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Post by porkini on Nov 30, 2018 11:29:40 GMT -5
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Post by peppy on Nov 30, 2018 11:31:13 GMT -5
The UTHR Deal? The Candidates? investors.mannkindcorp.com/news-releases/news-release-details/united-therapeutics-and-mannkind-announce-collaborationMannKind Corporation submitted an application under Rule 24b-2 requesting confidential treatment for information it excluded from the Exhibits to a Form 10-Q filed on November 1, 2018.Based on representations by MannKind Corporation that this information qualifies as confidential commercial or financial information under the Freedom of Information Act, 5 U.S.C. 552(b)(4), the Division of Corporation Finance has determined not to publicly disclose it. Accordingly, excluded information from the following exhibit(s) will not be released to the public for the time period(s) specified: Exhibit 10.8 through November 1, 2021 Exhibit 10.9 through November 1, 2021 ===============================================================================  |
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Post by wiscdh on Nov 30, 2018 11:41:48 GMT -5
How well did the last CT Order work out for us? Another 3 year wait, yippee!!!
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Post by bioexec25 on Nov 30, 2018 11:46:22 GMT -5
Perhaps just hiding pricing concessions in some of these early deals so future deals aren’t harmed.
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Post by agedhippie on Nov 30, 2018 12:25:28 GMT -5
The two items in the Q3 10Q that it references are:
10.8 License and Collaboration Agreement, dated September 3, 2018 by and between MannKind and United Therapeutics Corporation.
10.9 Research Agreement, dated September 3, 2018 by and between MannKind and United Therapeutics Corporation.
They are protecting the commercial terms of the deal. It's standard.
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Post by matt on Nov 30, 2018 15:03:59 GMT -5
They are protecting the commercial terms of the deal. It's standard. Yes, in particular the exact milestones and royalty escalation rates are redacted. For example, if UTHR takes on another molecule MNKD will not get $30 million as some people assume but rather two payments of $15 million each for reaching two milestones. Exactly what milestones have to be achieved to trigger the payments is what has been redacted. |
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Post by jred on Nov 30, 2018 16:18:07 GMT -5
They are protecting the commercial terms of the deal. It's standard. Yes, in particular the exact milestones and royalty escalation rates are redacted. For example, if UTHR takes on another molecule MNKD will not get $30 million as some people assume but rather two payments of $15 million each for reaching two milestones. Exactly what milestones have to be achieved to trigger the payments is what has been redacted. Quoting two parts of Exhibit 10.8 from the 3rd quarter 10-Q.
1.72 “Option” shall have the meaning set forth in Section 2.6(a).
1.73 “Optioned Agent” shall mean (a) […***…]* or (b) any Other Agent that is indicated for use (or being developed for use) in the treatment of Pulmonary Hypertension or is being developed with the objective of seeking approval for the treatment of Pulmonary Hypertension.
1.74 “Option Exercise Fee” shall mean, with respect to each Optioned Agent, a non-refundable, non-creditable fee of $[…***…].
and
2.6 Option to Add Additional Products.
(a)Option. Subject to the terms and conditions set forth in this Agreement, MannKind hereby grants to United Therapeutics an option (the “Option”) to include as an “API” for purposes of this Agreement an Optioned Agent (with any Product containing such Optioned Agent, an “Optioned Product”). The Option may be exercised by United Therapeutics pursuant to the procedures set forth in this Section 2.6 at any time during the Term (“Option Period”).
(b)Exercise of Option. To exercise the Option with respect to a particular Optioned Agent, United Therapeutics shall give MannKind written notice during the Option Period identifying the applicable Optioned Agent and stating that United Therapeutics desires that Optioned Product containing such Optioned Agent be included as “Product” under this Agreement (the “Exercise Notice”). United Therapeutics’ exercise of the Option shall be effective upon timely receipt by MannKind of the Exercise Notice and of an Option Exercise Fee, whereupon the Optioned Product containing the Optioned Agent identified in such Exercise Notice shall be deemed a “Product” for purposes of this Agreement.
(c)Amendment of Agreement. As soon as practicable (and within ten (10) days) after United Therapeutics’ exercise of the Option with respect to a particular Optioned Agent in accordance with Section 2.6(b) above, United Therapeutics and MannKind shall amend the definition of “API” in this Agreement to include the Optioned Agent. In the event additional development work is requested of MannKind in connection with the Optioned Agent, the Parties will negotiate the scope of such efforts (and the financial responsibility of the Parties therefor) as an additional Development Plan to be executed by both Parties as soon as practicable thereafter.
I see in section 6.2 "Milestone Payments" where you are getting the (2) $15million milestone payments, but from the quoted section 2.6 above it certainly seems like there is a "Option Exercise Fee" that must be paid by UTHR in order to accept an "Optioned Agent". Then the milestone payments would be made as MNKD made progress on them. The redacted info would help make it clearer, but at least that is how I am reading it.
The size of the Exercise fee is redacted, but you seem to be implying there isn't one. Care to shed some light on your thinking?
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