Topline Findings
- Acquisition Expansion: MannKind acquires scPharmaceuticals for $360 million, adding Furoscix to its cardiometabolic and orphan lung portfolio.
- Commercial Momentum: Furoscix achieved $27.8 million in H1 2025 sales, up 96% year-over-year, with the ReadyFlow Autoinjector supplemental New Drug Application on track for Q3 2025.
- Strategic Financing: MannKind secured up to $500 million from Blackstone, providing non-dilutive capital to support pipeline growth, commercial expansion, and targeted acquisitions.
MannKind Corporation has reached a definitive merger agreement to acquire scPharmaceuticals Inc. to strengthen its position in cardiometabolic and orphan lung diseases. According to the company, the acquisition includes Furoscix, scPharmaceuticals’ FDA-approved on-body furosemide infuser for chronic heart failure and chronic kidney disease.
What is the Financial Impact of MannKind’s Acquisition of scPharmaceuticals?
Under terms of the deal, MannKind will acquire scPharmaceuticals for $5.35 per share in cash plus a non-tradable contingent value right (CVR) with potential milestone payments of up to $1 per CVR, resulting in a total equity value of approximately $303 million and total deal value up to $360 million.1
“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, CEO, MannKind Corporation, in a press release. “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.”
Furoscix Commercial Performance and Pipeline
- According to MannKind, Furoscix has shown strong commercial momentum, achieving $27.8 million in net sales in the first half of 2025—a 96% year-over-year increase.
- The ReadyFlow Autoinjector is on track for a Q3 2025 supplemental New Drug Application (sNDA), potentially reducing treatment time from five hours to under 10 seconds.
- Once the merger is complete, the company will operate three commercial products—Afrezza, Furoscix, and V-Go.
- MannKind also expects to benefit from Tyvaso DPI-related ventures, contributing to an annualized combined run rate exceeding $370 million based on Q2 2025 results.
- MannKind anticipates near-term growth drivers including an Afrezza adult label update, the launch in India, a supplemental Biologics License Application for pediatric use, the Furoscix Autoinjector sNDA, and upcoming readouts from the TETON 1 and 2 trials of Tyvaso in idiopathic pulmonary fibrosis.1
MannKind Financing and Strategic Support
- The acquisition follows MannKind’s strategic financing agreement with Blackstone, which provided the company with up to $500 million in non-dilutive capital to support pipeline growth, commercial expansion, and targeted acquisitions.
- The financing includes a $75 million initial term loan, a $125 million delayed draw term loan (DDTL) available over two years, and an additional $300 million uncommitted DDTL, with flexible draw conditions and interest tied to a secured overnight financing rate plus 4.75%.2
“This strategic financing significantly increases our operating flexibility and provides us substantial access to non-dilutive capital on favorable terms, complementing our strong cash position,” said Castagna, in a press release earlier this month. “The funding will support the expansion of our commercial team in preparation for the anticipated launch of the pediatric indication for Afrezza, if approved, continued pipeline advancement, potential business development opportunities, and general corporate purposes. Partnering with the Blackstone team on this transaction positions us to accelerate our next phase of growth and innovation.”2
Expected Closing and Debt Repayment
The transaction is expected to close in Q4 2025, pending regulatory approvals and customary closing conditions. As part of the requirements for the Blackstone financing, once the acquisition closes, MannKind will be required to pay off all of scPharmaceuticals’ existing debt under its credit facility with Perceptive and to buy out Perceptive’s rights to receive revenue under its revenue purchase agreement.
The total estimated cost for these repayments and buyouts is approximately $81 million, assuming the transaction closes on September 30, 2025.1
MannKind Future Outlook
“This transaction with MannKind represents an exciting next chapter for scPharmaceuticals and the Furoscix brand,” said John Tucker, CEO, scPharmaceuticals, in the press release. “By combining our innovative products with MannKind’s proven commercial capabilities and shared commitment to advancing patient care, we believe MannKind can accelerate access to important therapies and create meaningful value for patients, providers, and stockholders.”
References
- MannKind to Acquire scPharmaceuticals, Accelerating Revenue Growth and Emerging as a Patient-Centric Leader in Cardiometabolic and Lung Diseases. GlobeNewswire. August 25, 2025. Accessed August 26, 2025. https://www.globenewswire.com/news-release/2025/08/25/3138371/0/en/MannKind-to-Acquire-scPharmaceuticals-Accelerating-Revenue-Growth-and-Emerging-as-a-Patient-Centric-Leader-in-Cardiometabolic-and-Lung-Diseases.html
- MannKind and Blackstone Announce up to $500 Million Strategic Financing Agreement. Blackstone. August 6, 2025. Accessed August 26, 2025. https://www.blackstone.com/news/press/mannkind-and-blackstone-announce-up-to-500-million-strategic-financing-agreement/?utm_source=chatgpt.com
