MannKind (Nasdaq:MNKD) announced today that it entered into a definitive agreement under which it acquires scPharmaceuticals.
The proposed acquisition could deliver MannKind’s strategic expansion into cardiorenal medicine. Danbury, Connecticut-based MannKind already offers inhaled insulin therapy. scPharmaceuticals, meanwhile, markets Furoscix, an FDA-approved on-body unfuser delivering furosemide. Furosemide currently serves as the standard for treating fluid overload in adult patients with chronic heart failure (CHF) and chronic kidney disease (CKD).
Under the terms of the agreement, MannKind plans to commence a tender offer to acquire all outstanding scPharmaceuticals shares. It reports a share price of $5.35 apiece in the deal, plus one non-tradable CVR per share worth up to $1. The deal represents a total equity value of $303 million and could reach $360 million.
According to a news release, scPharmaceuticals delivered 96% year-over-year sales growth with revenues totaling $27.8 million for the six-month period ended June 30, 2025. The company also expects an FDA supplemental new drug application (sNDA) submission for its Furoscix ReadyFlow autoinjector during the third quarter of this year. It could potentially enable patients to reduce treatment time from five hours to less than 10 seconds.
scPharmaceuticals CEO John Tucker said MannKind’s proven commercial capabilities can accelerate access to its therapies. Tucker said the combination of that expertise with its innovative products can “create meaningful value for patients, providers, and stockholders.”
“This acquisition expands our patient-centered brands and highlights MannKind’s dedication to delivering innovative therapies for cardiometabolic and orphan lung diseases,” said Michael Castagna, PharmD, Chief Executive Officer of MannKind Corporation. “With multiple anticipated product launches and indication expansions, we expect to continue to diversify our revenue streams and accelerate our double-digit growth goals over the next decade.”
