8-K
MANNKIND CORP false 0000899460 0000899460 2021-05-20 2021-05-20

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 20, 2021

 

 

MannKind Corporation

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   000-50865   13-3607736

(State or other jurisdiction of

incorporation or organization)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

30930 Russell Ranch Road, Suite 300

Westlake Village, CA

 
91362
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (818) 661-5000

N/A

(Former name or former address, if changed since last report.)

 

 

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. of Form 8-K):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange

on which registered

Common Stock   MNKD   The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 


Item 1.01

Entry into a Material Definitive Agreement.

On May 24, 2021, MannKind Corporation (the “Company”) entered into a Sixth Amendment to Supply Agreement (the “Sixth Amendment”) with Amphastar Pharmaceuticals, Inc. pursuant to which the parties agreed to, among other things, extend the term of the supply agreement an additional year (to December 31, 2027) and restructure the annual purchase commitments as follows:

 

Calendar Year   

Existing Supply

Agreement

As of March 31, 2021

  

Supply Agreement

As Amended May 24, 2021

2021

   €7.0 million    €3.3 million

2022

   €8.5 million    €5.4 million

2023

   €10.9 million    €8.8 million

2024

   €14.6 million    €14.6 million

2025

   €15.5 million    €15.5 million

2026

   €19.4 million    €19.4 million

2027

   —                              €9.2 million

In connection with Sixth Amendment, the Company is obligated to pay amendment fees of $1.0 million by June 30, 2021 and $1.0 million by January 31, 2022. The foregoing description of the Sixth Amendment does not purport to be complete and is qualified in its entirety by reference to the Sixth Amendment, a copy of which is attached as Exhibit 99.1 to this report.

 

Item 5.07

Submission of Matters to a Vote of Security Holders.

The following is a brief description of each matter voted upon at the Company’s 2021 Annual Meeting of Stockholders held on May 20, 2021 (the “Annual Meeting”), as well as the number of votes with respect to each matter.

The Company’s stockholders elected each of the nine individuals nominated by the Company’s Board of Directors to serve as directors until the next annual meeting of stockholders. The tabulation of votes in the election was as follows:

 

Nominee    Shares Voted For    Shares Withheld    Broker Non-Votes

James S. Shannon

   89,344,422    3,381,248    76,432,098

Michael E. Castagna

   88,305,390    4,420,280    76,432,098

Ronald J. Consiglio

   88,177,675    4,547,995    76,432,098

Michael A. Friedman

   86,572,366    6,153,304    76,432,098

Jennifer Grancio

   89,433,957    3,291,713    76,432,098

Anthony Hooper

   89,600,216    3,125,454    76,432,098

Sabrina Kay

   89,366,179    3,359,491    76,432,098

Kent Kresa

   88,019,089    4,706,581    76,432,098

Christine Mundkur

   89,041,311    3,684,359    76,432,098

The Company’s stockholders ratified the selection of Deloitte & Touche LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2021. The tabulation of votes on this matter was as follows: shares voted for: 165,150,118; shares voted against: 3,579,170; shares abstaining: 428,480; and broker non-votes: 0.

The Company’s stockholders approved, on an advisory basis, the compensation of the Company’s named executive officers, as disclosed in the Company’s definitive proxy statement for the Annual Meeting, filed with the Securities and Exchange Commission on April 7, 2021. The tabulation of votes on this matter was as follows: shares voted for: 83,582,134; shares voted against: 7,850,095; shares abstaining: 1,293,441; and broker non-votes: 76,432,098.

 

Item 9.01

Financial Statements and Exhibits.

(d) Exhibits.

 

Exhibit
No.

  

Description

99.1*    Sixth Amendment to Supply Agreement, dated May 24, 2021, by and between MannKind Corporation and Amphastar Pharmaceuticals, Inc.
104    Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

*

Certain portions of this exhibit have been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K.


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    MANNKIND CORPORATION
Dated: May 25, 2021     By:  

/s/ David Thomson, Ph.D., J.D.

      David Thomson, Ph.D., J.D.
      Corporate Vice President, General Counsel and Secretary
EX-99.1

Exhibit 99.1

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [***],

HAS BEEN OMITTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) IS THE TYPE THAT

MANNKIND CORPORATION TREATS AS PRIVATE OR CONFIDENTIAL.

