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MannKind Corporation (NASDAQ:MNKD), a biopharmaceutical company with a market capitalization of $1.24 billion and strong financial health according to InvestingPro analysis, announced Wednesday that it has amended its global license and collaboration agreement with United Therapeutics Corporation. According to a statement based on a Securities and Exchange Commission filing, the amendment, signed August 24, memorializes United Therapeutics’ decision to expand the scope of products covered by the agreement to include an additional development product.
Under the terms of the amendment, MannKind will use its proprietary Technosphere platform to formulate an investigational molecule and manufacture specified quantities of clinical trial materials for the new product. United Therapeutics will be responsible for all other preclinical and clinical development activities.
MannKind will receive an upfront payment of $5 million and is eligible for up to $35 million in milestone payments, contingent on achieving specified development milestones related to the additional product. The company is also entitled to receive 10% royalties on net sales of the product, if it is approved.
The original license and collaboration agreement between MannKind and United Therapeutics was signed on September 3, 2018. The latest amendment expands their partnership to cover a broader range of products.
This information is based on a statement provided in a recent SEC filing.
In other recent news, MannKind Corporation reported its second-quarter earnings, meeting profit expectations with adjusted earnings of $0.05 per share. However, the company’s revenue fell short of analyst projections, coming in at $76.53 million compared to the anticipated $77.83 million. Despite this, revenue still marked a 6% increase from the previous year’s $72.39 million for the same quarter. Additionally, MannKind announced its acquisition of scPharmaceuticals in a deal valued up to $360 million. The acquisition includes FUROSCIX, a treatment for fluid overload in patients with chronic conditions, enhancing MannKind’s product portfolio. RBC Capital responded by raising its price target for MannKind to $8.00 from $7.00, maintaining an Outperform rating. The acquisition deal is estimated to have an enterprise value of $343 million, or $400 million with contingent value rights. These recent developments reflect significant strategic moves by MannKind in expanding its market presence.
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