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Post by hammer on Dec 16, 2015 7:49:26 GMT -5
I have posted this at YMB thought I would do same here for potential discussion.
Let me start by saying this is speculation only but worth the thought since we know very little else.
This is the apparent quote everyone wants to point to as a sign of management weakness that directly led to the removal of Hakan. (I wish I could be fired from a job and get the deal Hakan recieved). Clearly, MNKD has interested parties in TS developments. They clearly said so in the last conference call. So what did Hakan do wrong asking for potential partners to step forward. Did he upset Al, the BOD? I doubt it. He just ticked off SNY. SNY in return probably petitioned Al and the BOD to remove Hakan from CEO. This may be the basis why Hakan signed off of potential legal action since his removal was precipitated by a third party and there is technically no legal reason for his removal other than SNY was unhappy.
Why would SNY be unhappy? Well if their interest is in TS as well as Afrezza, every time a TS product has an interested party, SNY has the right of first negotiation and access to the Data Room. Plainly it has the potential to cost them a whole lot more and potentially lose TS developments. The more TS interest pushes SNY plan forward but not at their designed pace!
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Post by silentknight on Dec 16, 2015 8:17:29 GMT -5
Hakan presided over the company as the stock fell from roughly $11.50 per share to under $2.00. He also presided over the company as Afrezza failed to gain proper market traction as the company's capital structure disintegrated into a position where they were required to list on the Tel Aviv Stock Exchange in order to force Isreli companies to buy their stock to raise capital.
He wasn't removed because of some grand conspiracy by SNY and Al for a TS deal. He was removed because he did a horrible job and did damage to the company every time he opened his mouth on a conference call. Perhaps SNY is interested in a TS deal but I don't believe they are as a partner. They can buy out MNKD at any time and have all the rights to Afrezza and any future TS application they want. While that is still an option, I believe it to be a far-fetched one due to the poor sales from Afrezza. The poor sales is a direct result of SNY's lack of effort in my opinion.
(Begin rant) I think they see the value in Afrezza and I think they want TS and the drug for themselves. But, why buy-out the company for a premium when you can starve MNKD and Afrezza of the resources and effort needed to make it a success, try and force MNKD into bankruptcy and buy everything in liquidation for pennies on the dollar? Business is cut-throat and I'm not under the any dillusions that SNY has lived up to their "commercially reasonable efforts" or we'd see greater success than we seen thus far. I sincerely hope companies are interested in pulmonary delivery for their drugs. Afrezza has proven that it's more effective than anything available today. It's time for SNY to "piss or get off the pot" as my Pop always liked to say. I think there are other companies out there that wouldn't string MNKD along like we've seen from SNY. (End rant)
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Post by inittowinit on Dec 16, 2015 8:42:28 GMT -5
Given Hakan's history of sticking his foot in his mouth, it is not outside the realm of possibility that he said something to someone that got him in trouble. OR, as has been stated here many times, Al and company just decided enough is enough? My opinion is that Al runs the show regardless of who is at the helm and Hakan crossed the line somewhere. Either way, shareholders are sitting in the dark left to speculate on every little piece of news that comes out of Danbury. Wake me up when its over....Merry Christmas to all!
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Post by kbrion77 on Dec 16, 2015 8:53:07 GMT -5
I have posted this at YMB thought I would do same here for potential discussion. Let me start by saying this is speculation only but worth the thought since we know very little else. This is the apparent quote everyone wants to point to as a sign of management weakness that directly led to the removal of Hakan. (I wish I could be fired from a job and get the deal Hakan recieved). Clearly, MNKD has interested parties in TS developments. They clearly said so in the last conference call. So what did Hakan do wrong asking for potential partners to step forward. Did he upset Al, the BOD? I doubt it. He just ticked off SNY. SNY in return probably petitioned Al and the BOD to remove Hakan from CEO. This may be the basis why Hakan signed off of potential legal action since his removal was precipitated by a third party and there is technically no legal reason for his removal other than SNY was unhappy. Why would SNY be unhappy? Well if their interest is in TS as well as Afrezza, every time a TS product has an interested party, SNY has the right of first negotiation and access to the Data Room. Plainly it has the potential to cost them a whole lot more and potentially lose TS developments. The more TS interest pushes SNY plan forward but not at their designed pace! My opinion but Hakan is not the right executive for the next phase of the companies strategy and therefore was let go with a parachute. I think he did a fine job with hopefully the Danbury facility running a complete and smooth operation. It always seemed like he was more operational than strategic and MNKD needs a strategic vision for the future. I don't think he made anyone upset and I'm hoping the BOD took the proactive approach to realize he wasn't the right strategic mind for the next phase of the company. |
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Post by pengiep on Dec 16, 2015 9:02:46 GMT -5
So, your thesis is that SNY is starving MNKD to get a better price, correct? If that's the case, then MNKD (and Al) were displeased with Hakan's weak efforts, yet they kept him on the payroll. This suggests that Al (and/or) Al's minions are out there beating the bushes for more TS partners and has left day to day operations to Hakan. Has anyone seen evidence of Al shopping and negotiating yet? Because that is what we would expect in this scenario.
