MannKind completes acquisition of scPharmaceuticals in $296.5 million deal

MannKind Corporation (NASDAQ:MNKD) announced Tuesday the completion of its acquisition of scPharmaceuticals Inc., according to a statement filed with the Securities and Exchange Commission. The transaction was finalized on October 7, 2025, following the expiration of MannKind’s tender offer for all outstanding shares of scPharmaceuticals common stock.

Under the terms of the merger agreement, MannKind, through its wholly owned subsidiary Seacoast Merger Sub, Inc., offered $5.35 in cash and one non-tradable contingent value right (CVR) per share to scPharmaceuticals shareholders. The CVR entitles holders to receive up to $1.00 in additional cash payments per CVR, contingent upon the achievement of specified regulatory and sales milestones.

As of the offer’s expiration on October 6, approximately 39.9 million shares, representing 73.47% of scPharmaceuticals’ outstanding shares, were validly tendered and not withdrawn. Notices of guaranteed delivery were submitted for an additional 5.9 million shares, accounting for 10.91% of outstanding shares. All conditions of the offer were met, and payment for tendered shares was made promptly.

Following the tender offer, Seacoast Merger Sub, Inc. merged with and into scPharmaceuticals, making the latter a wholly owned subsidiary of MannKind. Each remaining scPharmaceuticals share was converted into the right to receive the offer price, with certain exceptions for shares held by the company or subject to appraisal rights.

The total cash paid by MannKind for the acquisition was approximately $296.5 million. The company funded the purchase using available cash and proceeds from a $250 million delayed draw term loan under its credit facility with Blackstone Alternative Credit Advisors LP. MannKind also repaid and extinguished approximately $82.6 million of scPharmaceuticals’ outstanding debt as part of the transaction.

The CVR agreement specifies milestone payments based on U.S. Food and Drug Administration approval of a drug-device product and on achieving certain sales targets by specified dates.

This article is based on a press release statement filed with the SEC.

In other recent news, MannKind Corporation has completed the acquisition of scPharmaceuticals, adding FUROSCIX, a subcutaneous injection for treating edema in chronic heart failure and chronic kidney disease, to its portfolio. This move has prompted RBC Capital to raise its price target for MannKind to $8.00 from $7.00, maintaining an Outperform rating. Additionally, MannKind has expanded its collaboration with United Therapeutics, securing a $5 million upfront payment. The collaboration includes the development of a new product using MannKind’s Technosphere platform.

MannKind also announced the appointment of Ajay Ahuja as its new Chief Medical Officer, who brings over two decades of biopharmaceutical industry experience. In another development, H.C. Wainwright raised its price target on MannKind to $11.00 from $9.00, maintaining a Buy rating. This adjustment follows the successful clinical trial results of Tyvaso Inhalation Solution for idiopathic pulmonary fibrosis by United Therapeutics. These developments reflect significant strategic moves by MannKind to enhance its product offerings and strengthen its leadership team.

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