MannKind Shares Explode After Announcing Inhaled Insulin Deal
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%.
The deal comes just seven weeks after MannKind received FDA approval for Afrezza.
Excluding Monday's pre-market rally, MannKind shares, which are among the most shorted stocks in the market, were up more than 56% year-to-date.