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Post by kball on Dec 16, 2015 9:17:23 GMT -5
If it happened this way....more power to peppy and her "Sanofi's puppet on a string" observation/caption
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Post by hammer on Dec 16, 2015 10:01:27 GMT -5
So, your thesis is that SNY is starving MNKD to get a better price, correct? If that's the case, then MNKD (and Al) were displeased with Hakan's weak efforts, yet they kept him on the payroll. This suggests that Al (and/or) Al's minions are out there beating the bushes for more TS partners and has left day to day operations to Hakan. Has anyone seen evidence of Al shopping and negotiating yet? Because that is what we would expect in this scenario. My thesis is simple. SNY has interest in Afrezza as well as the TS program. SNY is not willing to completely commit to Afrezza until certain regulatory conditions,least of all that include SNY insulin as secondary API for Afrezza and A better label moving into EU. All of these items will eventually be secured but will take some time. Afrezza will be successful when SNY wants it to be! Article 2 subsection 2.7 of the redacted license agreement pertains to third party license of TS development (IMHO), and is the only mechanism in which SNY does not have complete control of. MNKD is free to develop and present TS to 3rd parties but SNY retains access to such data rooms and retains redacted time frames in which to review and do due dilligence on such TS developments. This is good for SNY since ultimately will provide a source of income either by a third party or by SNY. This is not good for SNY since it the intent is to own TS they may have to purchase piecemeal in a time frame other than by their own doing. If forced to purchase TS developments before the mentioned regulatory milestones SNY is forced to show the hand they have been trying to conceal by the complete redacted agreement. The question I think we all should be asking management is Has SNY entered the "Data Room"? To those who have cordial correspondence with Matt, ask the question. If they have not entered the data room its a simple and honest NO response. |
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Post by bradleysbest on Dec 16, 2015 10:04:34 GMT -5
Your right about Afrezza will be successful when SNY wants it to be....just hope that the time comes soon!
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Post by irrationalexubera on Dec 16, 2015 10:54:11 GMT -5
this is a great thread and a basic reason i came to the proboards in the first place. thank you hammer. please everyone let us get back to these kinds of fruitful discussions and initiate a moratorium on the rants and FUD. anyone else know any/all of the reasons a company enters a blackout/quiet period besides potential M/A if it's not right before a CC? because if it's only for potential M/A then we're in for some happy times in 2016, IMO. |
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Post by mssciguy on Dec 16, 2015 11:03:09 GMT -5
Your right about Afrezza will be successful when SNY wants it to be....just hope that the time comes soon! When is the pediatric study complete? 2017? That might represent the biggest market and may be worth waiting for, from Sanofi's perspective. But if they do wait that long, they better pony up some cash for Al's troubles. Al is down all this money after 10-15 years of struggle with FDA, Shrkeli, political science graduate biotech experts, GSCO, hedge funds... Al is a fighter and so should we be. Alternatively, Phase II beginning very soon could showcase early adopters, maybe in an Afrezza hub format with flipcards, or maybe something bigger. It's very FUNNY that Afrezza is getting free airtime from local affiliates, just imagine what would happen if they open their wallet. "Hey Dr. Brandicourt, what's in your wallet?" |
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Post by me on Dec 16, 2015 11:10:39 GMT -5
So, your thesis is that SNY is starving MNKD to get a better price, correct? If that's the case, then MNKD (and Al) were displeased with Hakan's weak efforts, yet they kept him on the payroll. This suggests that Al (and/or) Al's minions are out there beating the bushes for more TS partners and has left day to day operations to Hakan. Has anyone seen evidence of Al shopping and negotiating yet? Because that is what we would expect in this scenario. My thesis is simple. SNY has interest in Afrezza as well as the TS program. SNY is not willing to completely commit to Afrezza until certain regulatory conditions,least of all that include SNY insulin as secondary API for Afrezza and A better label moving into EU. All of these items