PARIS, Aug 11 (Reuters) - French drugmaker Sanofi and MannKind Corp have agreed a worldwide licensing deal to develop and market inhaled insulin therapy Afrezza for adults with diabetes.
The companies plan to launch Afrezza in the United States in the first quarter of 2015, they said in a statement on Monday.
Under the terms of the agreement, MannKind will receive an upfront payment of $150 million and potential milestone payments of up to $775 million. Sanofi and MannKind will share profits and losses on a global basis, with Sanofi retaining 65 percent and MannKind the rest.
Sanofi has agreed to advance to MannKind its share of the collaboration’s expenses up to a limit of $175 million, the companies added. (Reporting by James Regan; Editing by Blaise Robinson)