Sanofi in $925 million deal to commercialize MannKind's Afrezza

11 August 2014

French pharma major Sanofi (Euronext: SAN) has entered into a worldwide exclusive licensing agreement with the USA’s MannKind Corp (Nasdaq: MNKD) for development and commercialization of Afrezza (insulin human) Inhalation Powder, a new rapid-acting inhaled insulin therapy for adults with type 1 and type 2 diabetes.

MannKind’s shares shot up 23% to $9.97 in early trading this morning. The closing of the transaction is subject to customary Hart-Scott-Rodino approval and completion of financing documentation. The companies plan to launch Afrezza in the USA in the first quarter of 2015.

$150 million upfront payment, with $775 million in milestones

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