MannKind Gains $50 Million in Sanofi Pact
MannKind Corporation has earned a total of $50 million in milestone payments in connection with the satisfaction of manufacturing milestones specified in its collaboration and licensing agreement with Sanofi for Afrezza (insulin human) inhalation powder, a rapid-acting inhaled insulin therapy for adults with Type 1 and Type 2 diabetes.
Sanofi and MannKind formed a worldwide exclusive licensing agreement for development and commercialization of Afrezza in August 2014. Under the collaboration and license agreement, Sanofi is responsible for global commercial, regulatory and development activities. Under a separate supply agreement, MannKind is manufacturing Afrezza at its manufacturing facility in Danbury, Connecticut. In addition, the companies are planning to collaborate to expand manufacturing capacity to meet global demand as necessary. Pursuant to the agreement, MannKind previously received a $150 million upfront payment and is eligible to earn up to $725 million in further development, regulatory and sales milestones, and is also eligible to receive a share of profits on sales of Afrezza.