MannKind Shares Explode After Announcing Inhaled Insulin Deal (MNKD, SNY)
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%.
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.
- This Teen Took A Selfie A Day For 7 Years, And The Progression Is Fascinating
- Here's What Can Be Learned From The Putin-Hitler Comparisons
- Video Shows NASCAR Driver Tony Stewart's Car Striking And Killing Young Driver On Dirt Track
- CHENEY: The Obama Administration 'Can't Blame George Bush Anymore'
- Emerging Payment Technologies Will Create New Winners And Losers In The Giant Credit Card Industry