MannKind Shares Explode After Announcing Inhaled Insulin Deal
Shares of MannKind were up nearly 30% in pre-market trade after the company announced a development agreement with Sanofi for its inhaled insulin treatment Afrezza.
The deal nets MannKind a $150 million payment upfront and potential milestone payments of up to $775 million. Under the agreement, Sanofi is responsible for global commercial, regulatory and development activities, while Mannkind will make Afrezza at its Danbury, Connecticut facility. Sanofi will retain 65% of profits on Afrezza with MannKind keeping 35%.