MannKind Corporation Announces Agreement to Acquire V-Go® Insulin Delivery Device From Zealand Pharma
May 17 2022 - 6:06AM
MannKind Corporation (Nasdaq:
MNKD), a company focused on the development and
commercialization of therapeutic products for people living with
endocrine and orphan lung diseases, today announced that it has
entered into an agreement with Zealand Pharma A/S (Nasdaq: ZEAL) to
acquire V-Go® for $10 million, with additional sales-based
milestones plus the cost of certain inventory. The acquisition of
V-Go allows MannKind to expand its portfolio and strengthen its
commitment to providing innovative mealtime diabetes solutions.
“MannKind is passionate about being a leader in mealtime control
to address this unmet need within the diabetes community,” said
Michael Castagna, PharmD, Chief Executive Officer of MannKind
Corporation. “This acquisition strategically leverages our
infrastructure in the diabetes space and positions MannKind’s
endocrine business for additional growth.”
“This transaction is an important step forward in executing on
the strategic changes we announced at the end of March, to find
partners for our commercial products and refocus our priorities on
R&D,” said Adam Steensberg, MD, Chief Executive Officer of
Zealand Pharma. “We believe we have found the right partner to
fully leverage the value of V-Go and ensure continued availability
of the product by patients and prescribers.”
V-Go is a once-daily, wearable, insulin delivery device that
helps provide blood sugar control for everyday lifestyles. Designed
to be patient-friendly, V-Go is worn like a patch and eliminates
the need for taking multiple daily shots.
“The easy click-and-go mechanism of V-Go and its ability to be
flexibly placed on your body each day aligns with our mission of
providing products that allow patients living with diabetes to
experience life without limits,” said Alejandro Galindo, Executive
Vice President, Endocrine Business Unit for MannKind Corporation.
“V-Go joins our ultra rapid-acting inhaled insulin product,
Afrezza®, in expanding MannKind’s portfolio of products that change
the way diabetes is treated.”
The acquisition of V-Go by MannKind is anticipated to close in
May 2022, subject to the satisfaction of certain closing
conditions.
About MannKind CorporationMannKind Corporation
(Nasdaq: MNKD) focuses on the development and commercialization of
inhaled therapeutic products for patients with endocrine and orphan
lung diseases. MannKind is currently commercializing Afrezza®
(insulin human) Inhalation Powder, the Company’s first FDA-approved
product and the only inhaled ultra rapid-acting mealtime insulin in
the United States, where it is available by prescription from
pharmacies nationwide. Afrezza is also available by prescription in
Brazil, where it is commercialized by the Company’s partner, Biomm
SA. MannKind was established in 1991, and is located in Danbury,
Conn., and Westlake Village, Calif. The Company also employs field
sales and medical representatives across the U.S. Please visit
mannkindcorp.com to learn more.
Forward-looking StatementsThis press release
contains forward-looking statements that involve risks and
uncertainties. Words such as "believes," "anticipates," "plans,"
"expects," "intends," "will," "goal," "potential" and similar
expressions are intended to identify forward-looking statements.
These forward-looking statements are based upon MannKind's current
expectations. Actual results and the timing of events could differ
materially from those anticipated in such forward-looking
statements as a result of these risks and uncertainties, which
include, without limitation, the risks that the transaction
described in this release may not be completed due to a failure of
closing conditions or that the products commercialized by MannKind
may not become widely accepted by physicians, patients, third-party
payers and the healthcare community. For a discussion of these and
additional factors, please refer to MannKind’s annual report on
Form 10-K for the year ended December 31, 2021, as well as
MannKind’s other filings with the SEC. You are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. All
forward-looking statements are qualified in their entirety by this
cautionary statement, and MannKind undertakes no obligation to
revise or update any forward-looking statements to reflect events
or circumstances after the date of this press release.
AFREZZA is a registered trademark of MannKind Corporation.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/408b30e6-d39d-42f3-a95e-f703bcbdc308
For MannKind:
Christie Iacangelo, Corporate Communications
(818) 292-3500
Email: media@mannkindcorp.com
Rose Alinaya, Investor Relations
(818) 661-5000
Email: ir@mannkindcorp.com
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