NEW YORK (TheStreet) -- MannKind Corp. (MNKD) - Get Report stock is down by 27.59% to $1.05 on heavy trading volume on Tuesday after the company's license agreement with Sanofi was terminated.

The Valencia, CA-based bio-pharmaceutical company announced on Tuesday that its deal with Sanofi, a French pharmaceutical company, was terminated.

The companies held a license agreement for the development and commercialization of Afrezza, which is an inhaled insulin that may help adult diabetes patients with blood sugar control. 

In January 2015, MannKind said it was eligible to receive a share of profits on sales of the drug as well as up to $725 million in development, regulatory and sales milestones.  

MannKind is reviewing its options for Afrezza and will host a conference call at 4:30 p.m. ET on Tuesday. The complete termination of the license agreement will be effective no later than July 4, 2016.

So far today, 10.47 million shares of MannKind have traded, versus its 30-day average of 5.17 million shares. 

Image placeholder title

MNKD

data by

YCharts