MannKind Closes Acquisition of Insulin Assets from Pfizer
VALENCIA, Calif.--(BUSINESS WIRE)--Jun. 22, 2009--
MannKind Corporation (Nasdaq:MNKD) today announced that it has
completed its acquisition from Pfizer Inc. (NYSE:PFE) of a quantity of
bulk insulin and a license to manufacture bulk insulin for use in
pulmonary delivery pursuant to an insulin sale and purchase agreement.
Upon the closing, MannKind and Pfizer also entered into an agreement
pursuant to which MannKind agreed to maintain and store the remainder of
Pfizer’s bulk insulin inventory and acquired an option to purchase the
remaining insulin, in whole or in part, at a specified price, to the
extent that Pfizer has not otherwise disposed of or used the remaining
insulin. The total purchase price for this transaction, including
consideration payable to MannKind for its storage and maintenance
obligations, was $3 million, which MannKind paid in cash.
MannKind had also entered into a sale and purchase agreement with Pfizer
relating to Pfizer’s insulin manufacturing facility in Frankfurt,
Germany. MannKind’s rights and obligations under this latter agreement
were subject to a right of first refusal in favor of Sanofi-Aventis. On
June 8, 2009, Sanofi-Aventis exercised its right of first refusal,
thereby releasing MannKind from any obligations under this agreement.
About AFRESA®
AFRESA is an ultra rapid acting insulin product that has completed Phase
3 trials. The pharmacokinetic profile of AFRESA sets it apart from all
other insulin products. The large surface area of the lung provides
unique access to the circulatory system. The pH-sensitive AFRESA
particles immediately dissolve upon contact with the lung surface,
releasing insulin monomers that rapidly enter the bloodstream. It
achieves peak insulin levels within 12-14 minutes of administration,
effectively mimicking the release of meal-time insulin observed in
healthy individuals, but which is absent from patients with diabetes.
About MannKind Corporation
MannKind Corporation (Nasdaq:MNKD) focuses on the discovery, development
and commercialization of therapeutic products for patients with diseases
such as diabetes and cancer. Its diabetes pipeline includes AFRESA®,
which has completed phase 3 clinical trials, and MKC253, which is
currently in phase 1 clinical trials. MannKind has submitted an NDA to
the FDA requesting approval of AFRESA for the treatment of adults with
type 1 or type 2 diabetes for the control of hyperglycemia. 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.
Source: MannKind Corporation
MannKind Corporation
Matthew J. Pfeffer, 661-775-5300
Corporate
Vice President and
Chief Financial Officer
mpfeffer@mannkindcorp.com