MannKind Corporation has completed its acquisition from Pfizer Inc of a quantity of bulk insulin and a license to manufacture bulk insulin for use in pulmonary delivery pursuant to an insulin sale and purchase agreement. Upon the closing, MannKind and Pfizer also entered into an agreement pursuant to which MannKind agreed to maintain and store the remainder of Pfizer's bulk insulin inventory and acquired an option to purchase the remaining insulin, in whole or in part, at a specified price, to the extent that Pfizer has not otherwise disposed of or used the remaining insulin. The total purchase price for this transaction, including consideration payable to MannKind for its storage and maintenance obligations, was $3 million, which MannKind paid in cash.

MannKind had also entered into a sale and purchase agreement with Pfizer relating to Pfizer's insulin manufacturing facility in Frankfurt, Germany. MannKind's rights and obligations under this latter agreement were subject to a right of first refusal in favour of Sanofi-Aventis. On June 8, 2009, Sanofi-Aventis exercised its right of first refusal, thereby releasing MannKind from any obligations under this agreement.

Afresa is an ultra rapid acting insulin product that has completed phase-3 trials.

MannKind Corporation focuses on the discovery, development and commercialization of therapeutic products for patients with diseases such as diabetes and cancer.