|MannKind and Sanofi Complete Afrezza Collaboration Deal|
|By Josh Gee|
|Friday, 26 September 2014 18:59|
MannKind Corporation ($MNKD) has been in search of a suitable partner ever since the FDA cleared Afrezza inhalation powder for the improvement of glycemic control in adults suffering from diabetes mellitus in Jun 2014. In Aug 2014, MannKind finally ended its search when it announced a worldwide agreement with Sanofi (SNY) on Afrezza (read: MannKind Enters into a Global Deal with Sanofi for Afrezza).
Earlier in the week, MannKind announced that it has completed the above deal with Sanofi. The exclusive collaboration and licensing agreement between MannKind and Sanofi is for the development and commercialization of Afrezza.
As per the deal, Sanofi is responsible for commercial, regulatory and development activities pertaining to Afrezza across the globe. The companies also inked a supply agreement according to which MannKind will manufacture Afrezza at its manufacturing facility in Danbury, CT. Shares of MannKind had gained significantly after striking the partnership deal with Sanofi.
The completion of the deal follows the U.S. Federal Trade Commission's review of the transaction under the Hart-Scott-Rodino Act. It also follows the completion of documentation for the $175 million loan facility provided by Sanofi related to the agreement. MannKind will receive a $150 million upfront payment shortly.
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