Key Developments For MannKind Corporation
MannKind Corporation (MNKD.O) (Consolidated Issue listed on NASDAQ Global Market)
MannKind Corporation Does Not See Afresa Partnership By Year End-Reuters
Reuters reported that MannKind Corporation said it would be unable to conclude a partnership deal for its inhaled insulin product, Afresa, by year end as it plans to wait for the U.S. health regulator's response on its new drug application for the product. MannKind said it does not expect a response from the U.S. Food and Drug Administration before January 2010.
MannKind Corporation Announces Completion of Common Stock Offering
MannKind Corporation announced the completion of a public offering of 8,360,000 shares of its common stock, including 960,000 shares sold pursuant to the full exercise of an over-allotment option previously granted to the underwriters. MannKind`s Chairman, Chief Executive Officer and principal stockholder, Alfred E. Mann, purchased 1,000,000 of these shares from the underwriters. All of the shares were offered by MannKind. The net proceeds to MannKind from the sale of shares in this offering, after deducting underwriting discounts and commissions and other estimated offering expenses, were approximately $59.7 million. Jefferies & Company, Inc. acted as sole book-running manager in this offering. The co-manager in this offering was Rodman & Renshaw, LLC.
MannKind Corporation Announces Pricing of Public Offering of Common Stock
MannKind Corporation announced the pricing of the public offering of 7,400,000 shares of its common stock. MannKind`s chairman, chief executive officer and principal stockholder, Alfred E. Mann, is purchasing 1,000,000 of these shares from the underwriters. All of the shares are being offered by MannKind. MannKind expects the offering to close on or about August 10, 2009, subject to customary closing conditions. In addition, MannKind has granted the underwriters a 30-day option to purchase up to an additional 960,000 shares to cover over-allotments, if any. Jefferies & Company, Inc. is acting as sole book-running manager in this offering. The co-manager in this offering is Rodman & Renshaw, LLC.
MannKind Corporation Closes Acquisition of Insulin Assets From Pfizer
MannKind Corporation announced that it has completed its acquisition from Pfizer Inc. of a quantity of bulk insulin and a license to manufacture bulk insulin for use in pulmonary delivery pursuant to an insulin sale and purchase agreement. Upon the closing, MannKind and Pfizer also entered into an agreement pursuant to which MannKind agreed to maintain and store the remainder of Pfizer`s bulk insulin inventory and acquired an option to purchase the remaining insulin, in whole or in part, at a specified price, to the extent that Pfizer has not otherwise disposed of or used the remaining insulin. The total purchase price for this transaction, including consideration payable to MannKind for its storage and maintenance obligations, was $3 million, which MannKind paid in cash. MannKind also entered into a sale and purchase agreement with Pfizer relating to Pfizer’s insulin manufacturing facility in Frankfurt, Germany.
FDA Accepts MannKind Corporation's Submission And Files NDA For AFRESA
MannKind Corporation announced that the U.S. Food and Drug Administration (FDA) has accepted and filed MannKind's New Drug Application (NDA) for AFRESA, an ultra rapid-acting insulin. MannKind is seeking FDA approval of AFRESA for the treatment of adults with type 1 or type 2 diabetes mellitus for the control of hyperglycemia.
