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Post by sla55 on Jan 5, 2016 9:06:57 GMT -5
MannKind Corporation Announces Termination of License and Collaboration Agreement With Sanofi MannKind 5 minutes ago GlobeNewswire VALENCIA, Calif., Jan. 05, 2016 (GLOBE NEWSWIRE) -- MannKind Corporation (MNKD) (MNKD) today announced the termination of its license and collaboration agreement with sanofi-aventis U.S. LLC for the development and commercialization of Afrezza® (insulin human) Inhalation Powder. The parties will promptly commence transition discussions in order to effect a smooth and orderly transition in the development and commercialization of Afrezza from Sanofi to MannKind over the next 90 – 180 days. In any event, termination of the license agreement in its entirety will be effective no later than six months from the effective date of Sanofi’s notice of termination, or July 4, 2016. MannKind is reviewing its strategic options for Afrezza as a result of the termination of the collaboration with Sanofi. MannKind will host a conference call at 4:30 pm (Eastern Time) on January 5, 2016. To participate in the live call by telephone, please dial (888) 771-4371 or (847) 585-4405 and use the participant passcode: 4155 4306. Those interested in listening to the conference call live via the Internet may do so by visiting the Company's website at www.mannkindcorp.com. A telephone replay of the call will be accessible for approximately 14 days following completion of the call by dialing (888) 843-7419 or (630) 652-3042 and use the participant passcode: 4155 4306#. A replay will also be available on MannKind's website for 14 days. |
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Post by factspls88 on Jan 5, 2016 9:19:30 GMT -5
I guess the shorts were right. What a nightmare. I hope it was Mannkind who terminated the agreement and has an alternative partner.
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Post by suebeeee1 on Jan 5, 2016 9:20:27 GMT -5
I guess the shorts were right. What a nightmare. I hope it was Mannkind who terminated the agreement and has an alternative partner. We will find out at 4:30 this afternoon. |
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Post by bradleysbest on Jan 5, 2016 9:20:35 GMT -5
DeSisto had to know this was coming before taking the job.....Let's hope he is up to the task of getting Afrezza going with a new partner.
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Post by nxc2 on Jan 5, 2016 9:26:30 GMT -5
It was SNY who terminated from the statement
"In any event, termination of the license agreement in its entirety will be effective no later than six months from the effective date of Sanofi's notice of termination, or July 4, 2016.
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Post by factspls88 on Jan 5, 2016 9:38:29 GMT -5
It was SNY who terminated from the statement "In any event, termination of the license agreement in its entirety will be effective no later than six months from the effective date of Sanofi's notice of termination, or July 4, 2016. |
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Post by factspls88 on Jan 5, 2016 9:43:28 GMT -5
It was SNY who terminated from the statement "In any event, termination of the license agreement in its entirety will be effective no later than six months from the effective date of Sanofi's notice of termination, or July 4, 2016. This explains why Hakan is being kept on for "the transition". The question is, the transition to what? |
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Post by mnkdmorelong on Jan 5, 2016 9:45:52 GMT -5
Holy cow! Sanofi pulled the plug. I have to believe that Desisto's start day of today was factored in.
The clear message from SNY is that they believe Afrezza cannot be commercialized. Most likely the other companies in this space have the same opinion.
TS's coattails are long so I think TS as an excipient for other API's is stalled for now.
I am absolutely stunned!
For those who thought SNY was sandbagging or intentionally slow playing the game or intentionally soft launched the product now have your clear answer. They tried and failed and gave up after only one year. They spent many million of $$$ and walked away with no fear that a competitor such as NVO would jump in. Amazing!
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Post by mindovermatter on Jan 5, 2016 9:51:37 GMT -5
It was SNY who terminated from the statement "In any event, termination of the license agreement in its entirety will be effective no later than six months from the effective date of Sanofi's notice of termination, or July 4, 2016. This explains why Hakan is being kept on for "the transition". The question is, the transition to what? Mannkind is transitioning to a fast food truck business model. The trucks will be Fast Afrezza and will dispense them on street corners. Truck locations can be found via social media and a special app you can download. |
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Post by potakular on Jan 5, 2016 9:53:07 GMT -5
If mankind terminated, they would have to serve SNY termination papers too. It's not clear cut what happened.
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Post by bradleysbest on Jan 5, 2016 9:53:25 GMT -5
Does Al have the will power to see Afrezza thru another partnership? Maybe it is time to wrap Afrezza & TS into a package & sell to the highest bidder? Maybe he gets 7-10 Billion.... It is an FDA approved drug with AWESOME user results so far. TS capabilities are enormous as well! Hell, I have no idea.... sitting at work in a haze!
Somebody please take my belt & shoelaces....
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Post by LosingMyBullishness on Jan 5, 2016 9:56:37 GMT -5
nxc,
Not necessarily so. SNY had the option to do so, yes. But MNKD had also the option to do so. You mix event with cause.
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Post by seanismorris on Jan 5, 2016 10:00:23 GMT -5
I see no logic in this from Sanofi's perspective...
But, this may be good for MannKind. Sanofi's done a terrible job, so no real lose there.
Financing is the real problem with no loan agreement. (I assume the loan agreement is dead)
If Al's going to do something the time would be today.
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Post by linw0918 on Jan 5, 2016 10:03:16 GMT -5
Does Al have the will power to see Afrezza thru another partnership? Maybe it is time to wrap Afrezza & TS into a package & sell to the highest bidder? Maybe he gets 7-10 Billion.... It is an FDA approved drug with AWESOME user results so far. TS capabilities are enormous as well! Hell, I have no idea.... sitting at work in a haze! Somebody please take my belt & shoelaces.... I'm stunned as well. In my gut I am happy that the termination happened because I believe Sanofi never put their muscle behind the marketing of Afrezza and wasn't doing Mnkd shareholders any good. Because I am in the hole about 20 grand I can't cut and run. the reality of the situation is frightening ,but I believe Al saw the writing on the wall, hired Desito, has a plan and will execute. This will take quite some time and I think we now need a 2 year horizon to see results. on a positive not they cannot possibly do a worse job marketing than Sanofi has |
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Post by pmikeks on Jan 5, 2016 10:07:14 GMT -5
It was SNY who terminated from the statement "In any event, termination of the license agreement in its entirety will be effective no later than six months from the effective date of Sanofi's notice of termination, or July 4, 2016. It may well have been Mannkind giving Sanofi the notice of termination because Mannkind made the announcement not Sanofi. Looking at both company's web sites Sanofi doesn't mention it. I've had the misfortune of termination numerous employees and not once did the employee announce their termination. I'm relieved it's been terminated because Sanofi was just dragging their feet in marketing Affrezza trying to see if they could bankrupt the smaller company. I've said on here a couple times I'm on both Lantus as well as Affrezza and I'm using about a third of the Lantus I was taking before Affrezza. The only way Sanofi can afford Affrezza to be successful is if they own it. |
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