MannKind Corporation and scPharmaceuticals Inc. announced the signing of a definitive merger agreement for MannKind to acquire scPharmaceuticals. Under the terms, scPharmaceuticals shareholders will receive $5.35 per share in cash at closing, plus one non-tradable contingent value right (CVR) per share, offering milestone payments of up to an aggregate of $1.00 per CVR in cash.
This transaction represents a total equity value of approximately $303 million at closing and a total deal value of up to approximately $360 million. The acquisition is expected to close in the fourth quarter of 2025, subject to regulatory approvals and customary conditions.
MannKind's strategic rationale for the acquisition is to expand into cardiorenal medicine, establishing a new cardiometabolic business alongside its orphan lung division. FUROSCIX, scPharmaceuticals' FDA-approved on-body infuser, is a key asset with an estimated total addressable market opportunity exceeding $10 billion in the U.S. The acquisition also includes the FUROSCIX ReadyFlow Autoinjector, which is on track for a Q3 2025 sNDA submission.
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