will eventually be secured but will take some time. Afrezza will be successful when SNY wants it to be! Article 2 subsection 2.7 of the redacted license agreement pertains to third party license of TS development (IMHO), and is the only mechanism in which SNY does not have complete control of. MNKD is free to develop and present TS to 3rd parties but SNY retains access to such data rooms and retains redacted time frames in which to review and do due dilligence on such TS developments. This is good for SNY since ultimately will provide a source of income either by a third party or by SNY. This is not good for SNY since it the intent is to own TS they may have to purchase piecemeal in a time frame other than by their own doing. If forced to purchase TS developments before the mentioned regulatory milestones SNY is forced to show the hand they have been trying to conceal by the complete redacted agreement. The question I think we all should be asking management is Has SNY entered the "Data Room"? To those who have cordial correspondence with Matt, ask the question. If they have not entered the data room its a simple and honest NO response. , I agree that if the redacted portions of the license agreement that you referenced pertain to licensing of TS, then the scenario you paint above is plausible. I do not agree, however, that this scenario would cause SNY to pressure MNKD to fire Hakan because of his request during the CC. His request did not change anything with regard to the public knowledge that MNKD is seeking TS partners. I am not discounting entirely that SNY influenced Hakan's "firing", but only that the potential existence of the scenario you described would not have been the catalyst for his firing. |
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Post by Deleted on Dec 16, 2015 11:25:09 GMT -5
If SNY did want him fired due to comments on the conference call IMO it shows how much power they have over MNKD as it seems there was no time for discussions. Give him the Ax now!
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Post by mssciguy on Dec 16, 2015 11:29:13 GMT -5
If SNY did want him fired due to comments on the conference call IMO it shows how much power they have over MNKD as it seems there was no time for discussions. Give him the Ax now! Maybe SNY could use some of that power to buy air time for Afrezza. I have never, ever, seen free TV coverage for a drug not paid for by pharmas like this--- and it's nearly ALL POSITIVE... what the..... Playing their cards real slow. |
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Post by suebeeee1 on Dec 16, 2015 11:46:30 GMT -5
My opinion but Hakan is not the right executive for the next phase of the companies strategy and therefore was let go with a parachute. I'm not sure he was ever the right executive to run Mannkind. He seemed to be a company man who was excellent at operations. He set up production and (maybe) did a good job. We really don't know much more than he was a failure as CEO because Mannkind isn't talking. They are not singing his praises for his previous job performance nor are they trashing his performance as CEO. Absolute silence. And for that matter, absolute silence from Sanofi. Wait...maybe it's me! Have *I* gone deaf?  |
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Post by BlueCat on Dec 16, 2015 11:49:39 GMT -5
If SNY did want him fired due to comments on the conference call IMO it shows how much power they have over MNKD as it seems there was no time for discussions. Give him the Ax now!
FWIW - I've seen enough executive departures (others) in my time.
My take on Hakan during the last call was that the decision had already been made and was underway. His affect, the change in the format of the call, etc all points to it. I don't think he was summarily fired after all this time for one bad call/comment.
Overall - If it was a change not led by Edstrom, my guess is that it was for a benign reason officially, but reality is always a complex set of reasons and decisions.
Whatever the reason, one can be sure there is A LOT of activity going on with the "man behind the curtain" just now ....
And from the thread about Matt's "email" response - his response was exactly inline with what I suggested earlier. You generally club PR together. IMHO, Matt confirmed it - his 'fingers crossed' was that something is in the works - he's waiting for it to close (new CEO or such) so he can issue a PR, and fold in a suggestion (such as their style) on the current state of the finances.
Pretty standard stuff for anyone that's worked PR.
Do I wish they'd get a corp comm firm to manage their public presence? You betcha.
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