Mannkinds 3.75% convertible notes mature on December 15th. They are currently selling at $980 per bond, i.e, essentially at par. $115 million are outstanding. Seems like the bond market thinks MNKD is going to redeem the bonds. Wonder if this will effect a partnership or merger agreement. Deerfield will release its last third of financing when these notes are paid off;
Most recently in March
VALENCIA, Calif., March 9 /PRNewswire-FirstCall/ -- MannKind Corporation (Nasdaq: MNKD) today announced that it has entered into agreements with Pfizer Inc. (NYSE: PFE) to purchase Pfizer's insulin facility at Industriepark Hoechst, Frankfurt am Main, Germany and assets related to the production of bulk insulin, including the relevant real property rights, the production equipment, a quantity of bulk insulin and a license to manufacture bulk insulin for use in pulmonary delivery. The aggregate purchase price is $33 million, subject to certain adjustments. At MannKind's option, up to $30 million worth of the company's common stock may be issued to Pfizer at closing and applied toward the full purchase price. The transfer of certain real property rights pursuant to this transaction will require the consent of third parties.
Should see if Pfizer is taking the stock or if MannKind is offering it.
Think Pfizer would take another plunge into inhaled insulin? Might not be the best marketing partner is it didn't do so well the first time.
Al Mann was less ambiguous, in a phone conversation with PharmExec. “I would expect it to be approved in mid-April ,” says Mann. “On our schedule it looks like April 14, but it could be a few days before or after.” Mann says his company will file in Europe shortly after completing the US submission. Mann says other markets are looking to the FDA and EMA as a guide on this product; however, “a number of countries are talking about approving [Afrezza] simultaneously…and one country is even talking about doing it before the US.” Which country is that? Mann wouldn’t say.
The Investor Village message broad has speculation that Abrezza may be approved for use by a foreign country before the FDA acts. Speculation was Israel or Saudi Arabia.
You are right! But taking what BoA says alone is quite optimistic. They said Afrezza expected to get a 13% market share of type 1 diabetes patients and 10% of type 2 patients. They also said they expected the FDA to approve Abrezza or rather that it is approvable. . Wow that kind of market share right out of the box based only upon published information. Wait until they have experience with it.
It's interesting that the buzz no longer talks about Abrezza's effectiveness, but rather on whether it will sell. That's progress. After that dies down, they'll talk about per share effect of sales. This is kind of fun to watch.