Sanofi said it will pay MannKind as much as $925 million for the global rights to inhaled insulin Afrezza, just a couple months after the treatment received FDA approval. Afrezza is the world's only inhaled insulin, an alternative to injections for adults with diabetes. MannKind will receive an upfront payment of $150 million and milestone payments of up to $775 million, depending on the drug's commercial success. Sanofi and MannKind will share profits and losses on a global basis, with Sanofi retaining 65% and MannKind receiving 35%. Sanofi said the deal is the latest opportunity for the company to bring another insulin option to people with diabetes around the globe.

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