NEW YORK (TheStreet) -- Shares of ManKind Corp.
(MNKD) have jumped 30.38% to $10.60 in pre-market trade after Sanofi
(SNY) agreed to pay the biopharmaceutical company up to $925 million for global rights to the world’s only available inhaled insulin less than seven weeks after the drug won regulatory approval in the U.S., Bloomberg reports.
Sanofi will pay $150 million up front and up to $775 million if the drug, Afrezza, meets certain sales and development targets, the two companies said in a statement.
Sanofi will take 65% of profit or loss related to Afrezza, and will also advance MannKind as much as $175 million in expenses, Bloomberg said.
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