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ARTICLE | Company News

MannKind licenses Afrezza to Sanofi

August 12, 2014 1:21 AM UTC

MannKind Corp. (NASDAQ:MNKD) granted Sanofi (Euronext:SAN; NYSE:SNY) exclusive, worldwide rights to develop and commercialize Afrezza inhaled insulin to treat adults with Type I and II diabetes. MannKind will receive $150 million in cash up front and is eligible for up to $775 million in milestones. The milestones include $75 million in near-term manufacturing and development milestones, $30 million upon approval in the EU, $20 million upon approval in Japan and up to $650 million in sales milestones.

Sanofi and MannKind will share profits and losses 65/35 on a worldwide basis. Sanofi will be responsible for commercialization, regulatory and development activities, and MannKind will manufacture Afrezza under a separate supply deal with Sanofi. The partners plan to launch Afrezza in the U.S. in 1Q15. ...