Alfred Mann, MannKind's Chairman and Chief Executive Officer stated, "We are so very pleased and honored that Sanofi has joined with MannKind to bring Afrezza to patients with diabetes worldwide," "Sanofi is the ideal partner given their complementary product portfolio, their vast insulin market presence and a leading global commercial infrastructure. Our profit-sharing agreement aligns the interests of MannKind and Sanofi to optimize development, commercialization and manufacturing costs."
Sanofi will assume all global commercialization regulatory and development activities. Mannkind will still continue to manufacture AFREZZA® at its manufacturing facility in Danbury, Connecticut according to a separate supply agreement. Expansion of manufacturing facilities will be accommodated to meet global demand as necessary.
Mannkind will receive an upfront payment of $150 million. The company will also receive potential milestone payments of up to $775 million based on specific regulatory and developmental goals including sales thresholds. Sanofi will retain 65% of all profits or losses whereas Mannkind will receive 35%. Sanofi has decided to advance to MannKind its share of the collaboration's expenses up to of $175 million.
Pierre Chancel, Sanofi Senior Vice President Diabetes Division added, "Afrezza is a further addition to our growing portfolio of integrated diabetes solutions. It is uniquely positioned to provide patients with another insulin therapy option to manage their diabetes but does not require multiple daily injections."
Afrezza’s revolutionary insulin therapy administration will be an innovative addition to Sanofi’s diabetes product pipeline. The expected launch date in the United States will happen in the first quarter of 2015.
The closing of the transactions in pending customary Hart-Scott-Rodino approval and completion of financing documentation.
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