SIXTH AMENDMENT TO SUPPLY AGREEMENT

This sixth amendment (“Sixth Amendment”) to the Supply Agreement by and between MannKind Corporation (“MannKind”) and Amphastar Pharmaceuticals, Inc. (“Amphastar”), originally dated July 31, 2014 and as previously amended on October 31, 2014 (“First Amendment”), November 9, 2016 (“Second Amendment”), April 11, 2018 (“Third Amendment”), December 24, 2018 (“Fourth Amendment”) and August 2, 2019 (the “Fifth Amendment”) (collectively, the “Agreement”), is hereby made as of the 24th day of May, 2021, by and between MannKind on the one hand, and on the other hand, Amphastar.

RECITALS

WHEREAS, MannKind and Amphastar entered into the Agreement pursuant to which Amphastar is to manufacture and supply the Product to MannKind, and MannKind is to purchase certain minimum quantities of the Product; and

WHEREAS MannKind and Amphastar have determined it to be mutually beneficial to amend the Agreement as set forth herein.

NOW, THEREFORE, for good and valuable consideration, MannKind and Amphastar hereby agree to amend the Agreement as follows:

1.    Definitions. Unless otherwise defined herein, each of the capitalized terms used in this Sixth Amendment shall have the definition and meaning ascribed to it in the Agreement.

2.    Amendment Fees. In order to compensate Amphastar and its subsidiaries for its unused manufacturing capacity related to year 2021 and 2022 production, MannKind shall make the following payments (in U.S. dollars) to Amphastar France Pharmaceuticals S.A.S., as manufacturer of the Product, no later than the dates specified below:

 

Amount    Payment Due Date
$1,000,000    June 30, 2021
$1,000,000    January 31, 2022


3.    Amendments to the Agreement. Subject to Section 2 of this Sixth Amendment, the Agreement shall be, and hereby is, amended, as follows:

3.1    The table in Section 6.1 of the Agreement, as amended by the First, Second, Fourth and Fifth Amendments, shall be amended and replaced in its entirety with the following:

 

Calendar
Year
  

Purchase

Commitment

Quantities (kg)

  

Purchase Price

(per gram)

   Delivery and Payment
2021    [***]    [***]    Q1: [***] kg (delivered March 29, 2021)
Q2: [***] kg
Q3: [***] kg
Q4: [***] kg
2022    [***]    [***]    25% of the Purchase Commitment Quantities shall be purchased on a Quarterly basis.
2023    [***]    [***]    25% of the Purchase Commitment Quantities shall be purchased on a Quarterly basis.
2024    [***]    [***]    25% of the Purchase Commitment Quantities shall be purchased on a Quarterly basis.
2025    [***]    [***]    25% of the Purchase Commitment Quantities shall be purchased on a Quarterly basis.
2026    [***]    [***]    25% of the Purchase Commitment Quantities shall be purchased on a Quarterly basis.
2027    [***]    [***]    25% of the Purchase Commitment Quantities shall be purchased on a Quarterly basis.

3.2    Section 10.1 of the Agreement shall be extended until December 31, 2027. All other terms and conditions in Section 10.1 shall remain in full force and effect.

4.    Final Agreement. From and after the execution of this Sixth Amendment, all references in the Agreement (or in the Sixth Amendment) to “this Agreement,” “hereof,” “herein,” “hereto,” and similar words or phrases shall mean and refer to the Agreement as amended by this Sixth Amendment. The Agreement as amended by this Sixth Amendment constitutes the entire agreement by and between the Parties as to the subject matter hereof. Except as expressly modified by this Sixth Amendment, all other terms and conditions of the Agreement shall remain in full force and effect


IN WITNESS WHEREOF, each of MannKind and Amphastar has caused this Sixth Amendment to be executed by their duly authorized officers.

 

MannKind Corporation   Amphastar Pharmaceuticals, Inc.  
By:  

/s/ Steven B. Binder

  By:  

/s/ Jacob Liawatidewi

 
Name:   Steven B. Binder   Name:   Jacob Liawatidewi  
Title:   Chief Executive Officer   Title:   EVP Corporate Administration Center