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Investing.com -- MannKind Corporation (NASDAQ:MNKD) shares dropped 2% on Monday after the company announced it will acquire scPharmaceuticals Inc. (NASDAQ:SCPH) in a deal valued at up to $360 million, while scPharmaceuticals stock surged 13.2%.
Under the terms of the agreement, MannKind will pay $5.35 per share in cash at closing plus one non-tradable contingent value right (CVR) worth up to an additional $1.00 per share upon achieving certain regulatory and sales milestones. The total equity value at closing represents approximately $303 million.
The acquisition marks MannKind’s strategic expansion into cardiorenal medicine, establishing a cardiometabolic business alongside its orphan lung division. scPharmaceuticals markets FUROSCIX, an FDA-approved on-body infuser delivering furosemide to treat fluid overload in adult patients with chronic heart failure and chronic kidney disease.
"This acquisition expands our patient-centered brands and highlights MannKind’s dedication to delivering innovative therapies for cardiometabolic and orphan lung diseases," said Michael Castagna, CEO of MannKind Corporation.
The combined company is expected to have an annualized revenue run rate of over $370 million based on second quarter 2025 results, with three commercial assets: Afrezza, FUROSCIX, and V-Go, plus Tyvaso DPI-related revenues.
scPharmaceuticals has shown strong commercial momentum with FUROSCIX, reporting net sales of $27.8 million for the six months ended June 30, 2025, up 96% YoY. The company is also on track for a third quarter 2025 supplemental New Drug Application submission for its FUROSCIX ReadyFlow Autoinjector.
MannKind has amended its strategic financing agreement with Blackstone to provide $175 million of additional funding to support the acquisition, which is expected to close in the fourth quarter of 2025.
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