MannKind Corporation has expanded its long‑running collaboration with United Therapeutics through a first amendment to their 2018 global license and collaboration agreement. The amendment documents United Therapeutics’ decision to add an additional development product to the scope of the partnership.
MannKind will formulate an investigational molecule for this additional product using its Technosphere® platform and will supply specified quantities of clinical trial material, while United Therapeutics will handle all remaining preclinical and clinical development work. In return, MannKind will receive an upfront payment of $5 million, is eligible for up to $35 million in development milestone payments tied to the additional product, and would earn 10% royalties on its net sales if the product is ultimately approved.
MannKind Corporation disclosed a proposed transaction to acquire scPharmaceuticals through an Agreement and Plan of Merger and related tender offer documents. The deal contemplates contingent value rights (CVRs) with two milestone pools: Milestone 1 tied to delivery of SCP-111 via an autoinjector or West Pharma delivery system paying between $0.25 and $0.75 per CVR depending on achievement dates through June 30, 2027; Milestone 2 tied to 12‑month trailing worldwide net sales with up to $0.25 per CVR if $120.0 million in sales are achieved, and pro rata payments between $110.0 million and $120.0 million. The filing references an Amendment No.1 to a Loan Agreement to fund the transaction, a Form of Tender and Support Agreement, a press release and investor presentation as exhibits. The filing contains extensive forward‑looking statements about product launches, regulatory filings (including a planned supplemental NDA submission timing), clinical trials, commercialization strategy and risks, and lists conditions, representations, covenants, and termination rights governing the offer and merger.
MannKind Corporation, through a wholly owned merger subsidiary, will commence a tender offer to acquire all outstanding shares of scPharmaceuticals for $5.35 cash per share plus one non-tradeable contingent value right (CVR) that can pay up to an additional $1.00 per CVR based on two milestone tests. If the Offer is successful and conditions are met, Purchaser will merge into scPharmaceuticals, leaving scPharmaceuticals as a direct wholly owned subsidiary of MannKind.
The CVR pays up to $0.75, $0.50, or $0.25 per CVR for FDA approval timing of an injection product tied to SCP-111, and additional sales-based payments of up to $0.25 per CVR tied to $110.0–$120.0 million of trailing 12-month worldwide net sales. Principal stockholders holding approximately 11.5% of scPharmaceuticals have agreed to tender and support the transaction. Lenders led by Blackstone agreed to an amendment providing an additional $175.0 million incremental delayed-draw term loan to finance transaction costs, and Parent must repay and buy out Target’s Perceptive obligations estimated at $81.0 million on closing.
Dominic Marasco, President of the Endocrine Business Unit at Mannkind, received a significant performance-based equity award on June 23, 2025. The insider was granted 1,000,000 performance restricted stock units (PRSUs) that represent the right to receive an equivalent number of common stock shares.
Key terms of the PRSU grant:
- Vesting date set for March 15, 2028
- Final payout ranges from 0% to 200% of target shares based on net sales performance
- Target amount is 1,000,000 shares, meaning maximum potential payout is 2,000,000 shares
- Exercise price of $0, making this a full-value award
This significant equity grant aligns the executive's interests with long-term company performance, specifically tied to net sales targets over an approximately 3-year performance period.