MannKind Closes Global Licensing Deal With Sanofi - Quick Facts

(RTTNews) - MannKind Corp (MNKD) Wednesday announced the closing of a worldwide exclusive collaboration and licensing agreement with Sanofi (SNY) for development and commercialization of Afrezza (insulin human) Inhalation Powder, a new rapid-acting inhaled insulin therapy for adults with type 1 and type 2 diabetes.

The closing follows completion of the US Federal Trade Commission's review of the transaction under the Hart-Scott-Rodino Act and the completion of documentation related to the $175 million loan facility being provided to MannKind by an affiliate of Sanofi in connection with the collaboration and license agreement.

Under the terms of the collaboration and license agreement, MannKind will receive a $150 million upfront payment within ten days of the closing.