In July 2008, the Company entered into a collaboration with the University of Oxford ("Oxford") and certain Oxford researchers to advance a vaccine product candidate for tuberculosis, resulting in the formation of the Oxford-Emergent Tuberculosis Consortium ("OETC"). As a result of clinical trial data for the Company's tuberculosis vaccine product candidate published in February 2013, the Company expects future funding of OETC to be minimal.

The Company evaluates its variable interests in OETC on a quarterly basis and has determined that it is the primary beneficiary as it has the power to direct the activities of OETC that most significantly impact OETC's economic performance and will absorb the majority of expected losses. Accordingly, the Company consolidates OETC. As of December 31, 2013 and 2012, respectively, assets of $305,000 and $2.0 million and liabilities of $249,000 and $2.0 million related to OETC were included within the Company's consolidated balance sheets. During the year ended December 31, 2013, 2012 and 2011, OETC incurred a net loss of $1.8 million, $10.7 million and $13.2 million, respectively, of which, $910,000, $5.4 million and $6.7 million, respectively, is included in the Company's consolidated statement of operations. In addition, the Company reclassified $83,000 of accumulated translation adjustments.  This reclassification was recorded as selling, general and administrative expense within the Company's Biosciences segment.

In conjunction with the establishment of OETC, the Company granted a put option to Oxford and certain Oxford researchers whereby the Company may be required to acquire all of the OETC shares held by Oxford and the Oxford researchers at the fair market value of the underlying shares. This put option is contingent upon the satisfaction of a number of conditions that must exist or occur subsequent to the granting by the European Commission of marketing authorization for the OETC-sponsored tuberculosis vaccine product candidate. The Company accounts for the put option in accordance with the accounting provisions related to derivatives and distinguishing liabilities from equity. In accordance with these provisions, the Company has determined that the put option had no value as of December 31, 2013 and 2012.