MannKind to Acquire scPharmaceuticals for $5.35 Per Share in Cash Deal

MannKind Corporation agreed to acquire scPharmaceuticals Inc. for $5.35 per share in cash plus $1 per share contingent value rights. The deal is subject to regulatory approval and shareholder approval, with an expected completion date between October 1, 2025 and December 31, 2025. Jefferies LLC and Leerink Partners LLC served as financial advisors, while Cooley LLP and Latham & Watkins LLP acted as legal advisors.

MannKind Corporation (Nasdaq: MNKD) has agreed to acquire scPharmaceuticals Inc. (Nasdaq: SCPH) in a deal valued at $5.35 per share in cash plus $1 per share in contingent value rights. The acquisition is subject to regulatory and shareholder approval, with an expected completion date between October 1, 2025, and December 31, 2025 [1].

Under the terms of the definitive merger agreement, MannKind will acquire all of scPharmaceuticals' outstanding shares at a price of $5.35 per share in cash at closing, plus one non-tradable contingent value right (CVR) per share to receive certain milestone payments of up to an aggregate of $1.00 per CVR in cash. The total consideration of up to $6.35 per share represents a 36% premium to scPharmaceuticals' 90 trading day VWAP and a 31% premium to its closing price on August 22, 2025 [1].

The acquisition aims to diversify MannKind's revenue base and accelerate double-digit revenue growth. scPharmaceuticals' FUROSCIX, an innovative treatment for edema due to chronic heart failure and chronic kidney disease, addresses a significant unmet need in the market. The FUROSCIX ReadyFlow Autoinjector is on track for a Q3 2025 supplemental New Drug Application (sNDA) submission, potentially enabling patients to reduce treatment time from five hours to less than 10 seconds [1].

MannKind expects the acquisition to strengthen its organization by integrating scPharmaceuticals' established commercial and medical capabilities into its existing infrastructure. The combined company is expected to have a stronger revenue base with three commercial assets in Afrezza®, FUROSCIX, and V-Go®, resulting in an annualized run rate of over $370 million based on Q2 2025 results [1].

The acquisition is expected to unlock meaningful growth opportunities for MannKind, with the potential for double-digit annual growth and expansion of market reach in the U.S. and globally. The transaction is expected to close in the fourth quarter of 2025, subject to receipt of applicable regulatory approvals and the satisfaction of other customary conditions [1].

Financial advisors to MannKind were Jefferies LLC, and to scPharmaceuticals were Leerink Partners LLC. Legal advisors were Cooley LLP and Latham & Watkins LLP, respectively [1].

References:
[1] https://investors.mannkindcorp.com/news-releases/news-release-details/mannkind-acquire-scpharmaceuticals-accelerating-revenue-growth