MannKind (MNKD) Signs Deal with Receptor Life Sciences

Zacks Equity Research

Updated Fri, Jan 22, 2016, 3:20 PM

MannKind Corp. MNKD announced that it has signed a collaboration and license agreement with Receptor Life Sciences, Inc. to develop multiple inhaled therapeutic products for conditions that like chronic pain, neurologic diseases, and inflammatory disorders.

As per terms of the agreement, MannKind will work with Receptor to develop inhaled formulations of certain undisclosed compounds and will perform initial formulation studies. On the other hand, Receptor will be responsible for manufacturing and commercialization. The companies will collaborate on the development of the products, with development costs being financed by Receptor.

MannKind is eligible to receive up to $102.25 million as development and commercialization milestones, along with mid-single to low double-digit royalties, on net product sales.

We note that the company currently has one approved product in its portfolio – Afrezza. Afrezza, a rapid-acting inhaled insulin, was approved by the FDA in Jun 2014 to improve glycemic control in adult patients with diabetes. The drug has been commercially available in the U.S. since Feb 2015.

Earlier this month, MannKind witnessed a drastic fall in its shares after the company announced the termination of its license and collaboration agreement with Sanofi SNY for the development and commercialization of Afrezza. The termination will be effective no later than six months from the date of Sanofi’s notice of Jul 4, 2016.

MannKind currently carries a Zacks Rank #2 (Buy). A couple of other favorably placed stocks in the health care sector include Ligand Pharmaceuticals Incorporated LGND and Anika Therapeutics Inc. ANIK, both sporting a Zacks Rank #1 (Strong Buy).

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MannKind (MNKD) Signs Deal with Receptor Life Sciences

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