By Michael Calia
MannKind Corp. said Monday that its board appointed Hakan
Edstrom chief executive officer as founder Alfred Mann stepped
aside to become executive chairman.
Mr. Edstrom, who joined the biopharmaceutical company in 2001,
will continue to act as president. He has also served as its
operating chief since 2001.
The executive shift comes just before MannKind's first
therapy--Afrezza, an inhalable insulin for adults with
diabetes--launches this quarter.
The Food and Drug Administration approved the treatment in June,
after which MannKind reached a world-wide collaboration and
marketing deal with Sanofi.
MannKind said last week that it has earned a total of $50
million in milestone payments related to its Sanofi deal on top of
a previous $150 million upfront payment.
The company is eligible to earn as much as $725 million in
further milestone payments, as well as a share of profits on the
drug.
Write to Michael Calia at michael.calia@wsj.com
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