To get CONTROL of the entire company Mann would require a cash buyout of $24 to $28 per share ($10 to $12 Billion). The acquirer then OWNS everything....all costs to bring to market and ALL profits thereafter.
A "Partnering Deal" would be structured with MNKD staying independent but sharing development costs and Revnues and profits with a partner. In this situation a partner would have to front big $$$ to get the commitment from Mann.
Say raise $500 Million from a partner at a price of $13 per share (42 Million Shares issued to partner in that deal).
Thus the market cap of MNKD would then be approximately $6 Billion (445 Million Shares +/- outstanding x $13).
The partner would then be responsible for a certain amount of responsibilities (sales / marketing etc.) while Mannkind may keep the logistics of manufacturing etc. the costs / revenues and earnings arrangement would be worked out to benefit both as much as possible.
In the case of a partnership maybe the partner MKT goes up 50% to 100% over the next 2-3 years as well as MNKD (or more.). BOTH share in the winnings.