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1 Oct 2021

MannKind signs sale-leaseback agreement for inhaled insulin manufacturing site

The transaction will generate $102.25 million to support the company's product pipeline and scaling up commercial activities for Afrezza

MannKind, which makes an ultra rapid-acting inhaled insulin product for diabetes in the US, has entered into a sale-leaseback transaction to unlock value tied up in its Danbury, Connecticut manufacturing facility .

The company's CEO Michael Castagna said the $102.25 million transaction will support the company's "growing product pipeline" and its "targeted scale-up of Afrezza commercial activities and clinical trials".

The real property sale includes 263,900 sq. ft of manufacturing space, where it produces Afrezza (insulin human) Inhalation Powder, the company’s first US Food and Drug Administration-approved product and the only inhaled ultra rapid-acting mealtime insulin in the US.

It is also where MannKind is preparing to manufacture Tyvaso DPI (inhaled treprostinil), which is is currently being reviewed by the FDA for its potential to treat pulmonary arterial hypertension and pulmonary hypertension associated with interstitial lung disease, under its collaboration with United Therapeutics.

The transaction does not, however, extend to MannKind’s research and development facility.

Upon closing of the agreement, the endocrine and orphan lung diseases specialist will enter into a 20-year lease agreement with the purchaser — an affiliate of Creative Manufacturing Properties — with multiple renewal options available.

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