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MannKind Receives $50 Million Milestone Payment

MannKind Corp. announced on Thursday that it has earned $50 million in milestone payments in connection with its licensing agreement with Sanofi for production of the drug Afrezza. The Valencia biotech signed an agreement in September with the Paris-based drug company to commercialize Afrezza, an inhalable insulin. As part of the deal, MannKind received a $150 million upfront payment from Sanofi. The $50 million payment is the result of hitting manufacturing milestones under the agreement. MannKind is eligible to earn up to $725 million in further development, regulatory and sales milestone payments, in addition to a share of profits. Afrezza was approved for sale by the Food and Drug Administration in July to treat both Type 1, formerly called juvenile, and Type 2, formerly called adult-onset, diabetes. MannKind plans to seek regulatory approvals in foreign countries. MannKind has another Afrezza agreement with a second French company, Amphastar France Pharmaceuticals S.A.S., which is making the recombinant human insulin for Afrezza from 2015 to 2019. The minimum order is for $161 million of insulin during the five-year period. Shares of MannKind closed up 13 cents, or 2.1 percent, to $5.78 on the Nasdaq.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.
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