MannKind Completes Acquisition of scPharmaceuticals, Diversifying Revenue Growth

• MannKind completes acquisition of scPharmaceuticals • Diversifies revenue growth with FUROSCIX • Strengthens commercial and medical capabilities • Integrates scPharmaceuticals' team into MannKind infrastructure • Creates diversified biopharmaceutical company • Commercial assets: Afrezza, FUROSCIX, V-Go • Tyvaso DPI-related revenues • Annualized run rate over $370 million • FUROSCIX ReadyFlow Autoinjector sNDA submitted as planned • Supports MannKind's double-digit revenue growth

MannKind Corporation (Nasdaq: MNKD) has successfully completed its acquisition of scPharmaceuticals Inc., marking a significant milestone in the company's growth strategy. The acquisition, announced on October 7, 2025, has diversified MannKind's revenue streams and bolstered its commercial and medical capabilities.

The deal involved a tender offer to acquire all outstanding shares of scPharmaceuticals common stock at $5.35 per share in cash plus a non-tradable contingent value right (CVR) that can add up to $1.00 per share for achieving regulatory and net-sales milestones. The total consideration per share could reach up to $6.35. The acquisition closed on October 7, 2025, following a statutory merger under Delaware law, converting scPharmaceuticals into a wholly owned subsidiary of MannKind.

The acquisition is expected to accelerate MannKind's revenue growth, with the company citing an annualized run rate of over $370 million based on Q2 2025 results. This growth is driven by revenues from Afrezza, FUROSCIX, V-Go, and Tyvaso DPI, with FUROSCIX being a key addition to MannKind's portfolio. FUROSCIX is an innovative therapy for edema due to chronic heart failure and chronic kidney disease, and its commercial rights and team have been integrated into MannKind's infrastructure.

MannKind's CEO, Michael Castagna, PharmD, stated, "With the close of the acquisition, MannKind now has multiple revenue lines with strong growth potential, a deepening presence in cardiometabolic care, and a commercial infrastructure ready to support the next phase of growth." The strategic fit between the two organizations creates meaningful growth opportunities, combining MannKind's endocrinology expertise with scPharmaceuticals' deep cardiovascular capabilities.

The acquisition also supports MannKind's late-stage pipeline, which includes Inhaled Clofazimine for the treatment of nontuberculous mycobacterial lung disease and nintedanib DPI for the treatment of idiopathic pulmonary fibrosis. The FUROSCIX ReadyFlow Autoinjector supplemental New Drug Application (sNDA) was submitted as planned in Q3 2025, further enhancing MannKind's commercial portfolio.

The transaction details include a tender offer structured to acquire all outstanding shares of scPharmaceuticals common stock at $5.35 per share in cash plus a non-tradable CVR per share to receive certain milestone payments of up to an aggregate of $1.00 per CVR in cash. The non-tradable CVR is payable upon achieving certain regulatory and net sales milestones. The tender offer expired at one minute following 11:59 p.m., Eastern Time, on October 6, 2025. Approximately 73.47% of scPharmaceuticals' outstanding shares were tendered, satisfying the minimum condition to consummate the tender offer.

MannKind is positioned to expand FUROSCIX's reach with nephrologists and cardiologists, continuing its success in chronic heart failure treatment. The potential for long-term value creation is supported by MannKind's late-stage pipeline and the strategic integration of scPharmaceuticals' team into its infrastructure.