, Accumulated amortization | (3,192) | (2,998) |
Definite-lived intangible assets, net | 1,391 | 1,535 |
Product Development Rights | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Definite-lived intangible assets, Gross carrying amount | 6,722 | 2,890 |
Definite-lived intangible assets, net | 6,722 | 2,890 |
Purchased Product Rights And Other | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Definite-lived intangible assets, Gross carrying amount | 49,128 | 46,238 |
Definite-lived intangible assets, Accumulated amortization | (7,461) | (5,087) |
Definite-lived intangible assets, net | 41,667 | 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 | $ 7,972 | $ 7,590 |
Movements in Intangible Assets
Movements in Intangible Assets (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |
Beginning Balance | $ 45,576 |
Ending Balance | 49,780 |
Product Licensing Rights | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |
Beginning Balance | 1,535 |
Purchase of product rights | 50 |
Amortization of product rights | (194) |
Ending Balance | 1,391 |
Product Development Rights | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |
Beginning Balance | 2,890 |
Purchase of product rights | 4,800 |
Amortization of product rights | (968) |
Ending Balance | 6,722 |
Purchased Product Rights And Other | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |
Beginning Balance | 41,151 |
Amortization of product rights | (2,015) |
Foreign currency movements and other | 2,531 |
Ending Balance | 41,667 |
IPR&D | |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | |
Beginning Balance | 7,590 |
Foreign currency movements and other | 382 |
Ending Balance | $ 7,972 |
Changes in Investment of Sagent
Changes in Investment of Sagent Agila (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||||
Investment at beginning of the period | $ 7,108 | |||
Equity in net income of joint ventures | $ 186 | $ 293 | 742 | $ 1,178 |
Investment at end of the period | 7,850 | 7,850 | ||
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 | 742 | |||
Investment at end of the period | $ 7,850 | $ 7,850 |
Condensed Statement of Operatio
Condensed Statement of Operations Information (Detail) - Sagent Agila LLC - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||||
Net revenues | $ 1,788 | $ 847 | $ 3,396 | $ 3,921 |
Gross profit | 372 | 585 | 1,484 | 2,355 |
Net income | $ 372 | $ 585 | $ 1,484 | $ 2,355 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Jan. 07, 2016USD ($) | Oct. 31, 2014USD ($) | Jun. 30, 2016USD ($)MortgageLoan | Jun. 30, 2016CAD | Jun. 30, 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% | ||||
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 | |||||
Minimum | Omega | Mortgage Loans | ||||||
Line of Credit Facility [Line Items] | ||||||
Monthly mortgages installments | $ 62,000 | CAD 70,000 | ||||
Maximum | Omega | Mortgage Loans | ||||||
Line of Credit Facility [Line Items] | ||||||
Monthly mortgages installments | $ 1,114,000 | CAD 1,250,000 | ||||
Prime Rate | Canadian Term Loans | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 1.25% | |||||
Prime Rate | Omega | Mortgage Loans | ||||||
Line of Credit Facility [Line Items] | ||||||
Interest rate | 5.00% | 5.00% | ||||
Prime Rate | Minimum | Omega | Mortgage Loans | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 0.00% | 0.00% | ||||
Prime Rate | Maximum | Omega | Mortgage Loans | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 1.50% | 1.50% | ||||
CDOR | Canadian Term Loans | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 2.25% | |||||
JP Morgan Chase Revolving Credit Loan Facility Amended | Term Loan | ||||||
Line of Credit Facility [Line Items] | ||||||
Outstanding borrowings | $ 6,571,000 | |||||
Line of credit facility, remaining borrowing capacity | $ 16,584,000 | CAD 21,487,000 | ||||
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 | Minimum | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt coverage ratio | 100.00% | 100.00% | ||||
Revolving Credit Facility | JPMorgan Chase Revolving Credit Loan Facility | Maximum | ||||||
Line of Credit Facility [Line Items] | ||||||
Line of credit availability to trigger debt covenants | $ 8,000,000 | |||||
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 | 0 | |||||
Line of credit facility, remaining borrowing capacity | $ 79,900,000 |
Accrued Liabilities (Detail)
Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Accrued Liabilities Current [Abstract] | ||
Payroll and employee benefits | $ 4,120 | $ 6,512 |
Sales and marketing | 7,748 | 7,308 |
Taxes payable | 580 | 131 |
Other accrued liabilities | 2,503 | 1,755 |
Accrued Liabilities, Total | $ 14,951 | $ 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 | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 22,854 | $ 33,898 |
Contingent purchase consideration | 50 | |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 2,690 | 13,838 |
Corporate/Government bonds and notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 19,164 | |
Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 1,000 | |
Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 20,164 | 20,060 |
