Last year, MannKind implemented a number of financial measures to reduce debt and stay afloat in the wake of Sanofi’s exit from a commercialisation deal with its lead product – the inhalable insulin, Afrezza.
These included the proposed sale of a site in Valencia, California with manufacturing capacity serving as the firm’s headquarters for $25m (€23m).
But in a Form 8-K filed with the US Securities and Exchange Commission (SEC) last week, the company said it entered into a contract with Rexford on January 6 agreeing to sell the site to the California-based industrial real estate investment firm for $7.7m less than the asking price - $17.3m.
The acquisition “include[s] 11.41 acres of land and an approximately 146,000 square foot building, and all of the improvements, personal property, equipment, supplies and fixtures owned by the Company and used in the operation of, and located at, such property, except certain excluded items,” the filing states.
Afrezza
MannKind’s only commercialised product is Afrezza, an inhalable insulin that use the firm’s Technosphere drug delivery platform comprising of an excipient which is highly soluble in the lungs.
Following Sanofi’s pull-out, MannKind committed to marketing the product itself.
And earlier this month, MannKind received $30.6m from its former partner “as acceleration and in replacement of all other payments that Sanofi would otherwise have been required to make in the future pursuant to the insulin put option,” MannKind said in a filing on January 6.