MannKind and Sanofi Reach Agreement on AFREZZA®
November 09 2016 - 7:38PM
MannKind Corporation (NASDAQ:MNKD) (TASE:MNKD)
today announced that MannKind and Sanofi have entered into an
agreement with the following terms:
- The promissory note and security agreement between MannKind and
Aventisub LLC, a Sanofi affiliate, are terminated, with Aventisub
agreeing to forgive the full outstanding loan balance of $71.56
million.
- MannKind is also relieved from its obligation to pay $0.5
million in previously uncharged costs related to the
collaboration.
- Sanofi will purchase $10.2 million worth of insulin from
MannKind in early December as part of its preexisting commitment to
purchase insulin following termination of the collaboration and
MannKind’s exercise of a “put” option.
- The balance of the insulin “put” option ($30.6 million) is
accelerated with Sanofi completing the cash payment of $30.6
million to MannKind by January 9, 2017. This payment will be
made without MannKind being required to deliver any insulin to
Sanofi.
- All issues arising out of the license and collaboration
agreement, the supply agreement, the promissory note, the security
agreement and the transition agreement are resolved.
About MannKind Corporation
MannKind Corporation (NASDAQ:MNKD)
(TASE:MNKD) focuses on the discovery, development and
commercialization of therapeutic products for patients with
diseases such as diabetes. MannKind maintains a website at
http://www.mannkindcorp.com to which MannKind regularly posts
copies of its press releases as well as additional information
about MannKind. Interested persons can subscribe on the MannKind
website to e-mail alerts that are sent automatically when MannKind
issues press releases, files its reports with the Securities and
Exchange Commission or posts certain other information to the
website.
Company Contact:
Rose Alinaya
SVP, Finance
661-775-5300
ralinaya@mannkindcorp.com
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