Proof from court Sanofi did little to NO effort on AFREZZA
Sept 6, 2016 8:27:14 GMT -5
liane, agusta, and 8 more like this
Post by tchalaa on Sept 6, 2016 8:27:14 GMT -5
Source: securities.stanford.edu/filings-documents/1057/MC00_03/2016823_r01x_16CV00348.pdf
Enjoy reading:
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A former diabetic sales specialist (“Former Employee 1” or “FE1”) who sold Afrezza for Sanofi
in the greater Atlanta, Georgia area until August, 2015 (the very beginning of the class period) reports
that the spirometry issue “was the major impediment to Afrezza prescription sales.” (First Am. Compl. ¶
54, ECF No. 49.) However, FE1 also listed numerous other problems with Afrezza’s commercialization,
including that Sanofi made “little to no effort” to deal with insurance coverage issues, “dedicated few
resources or support to Afrezza sales,” or to “physician outreach,” and “provided its sales force with
limited marketing materials.” (First Am. Compl. ¶ 56, ECF No. 49.) Prior to his departure, a Sanofi
supervisor told FE1 that “Sanofi needed to increase Afrezza sales numbers or it might stop promoting
the drug.” (First Am. Compl. ¶ 56–57, ECF No. 49.)
Under the MannKind-Sanofi Agreement, Sanofi had the option to terminate the contract after
January 1, 2016 if either: (1) “Sanofi determines in good faith that Commercialization of [Afrezza] is no
longer economically viable in the United States” or (2) upon delivery of at least six months prior written
notice for any reason. (Def.’s Mot. To Dismiss 6:17–23, ECF No. 50-1.)
On January 4, 2016, Sanofi informed MannKind that it was exercising its termination options,
and both MannKind and Sanofi publicly announced the termination the following day. (Def.’s Mot. To
Dismiss 6:21–28, ECF No. 50-1.) MannKind announced that Sanofi terminated the agreement because
“sales forecasts were not met.” (Def.’s Mot. To Dismiss 6:17–23, ECF No. 50-1.) Sanofi explained that
it elected to terminate the agreement because prescription levels for Afrezza never met even “modest
expectations” and that sales were low “despite our substantial efforts.” (Def.’s Mot. To Dismiss
6:27–28, ECF No. 50-1.)
After news broke of the MannKind-Sanofi agreement’s termination on January 5, 2015,
MannKind’s stock price fell over 48%—dropping from $1.45 to $0.75 per share. (First Am. Compl. ¶
74, ECF No. 49.)
Plaintiffs are investors who owned MannKind securities, and have brought the instant action on
behalf of all persons or entities who purchased or otherwise acquired MannKind securities between
August 10, 2015 and January 5, 2016, inclusive (the “Class Period”).
..."
It is clear that afrezza is having its ever first real launch with Mannkind Corp
Enjoy reading:
" ...
A former diabetic sales specialist (“Former Employee 1” or “FE1”) who sold Afrezza for Sanofi
in the greater Atlanta, Georgia area until August, 2015 (the very beginning of the class period) reports
that the spirometry issue “was the major impediment to Afrezza prescription sales.” (First Am. Compl. ¶
54, ECF No. 49.) However, FE1 also listed numerous other problems with Afrezza’s commercialization,
including that Sanofi made “little to no effort” to deal with insurance coverage issues, “dedicated few
resources or support to Afrezza sales,” or to “physician outreach,” and “provided its sales force with
limited marketing materials.” (First Am. Compl. ¶ 56, ECF No. 49.) Prior to his departure, a Sanofi
supervisor told FE1 that “Sanofi needed to increase Afrezza sales numbers or it might stop promoting
the drug.” (First Am. Compl. ¶ 56–57, ECF No. 49.)
Under the MannKind-Sanofi Agreement, Sanofi had the option to terminate the contract after
January 1, 2016 if either: (1) “Sanofi determines in good faith that Commercialization of [Afrezza] is no
longer economically viable in the United States” or (2) upon delivery of at least six months prior written
notice for any reason. (Def.’s Mot. To Dismiss 6:17–23, ECF No. 50-1.)
On January 4, 2016, Sanofi informed MannKind that it was exercising its termination options,
and both MannKind and Sanofi publicly announced the termination the following day. (Def.’s Mot. To
Dismiss 6:21–28, ECF No. 50-1.) MannKind announced that Sanofi terminated the agreement because
“sales forecasts were not met.” (Def.’s Mot. To Dismiss 6:17–23, ECF No. 50-1.) Sanofi explained that
it elected to terminate the agreement because prescription levels for Afrezza never met even “modest
expectations” and that sales were low “despite our substantial efforts.” (Def.’s Mot. To Dismiss
6:27–28, ECF No. 50-1.)
After news broke of the MannKind-Sanofi agreement’s termination on January 5, 2015,
MannKind’s stock price fell over 48%—dropping from $1.45 to $0.75 per share. (First Am. Compl. ¶
74, ECF No. 49.)
Plaintiffs are investors who owned MannKind securities, and have brought the instant action on
behalf of all persons or entities who purchased or otherwise acquired MannKind securities between
August 10, 2015 and January 5, 2016, inclusive (the “Class Period”).
..."
It is clear that afrezza is having its ever first real launch with Mannkind Corp
