Mannkind Corp Acquires scPharmaceuticals Inc.

By Hao Liu • Monday, August 25 15:37 • Permanent Link

Mannkind Corporation has announced its acquisition of scPharmaceuticals Inc., a move that is expected to diversify and accelerate its revenue growth. The acquisition involves an upfront cash payment of $5.35 per share plus one non-tradable contingent value right (CVR) per share payable upon achieving specific regulatory and net sales milestones worth up to $1.00 per CVR in cash. The total consideration of up to $6.35 per share represents up to a 31% premium to scPharmaceuticals’ closing price on August 22, 2025.

For the six months ended June 30, 2025, scPharmaceuticals reported net sales totaling $27.8 million, up 96% year-over-year. The company's furoscix readyflow autoinjector is on track for a Q3 2025 supplemental new drug application (SNDA) submission, potentially enabling patients to reduce treatment time from five hours to less than 10 seconds.

The acquisition is expected to strengthen Mannkind by integrating scPharmaceuticals’ established commercial and medical capabilities into Mannkind’s existing infrastructure. This strategic move is anticipated to diversify Mannkind’s revenue base and growth, with the combined company expected to have a stronger revenue base with three commercial assets in afrezza®, furoscix, and v-go®.

Mannkind expects its commercial products to generate double-digit annual growth with potential accelerators to expand market reach in the U.S. and globally. The company also has sufficient capital to support its strategic objectives, having amended its strategic financing agreement with Blackstone to provide $175 million of additional funding to support the acquisition.

The transaction is expected to close in the fourth quarter of 2025, subject to receipt of applicable regulatory approvals and the satisfaction of other customary conditions. Jefferies LLC acted as the exclusive financial advisor to Mannkind, with Cooley LLP serving as legal counsel, while Leerink Partners acted as exclusive financial advisor to scPharmaceuticals, with Latham & Watkins LLP providing legal counsel.

This acquisition marks Mannkind’s strategic expansion into cardiorenal medicine, establishing the company’s cardiometabolic business alongside its orphan lung division. With the anticipated product launches and indication expansions, Mannkind expects to continue diversifying its revenue streams and accelerating its double-digit growth goals over the next decade. The market has reacted to these announcements by moving the company's shares -4.87% to a price of $3.91. For the full picture, make sure to review MANNKIND CORP's 8-K report.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.