Corporate bonds and notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 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 | 2,690 | 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 | 2,690 | 13,838 |
Significant other observable inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 20,164 | 20,060 |
Significant other observable inputs (Level 2) | Corporate/Government bonds and notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 19,164 | |
Significant other observable inputs (Level 2) | Commercial paper | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 1,000 | |
Significant other observable inputs (Level 2) | Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 20,164 | 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 | 20,060 | |
Significant unobservable inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent purchase consideration | $ 50 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 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 |
Accumulated Other Comprehensi59
Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | ||
Currency translation adjustment, net of tax | $ (11,236) | $ (17,414) |
Unrealized gains (losses) on available for sale securities, net of tax | 9 | (68) |
Total accumulated other comprehensive income (loss) | $ (11,227) | $ (17,482) |
Amounts Reclassified Out of Eac
Amounts Reclassified Out of Each Component of Accumulated Other Comprehensive Loss (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 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 |
Schedule of Anti-Dilutive Share
Schedule of Anti-Dilutive Share Excluded from Calculation of Diluted Earnings per Share (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive shares (in thousands) | 2,125 | 1,849 | 2,125 | 1,849 |
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 | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Basic and dilutive numerator: | ||||
Net income (loss), as reported | $ (515) | $ (256) | $ (5,505) | $ (2,150) |
Denominator: | ||||
Weighted-average common shares outstanding - basic (in thousands) | 32,856 | 32,161 | 32,843 | 32,102 |
Weighted-average common shares outstanding - diluted (in thousands) | 32,856 | 32,161 | 32,843 | 32,102 |
Net income (loss) per common share (basic) | $ (0.02) | $ (0.01) | $ (0.17) | $ (0.07) |
Net income (loss) per common share (diluted) | $ (0.02) | $ (0.01) | $ (0.17) | $ (0.07) |
Stock Option and Restricted Sto
Stock Option and Restricted Stock Activity (Detail) | 6 Months Ended |
Jun. 30, 2016shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning Balance, Options Outstanding | 1,679,039 |
Granted | 569,579 |
Exercised | (61,705) |
Forfeited | (320,434) |
Ending Balance, Options Outstanding | 1,866,479 |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning Balance, Outstanding | 180,208 |
Granted | 196,312 |
Exercised | (48,082) |
Forfeited | (69,816) |
Ending Balance, Outstanding | 258,622 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||
Intrinsic value of stock options exercised | $ 376 | $ 5,964 | $ 376 | $ 7,514 |
Schedule of Net Revenue by Prod
Schedule of Net Revenue by Product Category (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Product Information [Line Items] | ||||
Net revenue by product Line | $ 71,721 | $ 77,345 | $ 139,516 | $ 159,990 |
Anti-infective | ||||
Product Information [Line Items] | ||||
Net revenue by product Line | 27,350 | 33,004 | 55,382 | 64,562 |
Critical care | ||||
Product Information [Line Items] | ||||
Net revenue by product Line | 30,896 | 26,783 | 59,344 | 56,692 |
Oncology | ||||
Product Information [Line Items] | ||||
Net revenue by product Line | $ 13,475 | $ 17,558 | $ 24,790 | $ 38,736 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | ||
Due from related party | $ 2,754 | $ 2,678 |
Due to related party | 15,992 | 13,754 |
Sagent Agila LLC | ||
Related Party Transaction [Line Items] | ||
Due from related party | 2,754 | 2,678 |
Due to related party | $ 15,992 | $ 13,754 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Disclosure [Line Items] | ||||
Provision (benefit) for income taxes | $ (52) | $ 1,831 | $ (1,319) | $ 2,150 |
SCP | ||||
Income Tax Disclosure [Line Items] | ||||
Tax benefit | $ 1,064 |
Management Transition Costs - A
Management Transition Costs - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||||
Management transition costs | $ 0 | $ 644,000 | $ 0 | $ 3,952,000 |
Payment of management transition cost | 723,000 | |||
Accounts Payable and Accrued Liabilities | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Management transition cost accrued | $ 0 | $ 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event $ / shares in Units, $ in Millions | Aug. 05, 2016USD ($)Product | Jul. 10, 2016$ / shares |
Teva and Actavis LLC | ||
Subsequent Event [Line Items] | ||
Number of generic injectable pharmaceutical product | Product | 5 | |
Consideration percentage | 1.00% | |
Total consideration | $ | $ 40 | |
Parent and Shepard Vision, Inc. | ||
Subsequent Event [Line Items] | ||
Common stock purchase price per share | $ / shares | $ 21.75 | |
Parent and Shepard Vision, Inc. | Minimum | ||
Subsequent Event [Line Items] | ||
Percentage of outstanding shares to be sold | 50.00% |